HR & Labor
Minimum wage is 6030KRW/hour.
The employer contributes 4.5%.
The employee contributes 4.5% with monthly salary ceiling of KRW4.08 million.
To calculate severance payments, the employer must multiply the consecutive years the employee worked by average monthly wages.
Advance notice is one month.
Employer must provide 30 days notice or a payment in lieu of the notice.
No official sick day regulations. Unless the injury occurred at work.
There are 10 public holidays.
Employee working in the company for one year is entitled 15 days of paid vacation, if they have been in the company for over three years, they get one additional day for every two years. They can receive up to 25 days of maximum paid leave.
Additional Employee Withholdings
1) Health Insurance/Long Term Care Insurance
2) Unemployment Insurance
1) The employer contributes 3.23% for health insurance and 3.2% for long term care insurance.
2) The employer contributes 0.65% plus between 0.25% to 0.85% for job security and vocational capability insurance.
1) The employees contribute 3.23% for health insurance and 3.2% for long term care insurance.
2) The employees contribute 0.65%.
Companies in South Korea offer expats benefits such as base salary based on their home country, cost of living allowance, mobility premium for the expat and his/her family, hardship premium goods and services differential and housing assistance. The benefit packages differ from company to company.
VAT is 10% standard rate.