(1) The Minister of Employment and Labor may assign an expert member for fund management in order to administer and manage the fund in a systematic and stable manner pursuant to Article 79 of the Act. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]
(2) Matters concerning the qualifications, duties, remunerations, etc., of the expert member for fund management shall be determined by the Minister of Employment and Labor. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]
[This Article Newly Inserted by Presidential Decree No. 21348, Mar. 12, 2009]

(1) The “methods to increase the fund, prescribed by the Presidential Decree” in Article 79 (3) 5 of the Act refer to a purchase of securities under Article 4 of the Capital Markets and Financial Investment Business Act. [Amended by Presidential Decree No. 20947, Jul. 29, 2008]
(2) The “certain level prescribed by the Presidential Decree” in Article 79 (4) of the Act refers to the rate of return determined by the Minister of Employment and Labor in consideration of the interest rates for regular savings accounts with a maturity of one year (referring to the interest rates applied by banks with nationwide business areas among the banks established under the Banking Act), expected price increase rates, etc. [Amended by Presidential Decree No. 22269, Jul. 12, 2010 and Presidential Decree No. 22493, Nov. 15, 2010]

The employment insurance fund (hereinafter referred to as the “fund”) shall be accounted for according to Article 11 of the National Accounting Act. [Amended by Presidential Decree No. 23139, Sep. 15, 2011]

(1) "Expenses prescribed by Presidential Decree" in Article 80 (1) 7 of the Act means the following expenses:

1. Expenses incurred in the management and operation of the insurance service;

2. Expenses incurred in the management and operation of the Fund;

3. Grants to agencies for vicarious execution of administrative affairs of insurance business prescribed in Article 33 of the Insurance Premiums Collection Act;

4. Payment of fees for the entrustment of projects or business affairs prescribed in the Act and the Insurance Premiums Collection Act.

(2) With regard to contributions prescribed in Article 80 (1) 6 of the Act, where an eligible recipient of contribution to be paid on a monthly basis applies for the amount of contribution to be expended the following month, the requested amount shall be reviewed by the Minister of Employment and Labor, and reasonable amount shall be paid to the person.

(3) A recipient (hereafter referred to as "contributee" in this Article) of contributions prescribed in Article 80 (1) 6 of the Act shall open separate accounts to manage the contribution, and any interest income accrued from the account shall be returned to the Minister of Employment and Labor: Provided, That a contributee may, where the contributee has obtained approval from the Minister of Employment and Labor, use the contributions in business the contributee performs by proxy or is entrusted to perform (hereafter referred to as "business for purpose of contributions" in this Article).

(4) Contributions which remain without being used for business for purpose of contributions within an insurance year shall be returned to the Minister of Employment and Labor unless otherwise provided in other statutes: Provided, That where a contributee has obtained approval from the Minister of Employment and Labor, he or she may carry forward such contribution to the following year to be used for business for purpose of contributions.

(5) Where a contributee has used contributions for any purpose other than the intended purpose of contribution, the Minister of Employment and Labor may request the contributee to return the corresponding amount.

(6) A contributee shall report to the Minister of Employment and Labor the results of execution of contributions for the quarter by the 10th of the month following each quarter.

[This Article Wholly Amended on Sep. 18, 2008]

The Minister of Employment and Labor may execute business related to the payment of grants and subsidies from the fund, provision of loans, payment of training expenses and training allowances, or payment of unemployment benefits by entrusting the business to any of the following institutions or a postal agency：[Amended by Presidential Decree No. 22269, Jul. 12, 2010, Presidential Decree No. 22493, Nov. 15, 2010 and Presidential Decree No. 23496, Jan. 6, 2012]
1. Banks approved under Article 8 of the Banking Act；
2. Nonghyup Bank under the Agricultural Cooperatives Act；
3. The National Federation of Fishery Cooperatives under the Fishery Cooperatives Act；
4. Mutual savings banks under the Mutual Savings Bank Act；
5. Community credit cooperatives under the Community Credit Cooperatives Act；and
6. Credit cooperatives under the Credit Cooperatives Act
[This Article Wholly Amended by Presidential Decree No. 20775, Apr. 30, 2008]

The fund operation plan under Article 81 (1) of the Act shall include the following matters：
1. Matters concerning incomes and expenditures of the fund；
2. Matters concerning business plans, plans on actions causing expenditures and funding plans for the year concerned；
3. Matters concerning the disposition of the funds carried over from the previous year；
4. Matters concerning the reserve funds；and
5. Other matters necessary for fund operation.

The Minister of Employment and Labor shall, pursuant to Article 81 (2) of the Act, publish the results of the Fund operations each year in one or more daily newspapers specializing in economy or general daily newspapers whose head office is in the Seoul Metropolitan City area, official gazette, internet homepage, or broadcasting.

