Korea is promoting an insurance scheme offered for Sri Lankan workers in Korea.
The Employment Permit System better known as EPS, is a unique system launched by Korean Government where foreign workers from other countries are introduced to Korea for employment.
The system was introduced to 16 countries and Sri Lanka become one of them from the year 2006. Through the privileges offered by this system, Sri Lankans have an opportunity to improve their lives, the Korean Embassy in Colombo said on Friday.
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).
Once the EPS Center of HRD Korea in Sri Lanka receives all application data forms from the eligible applicants, the 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.