Did you know that day laborers working at construction sites can also inquire about and apply for severance pay through the Construction Workers Mutual Aid Association?
Let’s take a closer look at how construction worker retirement benefits are accumulated, how to apply for them, and what the conditions for the number of working days are.
Eligibility for severance pay by Construction Workers’ Mutual Aid Association
In the case of a public construction or private investment project worth 100 million won or more, a private construction project worth 5 billion won or more, an apartment complex with 200 rooms or more, or a residential/commercial officetel project, the employer must notify the construction worker’s mutual aid association within 14 days from the actual start date. You must report to the competent branch. 건설 근로자 공제회 퇴직금
The target workers applied through the above report are construction workers with a labor contract period of less than one year who worked at a workplace to which the retirement deduction was applied. 좋은뉴스
Construction workers mutual aid association exemption from severance pay
Full-time worker with no fixed period
Workers hired after consulting with the company for a period of one year or more
Workers below the standards set by the Ordinance of the Ministry of Employment and Labor
(Workers working less than 4 hours per day and less than 15 hours per week)
Reporting and payment by the business owner
Employers subscribed to the Retirement Aid must report the number of working days for each employee hired by the 15th of each month and must pay the corresponding deduction installment to the Construction Workers’ Mutual Aid Association.
The Construction Workers Mutual Aid Association, which received the mutual aid installment paid by the business operator, accumulates the number of working days and retirement mutual aid installment for each construction worker.
The Construction Workers Mutual Aid Society severance pay will be accumulated by adding interest to the mutual aid installments paid monthly by the business owner.
Qualifications for applying for severance pay
First of all, as explained above, you must be a business or workplace that is registered with the Construction Workers Mutual Aid Association, and you must be a daily or temporary worker with a labor contract of less than one year.
Note ▶ If you are a subscriber with 252 or more working days accumulated in the Mutual Aid Association and are over 60 years of age or retired from the construction industry, interest is added to the principal amount and paid. (See additional guidance below.)
Interest: monthly interest
─▶ The insured is aged 60 or older (If the number of payment days is less than 252, the insured must be 65 years old.)
─▶ Employment in other industries (manufacturing or service industry, etc.)
─▶ Reasons for illness or injury, etc.
─▶ If there is a valid reason why you can no longer engage in the construction industry, or if you have no will (reasons such as study or departure, full-time housewife, etc.)
─▶ In case the insured person dies
─▶ If the insured intends to start a new business
How to look up estimated retirement savings
Go to the website of the Construction Workers’ Mutual Aid Association
Construction workers mutual aid association severance pay
This page is for checking the total amount of severance pay.
If you click on the homepage shortcut above, you will be connected to the Mutual Aid Association’s expected retirement mutual aid inquiry page.
If you move through the menu in the order below, you can view the estimated retirement deduction amount.
If the page asks you to install a specific program, you must install it and write your name / social security number after installation.
Select the authentication method to authenticate yourself.
Applying for Retirement Allowance
Go to Retirement Allowance Application Page Go
There are two ways to apply for severance pay at the Construction Workers’ Credit Union: direct submission of documents such as documents proving the fact of retirement or claim for retirement allowance payment, or online application.
This article will guide you on how to apply for retirement benefits online.
Please follow the order below.
Go to the page through the application page shortcut link above.
Enter your name and social security number.
Authenticate your identity through the identity verification process page.
When the Personal Information Collection and Use Consent page appears, click Agree.
If you select a reason from Select Reason for Application, you will be prompted with the required documents. (Find out in advance before applying and prepare related documents.)
Click the Apply button.
Fill in all required information in the application form.
Upload the relevant documents that were guided when selecting the reason as attachments.
Upload the relevant documents that were guided when selecting the reason as attachments.
If you have successfully submitted your application, you will receive a text message indicating that your application has been received.
What is the payment period?
Upon receipt of a normal application for severance pay by the Construction Workers Mutual Aid Association, the payment will be made to the designated account within 14 days unless there is a special reason.
What is a Loan?
If the number of accumulated days for the mutual aid installment is 252 days or more and it corresponds to the target fund stipulated by the Mutual Aid Association, you can receive a loan of up to 50% of the accumulated mutual aid installment according to the number of working days.
You can apply in units of 10,000 won, and you can apply up to a maximum of 10 million won.
It must be repaid within 2 years without interest and cannot be extended.
Repayment methods include lump sum, early, and installment repayment.
purpose fund reason
You can apply for a loan if:
to support children’s marriage
To support college student children’s school expenses
Purpose of hospitalization and surgery expenses for yourself or your family
To purchase a house in your name or use as deposit for jeonse or monthly rent
If you have been declared bankrupt within the last 5 years (if you have received a decision to commence individual rehabilitation procedures within the last 5 years)
How to apply for a loan
To apply online, the application form is different depending on the reason selected, so you must check it and upload it as a scan or photo file attachment.
If you wish to apply directly on site, bring your ID, a copy of your bankbook, and related documents.