(1) The Minister of Employment and Labor shall appoint a fund revenue collector, fund financial officer, fund disbursement officer and fund accounting officer from among relevant public officials to carry out affairs concerning the revenues and disbursements of the fund. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]
(2) The fund revenue collector and fund financial officer shall be in charge of contracts resulting from the management and operation of the fund, actions causing revenues and disbursements, and affairs concerning the collection and determination of fund revenues, and the fund disbursement officer and fund accounting officer shall be in charge of revenues and disbursements resulting from the management and operation of the fund.
(3) When the Minister of Employment and Labor has appointed a fund revenue collector, fund financial officer, fund disbursement officer and fund accounting officer, he/she shall notify the Chairperson of the Board of Audit and Inspection and the Governor of the Bank of Korea of this. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]

The fund disbursement officer shall designate the Bank of Korea located in the local area concerned (including its main office, branch office, agency or national agency；hereinafter the same shall apply.), or if there is no Bank of Korea located in the local area concerned, the nearest Bank of Korea as the payer of checks issued by him/her.

(1) If the fund revenue collector is to collect fund revenues, he/she shall notify the person responsible for the payment that the person should pay it to the fund’s account in the Bank of Korea：Provided that this shall not apply in case the employer makes a voluntary payment within a set period.
(2) When the Bank of Korea receives fund revenues, it shall issue a receipt to the payer and send a notice of the receipt to the fund revenue collector without delay.
(3) The Bank of Korea shall gathered the revenues of the fund received under paragraph (2) together into the fund account established in the headquarters of the Bank of Korea according to handling procedures for national funds.

(1) When the fund financial officer executes a disbursement-causing action, he/she shall send the documents related to the disbursement-causing action to the fund disbursement officer.
(2) When the fund disbursement officer disburses money from the fund due to the disbursement-causing action of the fund financial officer, he/she shall have the Bank of Korea make that payment by transferring money to the savings account in the financial institution of the creditor or a person entrusted to handle the affairs of paying national funds under the conditions prescribed by laws and regulations.
(3) The amount, which has not been disbursed during the fiscal year concerned due to inevitable reasons after the fund financial officer has executed disbursement-causing actions, may be disbursed by carrying it forward to the following year.

The fund disbursement officer and fund accounting officer may not keep or handle cash：Provided that this shall not apply in cases prescribed in Article 22 (4) and 24 of the Management of the National Funds Act.

(1) The Minister of Employment and Labor shall assign to each fund financial officer a limit on the amount of funds to be used for disbursement-causing actions within the scope of the quarterly plan on disbursement-causing actions under Article 109 (2). [Amended by Presidential Decree No. 22269, Jul. 12, 2010]
(2) The Minister of Employment and Labor shall assign funds according to a detailed monthly funding plan prepared pursuant to Article 49 (2) of the Enforcement Decree of the Management of the National Funds Act to each fund disbursement officer within the scope of the monthly funding plan under subparagraph 2 of Article 109. [Amended by Presidential Decree No. 22269, Jul. 12, 2010 and Presidential Decree No. 23139, Sep. 15, 2011]

(1) The fund revenue collector, the fund financial officer and the fund disbursement officer shall prepare a report on the amount of funds collected, a report on the amount of funds used for disbursement-causing actions and a report on the amount of funds disbursed, respectively, all of which are dated the last day of each month, and shall submit them to the Minister of Employment and Labor by the 20th of the following month. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]
(2) Other necessary matters concerning the report on fund operation and management, besides the reports prescribed in paragraph (1), shall be determined by the Minister of Employment and Labor. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]

The Minister of Employment and Labor shall prepare the following documents about the settlement of accounts of the fund for each fiscal year, and shall submit them to the Minister of Strategic Planning and Finance after review at the Council by the end of February of the following fiscal year：[Amended by Presidential Decree No. 20681, Feb. 29, 2008, Presidential Decree No. 22269, Jul. 12, 2010, Presidential Decree No. 23139, Sep. 15, 2011]
1. Documents on the overview and analysis of the statements of accounts of the fund；
2. Financial statements such as position statement, financial operating statement, statement of changes in net assets, etc.；
3. List of comparisons between fund operation plans and actual achievements；
4. Statement of revenues and expenditures；and
5. Other documents necessary to clarify the contents of the settlement of accounts.
Article 84 (Accumulation of Fund)
(1) The Minister of Employment and Labor shall set aside extra funds as reserves to cope with massive unemployment or other kinds of employment insecurity. [Amended by Act No. 10339, Jun. 4, 2010]
(2) The optimum volume of the extra funds referred to in paragraph (1) shall be as follows：
1. Year-end amount of reserves for employment security and vocational skills development projects：the amount of expenditure for the year concerned or more but less than 1.5 times that amount；and
2. Year-end amount of reserves for unemployment benefits：1.5 times the amount of expenditure for the year concerned or more but less than twice that amount
[This Article Wholly Amended by Act No. 9315, Dec. 31, 2008]

Necessary matters concerning receipts and disbursements of the reserve fund and spare money of the fund under Article 84 of the Act shall be prescribed by the Ordinance of the Ministry of Employment and Labor. [Amended by Presidential Decree No. 22269, Jul. 12, 2010]

With respect to matters not provided in the Act and this Decree concerning the operation and management of the Fund, the National Finance Act and the Management of the National Funds Act shall apply mutatis mutandis.