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Statutory Social Insurance Tips in from July 1, 2022

5/18/2022
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l Max contribution ceiling of statutory national pension increased effective from July 1, 2022

Effective from July 1, 2022, the monthly max contribution ceiling of the statutory national pension will increase from KRW 235,800 to KRW 248,850 each for employer and employee (Ministry of Health and Welfare (MOHW) of Korea announcement, April 1, 2022)..

 

l Contribution rate of statutory employment (unemployment) insurance increased from July 1, 2022

Effective from July 1, 2022, the employment insurance rate will be raised by 0.1% each for employee and employer as summarized below.

Employment Insurance:

Before

From
July 1, 2022

Employee portion

0.8%

0.9%

Employer portion

1.05% ~1.65%

1.15 ~ 1.75%

Vary depending on the number of employees

For your future reference, the statutory social insurance rates in effect from July 1, 2022 can be summarized as below:

Social Insurances:

Employee portion

Employer portion

Total

Remark

National Pension (NP)

4.5%

4.5%

9.0%

Monthly contribution ceiling of Won 248,850 each from July 1, 2022

National Health Insurance (NHI)

a. Health Insurance (HI)

b. Long-term Care Insurance

for the Elderly (HI-LTCI)

3.495%

12.27%

3.495%

12.27%

6.99%

12.27%(*)

Monthly contribution ceiling of Won 3,653,550 each

(*) Assessed at 12.27% of HI premium above

Employment Insurance (EI)

0.9%

1.15%

~1.75%

2.05%

~2.65%

Vary depending on the number of employees

Industrial Accident Compensation Insurance (IACI)

NIL

0.60%

~18.6%

0.60%

~18.6%

Vary depending on type of business