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Payroll & Social Security Insurance in Korea

home Local Compliance InformationPayroll & Social Security Insurance in Korea
Subject
The Summary of Social Insurance in Korea
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Date
2015-07-16
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The Summary of Social Insurance in Korea

Jan. 4, 2016 (updated)

Item

National

Pension (NP)

National Health Insurance (NHI)

Employment

Insurance (EI)

Industrial Accident Comp Ins (IACI)

Entitlement

Eligibility

Employee & Employer

18~ 60 years old

All of the

Employee & Employer

All of the

Employee

All of the

Employee

Exemption

- Less than 1 month of service Employee

- Less than 60 hours/month

- Less than 1 month of service Employee

- Less than 60 hours/month

- Less than 1 month of service Employee

- Less than 60 hours/month

N/A

Foreigner

Different by case by case upon the Nationality &

Visa type

Different by case by case upon the Nationality &

Medical insurance covered

Applicable

(Mandatory for F2(Resident) & F5(Permanent Resident) Visa

All of the

Foreign Employee

Rate

Total

9.0%

NHI: 6.12%

Unemployment: 1.3%

0.7% ~ 3.2% **

Long-Term Care:

6.55% of NHI

Security / Vocational

 training:  0.25% *

Employer

4.5%

NHI: 3.06%

Unemployment: 0.65%

0.7% ~ 3.2% **

Long-term Care:

6.55% of NHI

Security / Vocational

 training:  0.25% *

Employee

4.5%

NHI: 3.06%

Unemployment: 0.65%:

N/A

Long-term Care:

6.55% of NHI

 

*) differentiated by business

category and size

**) differentiated by  business category

  ...
  ...
  ...

Please refer the enclosed for more information.


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