About the labor salary for the employee in Korea.

If a company or sole trader want to hire an employee in Korea, the total payment estimation can be needed. It is as below.

 

(1) Salary

A company should pay some salary to the employee.

(2) 4 national insurances

There are 4 kinds of national insurances in Korea.

An employee should pay for them around 8% of the salary and income tax withholding every month.

And the company should pay for them around 10% of the salary.

(3) severance allowance

We have the severance allowance regulation in Korea. If an employee work over 1 year, the company should accumulate the allowance which is as much as 1month’s salary per year. And if the employee retire, the company should pay it to the employee apart from salary.

So, the total annual salary is around 13 time of the monthly salary, not 12 times.


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