South Korea

November 2024

• Revised Laws for Promoting Work-Life Balance

October 2024

• Public Holidays for 2025

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