Last updated on February 25th, 2022
Currency | KRW |
Payroll cycle | Monthly |
Employer taxes | 16.43% - 34.93% |
Minimum wage | 9860 KRW an hour |
Working hours | 8 hours a day, 40 hours a week, maximum of 52 hours a week (including overtime) |
SEPTEMBER 2024
New Exemption for YEA Reporting to the National Health Insurance Service
AUGUST 2024
Minimum Wage Increases in Korea effective January 1, 2025
JULY 2024
Change in Form 21-1
Changes in Form 24-2
JUNE 2024
Changes in Qualification Requirements for Foreigners and Overseas Nationals dependent family in the National Health Insurance Coverage
MAY 2024
National Pension Plan (NPP) – Change in the Minimum and Maximum Capping 2024
MARCH 2024
Change of simplified tax withholding table for salary income
JANUARY 2024
Change in Form 24-1
Submission of tax-exempt meal allowance statements for meal under 200,000 won.
Increase in exemption limit of Childcare Allowance
Expansion of child tax credit
Change in NMIP Monthly capping for maximum contribution limit and Change in NMIP salary limit base.
Enforcement Decree of the Employment Insurance Act: ‘6+6 parental leave system’ implemented.
Employment of mid-term employees. No industrial accident insurance premium charged.
Change in Industrial accident insurance premium rate by business type.
DECEMBER 2023
Long-Term Care Insurance Premium Rate Increase effective from January 1, 2024
NOVEMBER 2023
Change in Minimum wages in South Korea (Revised)
OCTOBER 2023
No Statutory Updates
SEPTEMBER 2023
No Statutory Updates
AUGUST 2023
Change in Minimum wages in South Korea
JULY 2023
No Statutory Updates
JUNE 2023
No Statutory Updates
MAY 2023
National Pension Plan (NPP) – Change in the Minimum and Maximum Capping 2023
APRIL 2023
No Statutory Updates
MARCH 2023
Maternity Leave Benefits for Spouses in 2023
Change of Simplified Tax Withholding Table for Salary Income
FEBRUARY 2023
Update in Long-term Care Insurance Rate Formula
JANUARY 2023
Change in the Applicable Period of Flat Income Tax Rate for Foreign Workers
Adjustment of Individual Income Tax bracket
Change to Severance Pay Tax Table
Change in the Maternity Allowance Maximum Capping Limit
DECEMBER 2022
Health and Long-Term Care Insurance Premium Rate Increase effective from January 1, 2023
NOVEMBER 2022
No Recent Statutory Updates
OCTOBER 2022
No Recent Statutory Updates
SEPTEMBER 2022
No Recent Statutory Updates
AUGUST 2022
National Pension Plan (NPP) Capping Changed for Year 2022
Change in Minimum wages in South Korea
JULY 2022
No Recent Statutory Updates
JUNE 2022
Amendment to Art 9 of Employee Retirement Benefit Security Act
MAY 2022
No Recent Statutory Updates
APRIL 2022
No Recent Statutory Updates
MARCH 2022
No Recent Statutory Updates
FEBRUARY 2022
No Recent Statutory Updates
JANUARY 2022
New Half-Yearly Reporting Form
DECEMBER 2021
No Recent Statutory Updates
NOVEMBER 2021
No Recent Statutory Updates
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
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マレーシア(本社)
Suite 5-1, Level 5, Wisma UOA Damansara II, No 6, Changkat Semantan, Damansara Heights, 50490 Kuala Lumpur, Malaysia