Korean Job Discussion Forums

[Dances With Wolves]

On a 2,000,000 salary what should the deductions be for healthcare and for national pension plan?

[Otherside]

Pension 4.5%, Healthcare 2.58%

That's a shade over 7%, so the deductions for those 2 should be about W140000/month (141600 if my math's isnt letting me down.)

[Dances With Wolves]

Thanks a bunch.

[The_Source]

I assume you're working at a public school and have the tax exemption? If not, you also need to consider taxes.

After deductions, we see roughly 90% of our stated salary. So a quick & crude way to approximate your take-home salary is to multiply your salary by 0.9. If you have the tax exemption, that figure is more like 93%.

[ontheway]

The pension tax is based on brackets. It is not an exact percentage. The midpoint of the pension bracket is 4.5%. The other points in that bracket will be less or more than 4.5% so there is a good chance that your correct withholding will NOT be 4.5%. The exact amount is actually fixed every month and is invoiced to your empolyer. It does not change with overtime or other factors.