South Korea

Last updated on April 11th, 2022

Country Overview

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) 

Latest HR Statutory Updates

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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