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Definition Industrial accident compensation insurance is a statutory insurance designed to guarantee the income of an injured worker and his/her family. Under the Labor Standards Act, the state collects insurance premiums from employers and pays compensation to injured workers on behalf of their employers.. The coverage now includes new industrial diseases, work-related exhaustion and stress....   Read more

Definition Employment insurance is part of social security insurance. Its purpose is to encourage stable employment and provide an insurance premium to people who lose their job. Korea has adopted a number of closely-linked labor market policies, such as employment stability programs and vocational skills enhancement programs. Eligibility and application Employers with at least one...   Read more

Definition Applying for health insurance in Korea is optional. However, once insured, it is not possible for a foreign national to cancel his/her health insurance for as long as he/she is employed. If a foreign national leaves Korea for more than one month, the National Health Insurance Corporation will have their health insurance automatically canceled...   Read more