From August 1, 2011 all South Korean companies hiring overseas labor-intensive workers will be required from later this year to give to the departure expiration insurance to pay their retirement benefits.
In a statement issued by India’s Labor Ministry, the revised enforcement ordinance to the law on the employment of foreign workers is set to go into effect on August 1 as no parliamentary consent is necessary.
Presently, SMEs employing at least five foreigners with E-9 or H-2 visas are mandatory to subscribe to the departure expiration insurance to ensure that retirement benefits are paid before the departure of a worker.
Those visas are given to overseas labor-intensive workers hired under the country’s “employment permit system.” The Cabinet accepted a bill increasing the coverage of mandatory subscription to companies with four or less alien workers.
