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EOR Partners in South Korea
Employ in South Korea
South Korea is an influential global player with a highly developed economy, prominent for its advanced technology and vibrant cultural exports. It provides an attractive environment for businesses looking to expand in Asia.
About the Country of South Korea
As the 4th largest economy in Asia, South Korea boasts a strong industrial base and significant technological advancements. The country is known for its competitive business environment, supported by a well-educated and skilled workforce.
51.63 Million
Population
Won (KRW)
Currency
1.674 Trillion
Global Domestic Product
Why Choose South Korea For Global Expansion?
South Korea offers robust infrastructure, a strategic location for trade throughout Asia, and a commitment to innovation. It has trade agreements that facilitate access to neighboring markets, making it a gateway to the Asian economy.
Employment Landscape
The employment system in South Korea is regulated, with strong protections for workers and well-defined labor laws that include the Labor Standards Act. Employers need to navigate these regulations carefully to manage hiring, employment contracts, working hours, and severance conditions.
Our Services in South Korea
EOR Partners provides comprehensive support in South Korea, covering HR services such as payroll management, tax compliance, employment law compliance, and obtaining necessary work permits for foreign staff.
Employment Benefits in South Korea
Mandatory benefits in South Korea include national pension, health insurance, and employment insurance. Companies often provide additional benefits like bonuses, meal allowances, and transportation subsidies to enhance competitiveness.
Annual Leave
Employees are entitled to a minimum of 15 days of paid leave annually after their first year of continuous service, with additional leave accruing for longer service periods.
Sick Leave
There is no statutory sick leave in South Korea; however, employees are covered under the health insurance system for medical leave, which provides wage coverage for periods of illness or injury.
Additional Benefits
Many companies offer supplementary health insurance, housing allowances, and education support as part of their benefits packages to attract and retain talent.
Work Hours and Breaks
The standard workweek is limited to 40 hours across five days, with a requirement for overtime to be paid for any hours worked beyond the standard workweek. Additionally, employees are entitled to one full day off per week.
Salary Tax Table
| Taxable Income Range (KRW) | Tax Rate |
|---|---|
| Up to 12,000,000 | 6% |
| 12,000,001 to 46,000,000 | 15% |
| 46,000,001 to 88,000,000 | 24% |
| 88,000,001 to 150,000,000 | 35% |
| 150,000,001 to 300,000,000 | 38% |
| 300,000,001 to 500,000,000 | 40% |
| 500,000,001 to 1,000,000,000 | 42% |
| Over 1,000,000,000 | 45% |
*All figures based on local currency
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