30% Reduction in Industrial Accident Insurance Premiums for Small Business Owners Affected by COVID-19 from December to January

Korea Workers' Compensation "Batch Selection Without Employer Application"

Commercial area near Ewha Womans University, Seodaemun-gu, Seoul, October 8th./Photo by Jinhyung Kang aymsdream@

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Workers' Compensation and Welfare Service announced on the 20th that it will reduce industrial accident insurance premiums by 30% from this month until January next year for small business owners who have suffered damage due to the prolonged COVID-19 pandemic.

This applies to small business owners in specially affected industries severely impacted by COVID-19 quarantine measures (those in personnel and facility-restricted industries with decreased sales and eligible for loss compensation) who have workplaces enrolled in industrial accident insurance.

A 30% discount will be applied to the industrial accident insurance premiums for the two months from this month to next month (with a maximum limit of 100,000 KRW for the two months). The relief will be applied collectively to eligible workplaces without separate applications from business owners.

Eligibility for the relief can be checked on the Service's website or the Total Service portal's 'Relief Eligibility Inquiry Service.'