Construction workers with 4+ years of contributions to receive extra 100,000 won retirement benefit

The Construction Workers Mutual Aid Association is expanding eligibility for its special retirement benefit Wednesday, lowering the minimum contribution period from seven years to four years. Construction workers who have contributed for between four and seven years and retire from the industry will now receive an additional 100,000 won ($74) when they claim their retirement benefit.

The special retirement benefit is paid separately from the standard retirement benefit to workers who have contributed over a long period. The association introduced a new bracket covering those with four to seven years of contributions, broadening the criteria based on contribution length.

Existing payment amounts remain unchanged. Workers with seven to fewer than 10 years of contributions receive an additional 300,000 won, those with 10 to fewer than 15 years receive 500,000 won, and those with 15 or more years receive 1 million won.

The association expects about 25,000 construction workers to newly benefit from the expansion each year. Chang Geon, chairman of the association, said it would strengthen its long-service reward system "so that the longer construction workers stay in the industry, the more benefits they can receive."