Useful Info

Departure maturity insurance under the ‘Act on Employment of Foreign Workers, etc.’ has a special legal status in relation to severance pay under the Labor Standards Act and the Employee Retirement Benefit Security Act in order to support the stable stay of foreign workers.
In addition, retirement pension is difficult to apply to foreign workers whose employment period is limited in terms of salary level, supply requirements, reserve management method, etc., as the retirement pension has a long subscription period, etc. Employers who meet the requirements set forth in Article 13 and Article 21 of the Enforcement Decree of the same Act are required to subscribe to departure maturity insurance regardless of whether they subscribe to a retirement pension under the Employee Retirement Benefit Security Act.
<출저: 외국인근로자 전용보험 2011.12 고용노동부발행>