Korea Workers' Compensation & Welfare Service "This Year's Workplace Total Wage Reporting Rate 72.6%... Highest Ever"

Korea Workers' Compensation and Welfare Service

[Asia Economy Reporter Kim Bo-kyung] The Korea Workers' Compensation and Welfare Service announced on the 5th that this year's total wage reporting rate by workplaces recorded an all-time high of 72.6% since the introduction of the assessment and notification system.

According to the Service, the total wage reporting rate for 2020, operated until the 16th of last month, reached 72.6%, up 3.3 percentage points from the previous year, achieving a reporting rate of over 70% for the first time since the assessment and notification system was introduced in 2011.

The insurance premium reporting rate for construction and logging businesses, operated until the 31st of last month, also rose by 0.8 percentage points from the previous year to 78.5%.

In anticipation of a low reporting rate due to the increased risk of COVID-19 infection this year, the Service expanded the application of accounting programs nationwide to allow tax and accounting offices to use the 'Automated Civil Document Submission and Processing System.'

Additionally, to facilitate reporting for users of the Employment and Industrial Accident Insurance Total Service, the Service abolished the existing membership registration process and simplified the authentication method so that business owners (corporations) can report total wages and insurance premiums using only their public certificates.

In particular, to minimize disruptions in face-to-face civil service due to COVID-19, the Service produced a 'How to Report Total Wages and Insurance Premiums' video to be used during the reporting period.

The video was posted on various online channels such as the Service's website, YouTube, and the Construction Association's website, enabling easier reporting of total wages and insurance premiums without visiting the Service in person.

Kang Soon-hee, Director of the Korea Workers' Compensation and Welfare Service, said, "We thank the business owners who showed the highest reporting rate ever despite the difficult crisis caused by COVID-19," and added, "We will fulfill our leading role as a social security service institution working with the public through measures such as extending the payment deadline for employment and industrial accident insurance premiums and reducing industrial accident insurance premiums."