HIGHLIGHTS

OCTOBER 2020

  • No Recent Statutory Updates

SEPTEMBER 2020

  • Changes of NMIP Contribution Rate for Year 2021
  • Long-term Care Insurance (LCI) – Changes of Contribution Rates 2021
  • Korea Official Nationwide Holiday 2021

AUGUST 2020

  • Change in the Retirement Income Deduction Rate

JULY 2020

  • Increase in Minimum Wages effective from 1st January

JUNE 2020

  • No Statutory Updates

MAY 2020

  • No Statutory Updates

APRIL 2020

  • South Korea – Filing and Payment Extensions for Individual Income Tax Returns

MARCH 2020

  • National Pension Plan (NPP) – Change in the Minimum and Maximum Capping 2020
  • Change in the tax range Monthly Withholding Income Simplified Tax Table

FEBRUARY 2020

  • New Form 24-1 for Receipt for Withholding Income from Earned Income and Earned Income Payment Statement
  • Flat income tax rate for foreign employees in Korea
  • 2020 Occupational Accident Insurance Table (By Industry)
  • Change in the retirement income deduction rate

JANUARY 2020

  • Change in the maternity allowance maximum capping limit
  • New Half-Yearly Reporting Form
  • Korea Retirement Income Tax Form has been updated
  • New family care leave 2 has been created
  • Parental leave can be used at the same time by both parents
  • Change in the severance pay calculation limit formula for executive level employees