You can “receive severance pay” on the website of the Construction Workers’ Mutual Aid Association.
Daily and temporary construction workers are also entitled to a retirement deduction upon retirement from the construction industry. You will be paid the sum of deduction reserves and interest for the number of days you worked at the site where you signed up for retirement deduction.
Receiving severance pay is simple and straightforward. Let’s find out right away.
> How to check the number of accumulated days for the Construction Workers’ Credit Union 건설 근로자 공제회 퇴직금
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1. How to receive severance pay from Construction Workers’ Credit Union 좋은뉴스
2. Retirement Allowance Calculation Information
3.Construction Workers Mutual Aid Association severance pay
4. Inquiries
1. How to receive severance pay from Construction Workers’ Credit Union
This is how to receive severance pay from the Construction Workers’ Mutual Aid Association.
1) After accessing the website of the Construction Workers’ Credit Union, log in (identify yourself).
Construction Workers Mutual Aid Association
2) Main screen ▶ Retirement Mutual Aid Service ▶ Click Apply for Retirement Mutual Aid
Construction Workers Mutual Aid Association Main Menu > Retirement Mutual Aid Application
3) Log in (enter your name and resident registration number)
log in
4) After logging in, enter the application form and register the required documents
<Required Documents>
– 1 copy of application for retirement mutual aid payment (hereinafter referred to as ‘application’)
– 1 copy of the applicant’s identification card (if necessary)
– Documents proving eligibility for application (hereinafter referred to as ‘Required Documents’)
5) The severance pay will be deposited into your savings account within 14 days of completion.
Retirement Allowance Payment Workflow Chart
6) If you have difficulty applying online, you can visit the center in person. Required documents are ID, a copy of bankbook under the applicant’s name, and all required documents for each reason for resignation.
Check required documents for each reason for resignation>https://1122.cwma.or.kr/c_10/cnt/m_18/view.do
Branch Center and Location> https://www.cw.or.kr/contents.do?contentsNo=55&menuNo=42
Construction Workers Mutual Aid Association Branch
Retirement Allowance Calculation Information
Retirement Allowance is the sum of the paid mutual aid installments (including mutual aid installments supported under the Employment Insurance Act) plus interest (applying the standard interest rate announced with the approval of the Minister of Employment and Labor), minus unrepaid loans and retirement income tax.
※ Actual payment of retirement allowance = Deduction amount paid + Interest (monthly compound interest) – Retirement income tax – Unrepaid loan
Retirement Allowance by Construction Workers’ Mutual Aid Association
Retirement pay is applicable to daily and temporary workers with a contract period of less than one year who work at the site where the retirement deduction is applied and are as follows.
<Applicable target>
1. Projects for which the projected construction amount is 100 million won or more;
2. Construction of apartments with 200 or more rooms, residential/commercial complexes, and officetels
3. Private construction with a projected amount of 5 billion won or more
Conversely, the following are excluded from the retirement deduction:
<Excluded>
1. Full-time workers with no fixed period
2. Workers hired under a contract with the company for a period of one year or longer
3. Workers working less than 4 hours per day and less than 15 hours per week
Inquiries
The official representative number of the Construction Workers’ Mutual Aid Association is 1666-1122. Consultation hours are from 09:00 to 18:00 on weekdays. If you have any questions about severance pay or if you have any problems using the website of the Construction Workers’ Credit Union, please contact us at the official number and we will kindly guide you.