S. Korea: relief of contribution burden for insured

Submitted by cambrosio on Thu, 06/18/2020 - 15:59
Body

National Pension Service of Korea introduced the relief of contribution burden for insured:
Expansion of contribution exemption for the insured: Whereas before contribution exemption was only granted to those without income for reasons such as business and employment termination, exemption is now temporarily applied to those whose incomes are reduced due to the pandemic, effectively relieving the contribution burden imposed on the insured.

Exemption of arrears for financially challenged members: Pension contribution burden for the insured was further relieved by arrears exemption for workplaces and members that have difficulty meeting due with their arrears liabilities. Targets in special disaster areas and special employment support industries were first relieved, and measure was expanded to the rest of the country. As part of the measure, pension scheme and claim procedure were more broadly advertised to relieve the pension contribution burden on small enterprises and low-wage workers. All in all, NPS performed its part as social security institution in the fight to overcome the unprecedented economic crisis.

measures summary

National Pension Service of Korea introduced the relief of contribution burden for insured:
Expansion of contribution exemption for the insured: Whereas before contribution exemption was only granted to those without income for reasons such as business and employment termination, exemption is now temporarily applied to those whose incomes are reduced due to the pandemic, effectively relieving the contribution burden imposed on the insured.

Exemption of arrears for financially challenged members: Pension contribution burden for the insured was further relieved by arrears exemption for workplaces and members that have difficulty meeting due with their arrears liabilities. Targets in special disaster areas and special employment support industries were first relieved, and measure was expanded to the rest of the country. As part of the measure, pension scheme and claim procedure were more broadly advertised to relieve the pension contribution burden on small enterprises and low-wage workers. All in all, NPS performed its part as social security institution in the fight to overcome the unprecedented economic crisis.

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