The industrial accident insurance premium rate for 2024 will be reduced for the first time in three years.
The Ministry of Employment and Labor announced the 2024 industrial accident insurance premium rates by business type, with an average rate of 1.47%, on the 22nd as an administrative notice.
The industrial accident insurance premium rate is determined and announced annually to secure the necessary funds for insurance projects such as payment of insurance benefits, industrial accident prevention, and welfare for injured workers. It consists of the industrial accident insurance premium rates by business type, reflecting the frequency of industrial accidents, and the commuting accident rate for compensation of accidents occurring during commuting.
The 2024 industrial accident insurance premium rates were decided through deliberation and resolution by the "Industrial Accident Compensation Insurance and Prevention Deliberation Committee," composed of labor, management, and public interest members, comprehensively considering the 2023 fund operation results and expenditure costs relative to insurance income.
The average industrial accident insurance premium rate for all businesses in 2024 is 1.47%, down 0.06 percentage points from 1.53% in 2023, marking the first reduction in three years. The average rates were 1.70% from 2013 to 2017, 1.80% in 2018, 1.65% in 2019, 1.56% in 2020, and 1.53% from 2021 to 2023.
The average industrial accident insurance premium rate by business type is 1.41%, 0.02 percentage points lower than 1.43% in 2023. The commuting accident rate, applied uniformly across all industries, is also reduced by 0.04 percentage points from 0.1% in 2023 to 0.06%.
Lee Seong-hee, Vice Minister of Employment and Labor, stated, "The decision was made with full consideration of the financial soundness of the industrial accident fund, and it is expected to somewhat ease the insurance premium burden on companies amid uncertain economic conditions. We will continue to strive to use the funds efficiently for the prompt and fair compensation of injured workers and for industrial accident prevention activities in small and medium-sized enterprises."
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