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Deductions question

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fakeplastiktree

Joined: 15 Oct 2007
Location: Northeast Seoul

Posted: Fri Apr 11, 2008 9:03 am Post subject: Deductions question

I just got my first month's pay stub. I make 2.0 million and the only deduction on the pay stub was "tax" (66, 000 won). Shouldn't I have deductions for pension and health insurance, as well (I do indeed have health insurance)? Is this cause for concern?

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ttompatz

Joined: 05 Sep 2005
Location: Kwangju, South Korea

Posted: Fri Apr 11, 2008 9:14 am Post subject: Re: Deductions question

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fakeplastiktree wrote:

I just got my first month's pay stub. I make 2.0 million and the only deduction on the pay stub was "tax" (66, 000 won). Shouldn't I have deductions for pension and health insurance, as well (I do indeed have health insurance)? Is this cause for concern?

You should be concerned.

You cannot pay into medical or pension until you have your ARC.

If you have your ARC then:

90,000 won for pension (4.5%)
http://www.nps.or.kr/jsppage/english/main.jsp

50,800 won for medical (2.54%)
http://www.nhic.or.kr/eng/

31,190 won for tax (1.56%) as per the tax table.
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2#
http://www.nts.go.kr/eng/index.asp (tax home page)

These are the ONLY allowable deductions from your salary.

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fakeplastiktree

Joined: 15 Oct 2007
Location: Northeast Seoul

Posted: Fri Apr 11, 2008 9:51 am Post subject:

Thanks for the info! I'll have to talk to my employer about this asap.

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