Have you ever heard of the word "four major insurances"?If you've watched news and TV a lot while living in Korea, you've probably heard it at least once. But what's the big four insurance policies? Does it matter to foreigners?I'll tell you more about the four major insurances today.
What are the four major insurances?
Korea's four major insurances refer to all four insurances directly managed by the government to ensure a stable economic life for the people from social risks. In Korea, people with income, companies, and institutions are required to pay four major insurances! It's a mandatory subscription insurance that all workers must sign up for, regardless of whether they are interns, non-regular workers, or regular workers!Foreigners also have to pay four major insurances if they work for a Korean company! When you look at job postings on recruitment sites, there are often the same conditions as "four major insurances included." Some companies offer four major insurances instead, or some companies have such conditions, such as 50%.
What are the four major insurances?
The four major insurances include national pension, national health insurance, employment insurance, and industrial accident compensation insurance. In the case of international students, if they live in Korea for more than six months, they are obligated to pay national health insurance every month. If you get a job in Korea, you have to pay the national pension, employment insurance, and industrial accident compensation insurance in addition to the national health insurance. Then what kind of benefits do you think each insurance provides? The four major insurances don't usually get any benefits right away, but they can get benefits depending on the conditions of the insurance
the national pension
The National Pension Service pays 4.5% of its monthly salary as an insurance premium almost every year. The national pension, which is later paid for retirement, is a system created in preparation for not being able to work if a worker retires after a certain age. In other words, when you retire later, you have the amount you can get every month, and that amount will be returned to the National Pension Service we paid for!
employment insurance
It is a system created for support purposes such as paying salaries...