Departure maturity insurance money was seized.

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  • 03-08
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Departure maturity insurance money was seized.

- 50% of salary claims ( salary , severance pay, etc. ) cannot be seized -

Recently , Mr. R , an E-9 migrant worker who returned to Korea , requested consultation . He is said to have borrowed money from a certain capital company about a year ago due to unavoidable family circumstances . However, after repaying about 1/3 of the amount, I became sick and could not work properly , so I could no longer repay the money , and as time went by, the expiration date of my period of stay was approaching . Meanwhile , Mr. R , who had to leave the country , applied to receive departure maturity insurance (= severance pay ) from the airport bank , but for some reason he did not receive a penny and returned home due to time constraints . Since he could not understand what the bank employee was saying , he contacted our center as soon as he arrived in his home country .

Accordingly, we checked the reason for non-payment to Samsung Fire & Marine Insurance and found that the capital company had seized Mr. R 's departure maturity insurance money . In the case of Mr. R , the loan amount to be repaid (including late fees) was slightly more than 50% of the departure maturity insurance amount , but even in this case, at least 50% of the insurance amount can be received . According to the Civil Execution Act ( Article 246 ) , it is prohibited to seize 50% of severance pay in order to maintain the debtor's minimum standard of living . In the end, after Mr. R agreed to pay the remaining 50% of the insurance money to the creditor , he received only 50% of the insurance money . Meanwhile , Mr. R , who fails to repay the full loan , will remain on his record as a defaulter and may face various disadvantages when he re-enters Korea in the future . 

We often encounter foreign residents who have their departure maturity insurance money confiscated .

In the above case, the person was unable to repay the loan due to his or her own circumstances , but sometimes, unfortunate victims of fraud occur where someone fails to respond properly after their identity has been stolen and ends up taking on false loan debt .

Anyway , what I would like to point out through this example is that since departure maturity insurance is severance pay, more than 50% of it will not be seized . In some cases, your salary may be confiscated , but the rule is that 50% cannot be confiscated . However, the scope of seizure varies depending on the amount . For the debtor's minimum living, if the monthly salary is less than 1.85 million won ( based on actual income ) , the entire amount cannot be seized , and if it exceeds 1.85 million won and up to 3.7 million won, the remaining amount excluding 1.85 million won can be seized. 50% of your monthly salary may be seized for amounts exceeding 3.7 million won to 6 million won , and if your monthly salary exceeds 6 million won , an amount greater than 50% may be seized .

 * Formula for calculating the amount that can be seized when exceeding 6 million won : Salary - <3 million won + [{( salary /2) - 3 million won }/2]>

For reference , if you are an E-9 migrant worker and inevitably need a loan , we recommend that you check first to see if you can use the “ Departure Maturity Insurance Collateral Loan ” ( ☞ Information on Departure Maturity Insurance Collateral Loan ) .

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