TNAG-0786-FCO40-990-Policy-of-Government-of-Hong-Kong-on-labour-and-trade-union--1978 — Page 100

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