SOUTH KOREA
HIGHLIGHTS
October 2021
- Changes of NMIP Contribution Rate for Year 2022
- Long-term Care Insurance (LCI) – Changes of Contribution Rates 2022
SEPTEMBER 2021
- No Recent Statutory Updates
AUGUST 2021
- No Recent Statutory Updates
JULY 2021
- No Recent Statutory Updates
JUNE 2021
- No Recent Statutory Updates
MAY 2021
- No Recent Statutory Updates
APRIL 2021
- No Statutory Updates
MARCH 2021
- National Pension Plan (NPP) – Change in the Minimum and Maximum Capping 2021
- Child Tax Credit 2021
- Changes to the Simplified Earned Income Tax Table (related to Article 189 (1)) for high income earners.
FEBRUARY 2021
- 2021 Occupational Accident Insurance Table (By Industry)
- New Form 24-1 for Receipt for Withholding Income from Earned Income and Earned Income Payment Statement
JANUARY 2021
- Changes to the Simplified Earned Income Tax Table (related to Article 189 (1)) for high income earners
- Maternity allowance maximum capping limit
DECEMBER 2020
- Long-term Care Insurance (LCI) – Changes of Contribution Rates 2021 – REVISED
NOVEMBER 2020
- No Statutory Updates
OCTOBER 2020
- No 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