What is Workers’ Compensation Insurance or Industrial Accident Compensation Insurance?
 

• It is a social security framework that covers a variety of medical expenses and death due to work-related accidents. The government receives an insurance premium from the business and uses the money to pay the workers who are injured in workplace accidents.
   
• All companies with at least one permanent employee, no matter their age or visa status, are required to have all of their workers, including foreign workers, subscribed to the workers' compensation insurance.
   
• The cost of insurance contributions is entirely the responsibility of the employer, and the company's industry type determines the insurance rates.

Visit our official English blog to continue reading about the Four Major Social Insurance Schemes in Korea