Korean Govt. launches insurance benefit scheme for foreign workers through EPS programme

Employment Permit System better known as EPS, is a unique system launched by the Korean Government  that would benefit  foreign workers introduced to Korea for employment.  Currently this system has been introduced to 16 countries and Sri Lanka became one of them in 2006. Through the privileges offered by this system, Sri Lankans have an opportunity to improve their lives.

 Under EPS, there are several insurance schemes introduced for foreign workers. Those are namely Departure Guarantee Insurance, Wage payment Guarantee Insurance, Return Cost Insurance, and Accident Insurance.                                   

Those who have not obtained insurance benefits so far can apply under the following categories, the South Korean Embassy announced today.

The categories are as follows:-

Once migrant worker depart from Korea, they are eligible for the application of the unclaimed insurance such as Return Cost Insurance (Air ticket cost) and Departure Guarantee Insurance (Thwejukum).

Whereas workers who worked and departed from Korea can be applied for “Dormant Insurance” after 3 years from his departure under the same insurance schemes such as Return Cost Insurance (Air ticket cost) and Departure Guarantee Insurance (Thwejukum)(those who have not applied under Unclaimed Insurance only can be applied for the dormant Insurance).

Workers, who have been employed for more than one consecutive year at the same employment place in Korea, will be eligible for the application of Departure Guarantee Insurance (Thwejukum).

Required documents for the insurance application:

1. To apply insurance for a person, who has already departed Korea, the following documents are required. (The person himself or principal).

- An Insurance Application form (can be received from Sri Lanka EPS Center), Copy of the owner’s Passport, Copy of the owners’ bank account book (Name of the bank/ Name of the branch which opened the account/ Account number/ Name of the Account), Bank identification code (SWIFT or BIC code). Please note that the Name of the account should be same as the Passport.

2.  For a representative (attorney – only immediate family member) to apply for insurance on behalf of a person in Sri-Lanka, who has already departed Korea, required following documents.

- An Insurance Application form (can be received from Sri Lanka EPS Center), Power of Attorney in worker´s own handwriting stating his contact number, Official family relation certificate and Copy of the bank account book of the representative in Korea, Copies of the National Identification cards (NIC) of the representative and the worker, If it is related to return cost Insurance; copy of the page of the passport where states the departure confirmation seal.

3. For a representative to apply for insurance on behalf of a person living abroad who has already departed Korea, required following documents.

- An Insurance Application form (can be received from Sri Lanka EPS Center), Power of Attorney in worker´s own handwriting stating his contact number, Copy of the Passport, Copy of the Immigration Seal, Copy of the bank account book of the representative, Copy of the Identification Card (NIC) of the representative.

- To submit details of an overseas account (Name of the bank/ Name of the branch which opened an account/ Account number/ Name of the account holder), Bank identification code (SWIFT or BIC code)

4. To apply insurance on behalf of a deceased person (death) who has already departed Korea, the family of the deceased required following documents.

- An Insurance Application form (can be received from Sri Lanka EPS Center), Certificate of Confirmation of the Death, Documents certifying family relationship (Notarization of Korean Embassy in Sri Lanka is necessary), Copy of the bank account book of the applicant (Name of the bank/ Name of the branch which opened the account/ Account number/ Name of the Account holder), Bank identification code (SWIFT or BIC code), Copy of the successor’s passport or ID, inherited power of attorney (if applicable).

Once EPS Center of HRD Korea in Sri Lanka receives all application data forms from the eligible applicants, EPS Center applies for relevant insurance on behalf of the applicants and relevant insurance amount will be then remitted to the bank accounts of the applicants directly from Korea.

Therefore along with the above documents, the person is requested to visit HRD Korea in Sri Lanka, 171/4, 2nd Floor, Main Street, Battaramulla and contact  0112886945   for more details.