Public Financial Institutions Fall Short on Disability Employment... 5 Billion Won in Penalty Contributions Over 3 Years [2025 National Audit]

Shin Jangsik of the National Innovation Party
Analyzes Employment of People with Disabilities
at Public Financial Institutions

Shin Jangsik, member of the National Innovation Party Photo by Yonhap News

Major public financial institutions have been found to pay large sums each year as penalty contributions due to insufficient compliance with mandatory employment quotas for people with disabilities.

On October 13, Shin Jangsik, a member of the National Assembly's Political Affairs Committee from the National Innovation Party, analyzed the employment status of people with disabilities at public financial institutions. He found that over the past three years, these institutions paid a total of 5.011 billion won in penalty contributions for failing to meet the mandatory employment quota for people with disabilities.

The penalty contribution for the employment of people with disabilities is required under the Act on the Promotion of Employment and Vocational Rehabilitation of Persons with Disabilities. Employers who do not meet the legally mandated quota for hiring people with disabilities must pay this contribution, calculated based on the shortfall.

By year, the penalty contributions paid were 1.532 billion won in 2022, 1.488 billion won in 2023, and 1.991 billion won in 2024. The government raised the statutory mandatory employment rate for people with disabilities to 3.4% in 2021, 3.6% in 2022, and 3.8% in 2024 to expand employment opportunities. However, Shin explained that the average actual employment rate at public financial institutions remains in the low 3% range, falling short of the intended purpose of the system.

Over the past three years, the penalty contributions paid by each institution were as follows: Korea Development Bank, 2.443 billion won; Financial Supervisory Service, 1.25 billion won; Industrial Bank of Korea, 980 million won; Korea Credit Guarantee Fund, 264 million won; and Korea Deposit Insurance Corporation, 53 million won.

Shin stated, "It is irresponsible for public institutions, which are funded by taxpayers' money, to pay penalty contributions because they fail to meet the mandatory employment rate," adding, "Active efforts by institutions are needed to ensure that disabilities do not become a barrier to career choices."