Social insurance
lastmod 2025-07-31created 2025-07-165 edits
Social insurance is compulsory insurance, aimed at social security, that covers the risks of health, old age and death, unemployment, and industrial accidents. In other words, it is a social system that treats so-called social risks such as old age, disability, death, injury and illness, childbirth, occupational accidents, and unemployment as insured events, guaranteeing substitute income when these events cause a temporary or permanent loss of income (income security), while at the same time providing medical care or medical expenses for injury and illness (medical security).
Categories
- Korean: 국민연금 (National Pension)
- Korean: 건강보험 (health insurance)
- Korean: 고용보험 (employment insurance)
- Korean: 산재보험 (industrial accident insurance)
Social insurance in South Korea
The social insurance programs in effect in South Korea are the National Pension, health insurance, employment insurance, and industrial accident insurance, and these four are collectively called the 'four major insurances'. Premiums for South Korea's social insurance are collected by the National Health Insurance Service.
Durunuri
The eligibility conditions are strict, but it subsidizes 80% of employment insurance and National Pension premiums.