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