Korea Workers' Compensation and Welfare Service Sponsors Living Stability Fund for Low-Income Industrial Accident Workers

1 million KRW Support for Each Minimum Pension Recipient

The Korea Workers' Compensation and Welfare Service announced on the 20th that it will provide living stabilization funds to industrial accident workers receiving the minimum level of industrial accident pensions to support their livelihoods.

This sponsorship is funded by 100 million KRW from the industrial accident pension recipients' exclusive card savings fund, established through a business agreement with Hana Card in 2011 to improve the welfare of industrial accident pension recipients. Among the recipients receiving the minimum level of pension, 76 individuals were selected considering disability grades and benefit periods, and each will receive 1 million KRW in support.

As the application and coverage of industrial accident insurance have increased, the number of industrial accident pension recipients reached 105,531 as of December last year, a 10.1% increase compared to five years ago. About 11% of these recipients receive pensions at the minimum compensation standard due to low average wages.

Park Jong-gil, Director of the Korea Workers' Compensation and Welfare Service, said, "This sponsorship will serve as a good collaboration model between the Service and the private sector to improve the welfare of industrial accident workers," adding, "We will continue to strive to enhance the welfare of industrial accident pension recipients."

Meanwhile, on the same day, the Korea Workers' Compensation and Welfare Service held a New Year empathy and communication meeting with the Ministry of Employment and Labor's press corps to share this year's key promotion directions for industrial accident insurance and retirement pensions. Marking its 30th anniversary this year, the Service has grown into the second-largest quasi-governmental organization through various projects.

This year, the Service plans to expand human and material resources to improve the efficiency of handling the rapidly increasing occupational diseases in the industrial accident insurance sector. To shorten processing times, it will improve procedures and increase outsourcing of epidemiological investigations and special medical examinations.

In the worker welfare sector, the Service plans to expand the scope of enrollment while spreading 'Pureun Seed,' the only public retirement pension fund system in Korea, which has recorded 870 billion KRW in reserves and a cumulative return rate of 14.7% within two years of its launch. In organizational management, the Service will promote the enactment of the 'Korea Workers' Compensation and Welfare Service Act,' the legal basis for its establishment, to advance the organization.

Director Park said, "This year is the Year of the Green Snake and the 30th anniversary of the Service, so we have set this year's slogan as 'Greener and Hotter than Ever,'" adding, "Like this slogan, we will steadfastly support those who work with passionate and proactive attitudes throughout the year."