Construction workers receive W940.3b in retirement benefits, averaging W2.89m each

Retirement benefit payouts to construction workers exceeded 940 billion won ($657 million) last year, even as enrollment in the retirement savings plan fell sharply amid a prolonged construction slump. While enrollment dropped more than 11% over the year, total payouts rose more than 8%, pushing up the average benefit per worker.

The Korea Construction Workers Mutual Aid Association announced Wednesday that it had published its 2025 annual report, which covers the operation of the retirement savings system, asset management, employment and welfare project outcomes, and a range of statistics drawn from its own database.

According to the report, the number of workers enrolled in the retirement savings plan fell to 1.49 million last year from 1.68 million the year before — a decline of roughly 190,000, or 11.2%. The number of workers who received retirement benefits edged down about 5,000, or 1.4%, to 324,000, but total payouts climbed 8.3% to 940.3 billion won. The average payout per worker rose 9.9% to 2.89 million won.

The association also expanded its welfare programs last year. Through its livelihood stabilization loan program, it extended 146.6 billion won in interest-free funds to about 80,000 construction workers. Group insurance support provided 99,000 workers with coverage worth 14.7 billion won, while a health management program offered free comprehensive medical checkups valued at 3.5 billion won to 14,000 workers. The association also paid out 7.8 billion won in marriage and childbirth grants to about 20,000 workers.

The association said it focused last year on ensuring the smooth rollout of the electronic card system, which was expanded nationwide, helping prevent gaps in retirement benefit accrual, curb wage theft and protect workers' rights.

The 2025 annual report is available for free download on the Korea Construction Workers Mutual Aid Association's website and its public information center.