Question 1

What are South Korea's four major social insurances on the payslip?

Accepted Answer

The four mandatory social insurances (4-dae boheom) are: National Pension (4.5% each for employee and employer), National Health Insurance (~3.545% each, plus long-term care insurance at ~12.81% of health insurance), Employment Insurance (0.9% employee, 0.9%-1.5% employer depending on company size), and Industrial Accident Insurance (employer only, rate varies by industry).

Question 2

What is year-end tax settlement in South Korea?

Accepted Answer

Year-end tax settlement (yeonmal jeongsan) is an annual process in January-February where employers reconcile the income tax withheld throughout the year with the employee's actual tax liability. Employees submit documentation for deductions and credits (medical expenses, education, donations, etc.). This often results in a tax refund reflected on the February payslip.

Question 3

Are there non-taxable allowances on Korean payslips?

Accepted Answer

Yes, certain allowances are exempt from income tax and must be shown separately on payslips. Common non-taxable items include meal allowances (up to KRW 200,000/month), driving allowances for employees using personal vehicles for work, childcare subsidies, and overtime pay for production workers below certain income thresholds.

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