I would like to find out about application and information on construction workers’ mutual aid association severance pay. Even day laborers who work on construction sites should know this information.
Please read this article to the end and find out your rights. So, let’s take a closer look at the severance pay of the Construction Workers’ Mutual Aid Association.
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1 What is Construction Workers Mutual Aid Association severance pay?
1.1 Retirement Allowance for Construction Workers = Retirement Allowance 건설 근로자 공제회 퇴직금
2 Retirement Mutual Benefit Subscription Scope
3 Eligibility for severance pay by Construction Workers’ Credit Union
4 Construction Workers Mutual Aid Association Retirement Mutual Aid Application 좋은뉴스
5 Conclusion
What is Construction Workers Mutual Aid Association severance pay?
Construction Workers’ Mutual Aid Association severance pay
The correct name is the Construction Worker Retirement Allowance System. This system is a system in which, when a daily/temporary construction worker works at a construction site subscribed to retirement benefits, the construction business owner reports the number of working days to the mutual aid association and pays the corresponding mutual aid installment payment, and the mutual aid association pays the retirement mutual aid fund when the worker retires. is.
Strictly speaking, it is not a severance pay, but many people call it this because it functions like a severance pay.
Retirement Allowance for Construction Workers = Retirement Allowance
This retirement allowance is money that daily/temporary construction workers can receive when they retire from the construction industry. You can receive interest by adding the accumulated mutual aid installment according to the number of days worked at the site where you signed up for retirement deduction.
However, it is paid only when the accumulated days are 252 days or more or workers aged 65 or older make a claim.
Retirement deduction subscribing scope
Then, at which construction site should this retirement deduction system be used? Construction, electricity, information communication, firefighting, and cultural heritage repair works, and the projected amount is over 100 million won.
Private construction projects with a projected construction amount of KRW 5 billion or more must also subscribe to the retirement deduction. Please refer to the table below for details.
Construction Workers’ Mutual Aid Association severance pay
Eligibility for severance pay by Construction Workers’ Mutual Aid Association
First of all, you must work at the site where you have joined the retirement mutual aid system above. In addition, daily and temporary workers with an employment contract period of less than one year are unconditionally eligible for retirement deduction.
This applies without restrictions to the nationality, age, affiliation and occupation of workers.
Exceptions: Full-time workers hired without a fixed period / Workers hired with a fixed period of 1 year or more
Construction Workers Mutual Aid Association Retirement Mutual Aid Application
Construction Workers’ Mutual Aid Association severance pay
First of all, only those who have accumulated 252 days or more and have retired from the construction industry can apply. However, if you are over 65 years old or deceased, you can apply regardless of the number of accumulated days.
Therefore, you should also prepare proof of retirement. Applications can be made on the website of the Construction Workers Mutual Aid Association.
*Retirement here means the time when you have finished your life in the construction industry and left forever. (It does not mean withdrawal from the site or temporary unemployment)
Go to the Construction Workers Mutual Aid Association Retirement Mutual Aid Application
conclusion
It is said that there are surprisingly many people who are not familiar with these systems. Please be sure to familiarize yourself with the above information to find out your rights.
Above, we looked at the application for and information on construction workers’ mutual aid association severance pay. If you read more below, please also read the helpful ‘Investment Habits to Collect Money’ article.