workers' compensation programs, rehabilitation supports and welfare improvements.
WCI/EI Registration & Collection
Assessment of Monthly Premiums (for workplaces other than those engaging in construction)
- WCI/EI Registration & Collection
- Collection of WCI & EI Premiums
- Assessment of Monthly Premiums (for workplaces other than those engaging in construction)
Assessment of monthly premiums
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The employer of a workplace not subject to the self-assessment of premiums shall be billed premiums as assessed by the K-COMWEL; the billed premiums shall be assessed by multiplying each individual worker’s monthly average wages by the corresponding premium rate, and then summing up each individual worker‘s assessed premiums :
- Monthly premiums (assessed & billed by the K-COMWEL) = Σ (each individual worker’s monthly average wages × premium rate) - Monthly average wages for a worker who was employed before September of the previous year shall be assessed through dividing his/her total wages for the same year by the number of months for which he/she has been employed for the same year, while those for a worker employed after October of the previous year through dividing total wages payable to the worker for one year to come (after his/her employment) by the number of months for one year.
Declaration of total wages
- Monthly premiums overpaid or underpaid for the year shall be settled upon receipt of a Declaration of Total Wages that shall be submitted not later than March 15th in the next year.
- The said declaration shall contain total wages paid to each worker for the previous year (including his/her worker’s name, resident registration number, employment date, employment termination date, monthly average wages for the previous year)
- An employer owning a workplace with 10 workers or more shall report information about their wages in total on the Internet (http://total.COMWEL.or.kr) or any other electronic media (e.g. CD, etc.)
Payment of premiums
- Workplaces (except for workplaces subject to the self-assessment of premiums) shall be billed premiums due to them on a monthly basis; as of now, however, all premiums due to the said workplaces in accordance with the 4 major social insurance schemes shall be integratively billed by the NHIC. Accordingly, WCI & EI premiums, together with premiums billed in accordance with other social insurance schemes, will be integratively billed and collected by the NHIC. Upon receipt of a billing statement, a workplace shall pay the billed premiums not later than the 10th day of the next month.