National Pension and National Health Insurance, Max Contribution Ceilings increased effective from July 1, 2018
National Pension and National Health Insurance, Max Contribution Ceilings increased effective from July 1, 2018
The monthly max contribution ceiling of the statutory national pension was increased from KRW 202,050 to KRW 210,600 each for employer and employee effective from July 1, 2018.
In addition, the monthly ceiling of statutory national health insurance was also increased from KRW 2,436,720 to KRW 3,097,000 each for employer and employee effective from July 1, 2018. All other statutory social insurance rates remain unchanged in 2018 as summarized below.
|
Social Insurances: |
Employee portion |
Employer portion |
Total |
Remark |
|
National Pension (NP) |
4.5%
|
4.5%
|
9.0% |
Won 210,600 of monthly contribution ceiling each |
|
National Health Insurance (NHI) a. Health Insurance (HI)
b. Long-term Care Insurance for the Elderly (LTCI) (Note) |
3.12%
7.38% |
3.12%
7.38% |
6.24%
14.76% |
Won 3,097,000 of monthly contribution ceiling each Assessed at 7.38% of HI premium above |
|
Employment Insurance (EI) |
0.65%
|
0.9% ~1.5% |
1.55% ~2.15% |
Vary depending on the number of employees |
|
Industrial Accident Compensation Insurance (IACI) |
NIL
|
0.76%~ 32.36% |
0.76%~ 32.36% |
Vary depending on type of business |
(NOTE)
LTCI contribution is imposed based on the medical insurance premium (while NP, HI, EI, and IACI contributions are imposed based on monthly wage income reported in the prior year).