Workers Compensation Insurances Practices and Institutional Development in Korea

The scheme, as the first social insurance scheme ever introduced in Korea, is characterized by no-fault rule and public liability, functioning as policy insurance with limited compensation liability. It has played an important role in so-far industrial development in that it not only protects the basis of business for employers but also insure workers income and health. This suggests that social insurance schemes like the WCI scheme have provided workers and employers with social security in a practical, real sense, and thereby, propped up the pursuit of rapid economic growth in a very short period. The study consists of the following topics, including institutional legislation & characteristics, development stages & success factors, legal framework, operation framework, etc. of, or in relation to, the scheme in Korea. This suggests that the scheme can represent itself as historically & politically various development experiences when it mixes into, or gets mixed with, different social economic environments unique to different situation. Finally, it should be noted that, given the development experiences of WCI and its operation framework for the industrial and economical development. With regard to this, however, Korea has maintained a policy to protect employers and injuried workers both even at the stage of industrial and economical development.