Employers are required to perform annual settlement of social insurance premiums in March of the following year after each calendar year end for the national health insurance, employment insurance and industrial accident compensation insurance, and reflect any overpayment (underpayment) during the year resulting from the annual settlement in April payroll accordingly.
For national health insurance, if the additional insurance resulting from year-end settlement is greater than the April insurance amount, employees may choose to pay by installment over 2 - 10 months starting from April 2018.
For your future reference, the statutory social insurance rates in effect for year 2018 can be summarized as below:
National Pension (NP)
Won 210,600 of monthly contribution ceiling each
National Health Insurance (NHI)
a. National Health Insurance(NHI)
b. Long-term Care Insurance
for the Elderly (NHI-LTCI)
Won 2,436,720 of monthly contribution ceiling each
Assessed at 7.38% of NHI premium above
Employment Insurance (EI)
Vary depending on the number of employees
Industrial Accident Compensation Insurance (IACI)
Vary depending on type of business