12. What are the consequences of unpaid insurance premiums?
- If the insured unit fails to pay the insurance premium on time, the Bureau of Labor Insurance will impose a penalty as follows: 0.1% of the premium payable will be added to the penalty for each day past the expiration of the grace period until the day before the payment is made in full. The maximum accumulated penalty is 20% of the premium payable.
- In addition to imposing penalties on overdue premiums according to regulations, if the insured unit fails to make the payment after having received the second collection notice with a specified deadline from the Bureau of Labor Insurance, the Bureau will transfer the case to Administrative Enforcement and suspend all benefit payments.