(1) Any employer who runs a business or place of business hiring a foreign worker (hereinafter referred to as "employer") shall purchase an insurance policy or a trust deed with the foreign worker as the insured or beneficiary (hereinafter referred to as "insured person, etc.") in preparation for the payment of retirement benefits to the foreign worker when he or she leaves the Republic of Korea (hereinafter referred to as "insurance policy for departure guaranty, etc."). In such cases, insurance premiums or trust money shall be paid or deposited on a monthly basis. <Amended on Jan. 28, 2014>
(2) Where an employer has purchased an insurance policy for departure guaranty, etc., he or she shall be deemed to have established a retirement allowance system under Article 8 (1) of the Act on the Guarantee of Workers' Retirement Benefits.
(3) Matters necessary concerning employers who are obligated to purchase an insurance policy for departure guaranty, etc., the method of purchasing, the details and management of, and the payment under, such insurance policy for departure guaranty, etc., and other relevant matters shall be prescribed by Presidential Decree, and the period of payment shall be within 14 days from the departure of the insured person, etc. from the Republic of Korea (if the payment application is filed based on a change in his or her status of stay, his or her death, etc. or on/after his or her departure from the Republic of Korea, within 14 days from such application). <Amended on Jan. 28, 2014>
(4) For the right to claim the amount of money that an insured person, etc. is entitled to receive upon occurrence of an event triggering payment under an insurance policy for departure guaranty, etc. (hereinafter referred to as "insurance money, etc."), the statute of limitation shall expire unless it is exercised within three years from the occurrence of the triggering event, notwithstanding Article 662 of the Commercial Act. In such cases, the financial institution that deals with the insurance policy for departure guaranty, etc. shall transfer the insurance money, etc. for which the statute of limitation has expired to the Human Resources Development Service of Korea within one month. <Added on Jan. 28, 2014>[This Article Wholly Amended on Oct. 9, 2009]