Guide on EPS 4 Major Insurances ( source: www.eps.go.kr)

Application and claim procedure for four major insurances under EPS

• What is the 4 major insurances of the Employment Permit System? the four insurance policies (Departure Guarantee Insurance, Guarantee Insurance, Return Cost Insurance, and Casualty Insurance) that foreign workers and their employers must subscribed based on "The Act on the Employment of Foreign Workers, etc."

Type and content of EPS 4 major insurance

• Purchased by employer

  Category	Departure Guarantee Insurance	Guarantee Insurance
  Introduction	As a relief burden on responsibility for retirement payment of small and minor enterprises business	Guarantee for unpaid salary
  Person who subscribe to Insurance	Employer (Employers hiring less than 4 regular employees including new and transferred ones with a labor contract that takes effect after the 1st of August 2011,are required to subscribe to the insurance.)	Employer
  Person insured	Employee (employers will get the benefit if the employee has not reached a minimum of 1 year service or if he has abandoned his work)	Employee
  Insurance fee	According to EPS 8.3% of employee’s salary per month	Per employee 16,000won per year
  Application period	Effectively start after 15 days from the conclusion of the contract	Effectively start after 15 days from the conclusion of the contract
  Case of insurance claim	Saving as a retirement pay(when employee departure or change of working place without desertion worked	Total unpaid salary - maximum of 2M won
  Claim procedures	1) foreign workers who has worked for more    than one year without desertion or work    abandonment (change of working place or    departure)    - claim application    - copy of bank pass book(must reflect the       employees' name)    - copy of passport or foreigners registration      card 2) employers will get the benefit if the employee    has not reached a minimum of 1 year service     or if he has abandoned his work	After verification from the department of labor inspector - application for insurance payment - confirmation of unpaid claims and other   monetary claims - detail of unpaid itemized statement - copy of bank passbook
  Penalties of non admission or non registration	Pursuant to Act on the Foreign Worker’s Employment Article 13 and enforcement ordinance article 21, impose a penalty less than 5M won	Pursuant to Act on the Foreign Worker’s Employment Article 23 and Enforcement Ordinance Article 27, impose a penalty less than 5M won

• Purchased by foreign worker

  Category	Return Cost Insurance	Casualty Insurance
  Introduction	Savings or insurance to cover going-home expenses such as air fare of foreign workers	Against death or disability of a foreign worker aside from occupational accidents
  Person who subscribe on the Insurance	Employee	Employee
  Person insured	Employee	Employee
  Insurance fee	4000,000~600,000won lump sum payment	Lump sum payment(amount depends on gender, age and period of stay)
  Application period	Effectively start after 80 days from the conclusion of the contract	Effectively start after 15 days from the conclusion of the contract (* verify if its 15 days or 80 days)
  Case of Insurance claim	Total amount will be paid upon departure of foreign workers for home country(except temporary return)	Death or disability are not grounds for occupational case - injury : max 30M won - sickness : max 15M won
  Claim procedures	After issuing the confirmation departure schedule from Job Center - claim application - copy of bank passbook - copy of passport or foreigners registration card	- application for collection insurance - accident case:medical disorder certificate - death case:medical death certificate - family verification(death case) - proof of family certification(notarize by embassy ) - letter of attorney(death case) - copy of passport or foreigners registration card - copy of bank passbook
  Sanction of non admission	Pursuant to Act on the foreign worker's employment article 15 and enforcement ordinance article 22, impose a fine for default less than 1M won	Pursuant to Act on the foreign worker's employment article 23 and enforcement ordinance article 28, impose a penalty less t