workers' compensation programs, rehabilitation supports and welfare improvements.
WCI/EI Registration & Collection
Declaration & Payment of Premiums (for workplaces engaging in construction, etc.)
- WCI/EI Registration & Collection
- Collection of WCI & EI Premiums
- Declaration & Payment of Premiums (for workplaces engaging in construction, etc.)
Self-declaration of WCI premiums
Estimated premiums
The employer of a workplace subject to the self-assessment of premiums shall declare & pay WCI/EI premiums to a K-COMWEL branch office not later than the 31st day of March** every (insurance) year that contains estimated wages for the year* multiplied by premium rate corresponding to a business type the workplace engages in.
* refers to the period ranging from the establishment day of insurance relations to the end of the insurance year if they have been established during the insurance year.
** refers to “not later than 70 days after the establishment day of insurance relations if they have been established during the insurance year” or “the day before a construction project whose period is given has come to an end if the said end is within 70 days after the said establishment day.
Finalized premiums
The employer of a workplace subject to the self-assessment of premiums shall declare & pay WCI/EI premiums to a K-COMWEL branch office not later than the 31st day of March* every (insurance) year that contains finalized wages paid to the workers who provided labour until the last day of the past year** multiplied by premium rating corresponding to a business type the workplace engages in.
* refers to “not later than 30 days after the closing date of insurance relations if they have been terminated during the insurance year”
** refers to the period ranging to the one day before the end of the closing date if they have been terminated during the insurance year.
Self-assessment of WCI premiums
- Principal office of a workplace engaging in construction : Estimated wages in total paid to all workers for the year multiplied by premium rating.
- Premiums = Estimated wages in total paid to all workers for the year
※ Premium rating
- Workplace engaging in construction or lumbering for which it’s difficult to estimate wages in total : Wages in total (estimated using labor rate officially announced by the Minister of the MOEL) multiplied by premium rating.
- Estimated premiums for a workplace engaging in construction = 『(Contract amount×Labor rate) × premium rating』
Finalized premiums for a workplace engaging in construction = 『【Direct labor costs + (Subcontracting costs × Subcontracting labor rate)】× Premium rating』 - Premiums for a workplace engaging in lumbering = Loadage × Labor rate × Premium rating
Self-assessment of EI premiums
- Premiums burdened on employer :
(Total wages × Premium rating dedicated to Employment Stabilization & Working Capacity Development Program) + [(Total wages × Premium rating dedicated to Unemployment Benefits × 1/2) - Premiums burdened on worker :
(One’s total wages × Premium rating dedicated to Unemployment Benefits) × 1/2 - Premiums for self-employer(insurant applied before Jan. 21, 2012) :
- Monthly wages applicable to self-employer (the Minister of the MOEL officially announces considering various factors (e.g. self-employers’ income level, etc.)) multiplied by premium rating dedicated to Employment Stabilization & Working Capacity Development Program.
Premiums = Monthly wages applicable to self-employer (officially announced by the Minister of the MOEL) × Premium rating dedicated to Employment Stabilization & Working Capacity Development Program × No. of total months for the insurance year.
Payment of WCI/EI premiums (by workplaces engaging in construction, etc. subject to self-assessment of premiums)
- Since, in principle, the employer of a workplace engaging in construction, etc. shall declare and pay self-assessed WCI/EI premiums, he/she shall the said-assessed WCI/EI premiums through agencies authorized to receive national revenues (e.g. commercial banks) or post offices before a due date.
※ If an employer pays the full amount of estimated premiums payable in installments within a due date, he/she is entitled to a 3% discount.
※ Quarterly due dates for the payments of the said estimated premiums in installments are as follows : March 31 for the 1st quarter; May 15 for the 2nd quarter; August 15 for the 3rd quarther; and November 15 for the 4th quarter