On July 1,1995. before the financial crisis, Korea put into place the ambitious Employment Insurance System (EIS) as the fourth pillar of the social insurance system. The Korean EIS consists of three components: unemployment benefits, job training, and employment maintenance/promotion subsidies (for more details on the structure of the Korean EIS, see Yoo 2000). Prior to the introduction of the EIS, Work Injury Insurance (WII) was established in 1964 as the nation's first type of social insurance. WII includes seven benefit programs to compensate for injury, disability and death caused by work-related accidents. Both the Korean EIS and WII are types of compulsory social insurance.