Type of
Territory
me a sure
Korea
(Republic
of) (Cont'd)
Social insurance
Title of legislation/ scheme
Coverage
Source of funds
Qualifying conditions
Private School Teachers Pensi- on Law
Teachers in all private schools (43,000 persons)
Insured person:
5.5% of carnings
For survivor's pension:
At the death of the insured person.
Employer:
3.5% of
employee's
earnings
Government:
2% of
employee's
earnings
Benefits
(continued)
Survivor's pension
50% of the deceased's pension.
Administrative organisation
National
We lf are Pension Act, 1973 (Not yet brought into operation likely date for implement- ation is 1980 when the exist ing scheme s for public officials, military personnel and private school teachers will
be integrated)
Korean residents Class 1 insured For old age pension:
aged 18-60,
except those covered by the three pension laws mentioned above.
Compulsory coverage for employees earning more than 15,000 won
(HK$150) per
month or lower
salary earners as approved (referred to as
Class 1 insured persons).
Voluntary coverage for self-employed
and other voluntary participants (referred to as Class 2 insured
persons).
person:
5%-74% of
monthly
earnings as
determined by Presidential
De crce.
Employer of Class 1 insured person:
3%-4% of Class
insured person's monthly earnings as determined by Presidential Decree.
Government:
13 in respect of Class 1
insured person whose monthly earnings are below 15,000 won (HK$150).
Men aged 60 or over under coverage
Old age pension (maximum 70% of standard monthly earnings in preceding year)
(a) Class 1 insured persons
Women aged 55 or more under (i) Basic amount (yearly)
coverage.
240% of average monthly earnings of all insured persons in the year proceding entitlement of benefit plus 240% of average monthly earnings of the insured person over past 3 years.
(ii) Supplementary amount to
be awarded on basis of spouse and children below ago 18 (formula by Presidential Decree).
(b) Class 2 insured persons ((i) Basic amount (yearly)
180% of average monthly earnings of all insured persons in the year preceding entitlement of benefit plus 240% of average monthly earnings of the insured person over past 3 years.
(continued next page)
National Welfare Pension Commiss- ien established within Ministry of Health and Social Affairs.
Table 19
Remarks