South Korea’s EPS Program Helps Pakistani Workers Recover Dormant Insurance
Islamabad - 6 September 2024 (Adnan Hameed) : The Employment Permit System (EPS) Center in Pakistan, headed by Director Kim Ki-wook, has issued important guidance for Pakistani workers who have worked in South Korea under the Employment Permit System (E9). The center is assisting workers in recovering long-term 'Departure Guarantee Insurance' and 'Return Cost Insurance,' which may remain unclaimed after their return to Pakistan. This includes 'Departure Guarantee Insurance' and 'Return Cost Insurance,' which may have become dormant after workers returned to Pakistan following their employment period in Korea (up to 4 years and 10 months). Many eligible workers have not yet collected their entitled 'Guaranteed Severance Insurance' or 'Return Cost Insurance' due to dormant claims. Dormant insurance refers to funds that remain uncollected for up to three years after maturity, held by the insurance company, as the policyholders have not retrieved them. Due to the challenges of tracking down these workers, many of whom have outdated contact details, the EPS Center has collaborated with the Overseas Employment Corporation (OEC) to post the list of workers with uncollected dormant insurance on the OEC's official website. This initiative allows returning workers to verify if they are eligible for the dormant insurance funds. Workers can check their status on the OEC website and, if eligible, apply for the insurance by sending the necessary documents to the Pakistan EPS Center via registered mail. For those who have recently returned without applying for 'Departure Guarantee Insurance' and 'Return Cost Insurance,' they can apply directly to Samsung Fire & Marine Insurance, following the procedures provided upon their return. The Pakistan EPS Center is available to assist returning workers in completing their applications and ensuring they receive their rightful benefits.
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