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shifdog
Joined: 20 Jul 2006
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 Posted: Sun May 27, 2007 6:18 pm Post subject: 4 required insurances deducted from pay? |
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4 required insurances (Medical insurance, National pension, Unemployment insurance and Industrial injury insurance) as required under Korean law shall be withheld each month from Employee�s salary.
I know medical and national pension should be deducted, but I've never heard of unemployment and industrial injury insurance. Is this legit? |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sun May 27, 2007 6:51 pm Post subject: |
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If you're on an E-2, you can't collect unemployment, so I was told I didn't have to pay. BUT, now on an F-2 VISA, I do have to pay.
Never heard of the other one.
KPRROK |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun May 27, 2007 8:08 pm Post subject: Re: 4 required insurances deducted from pay? |
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| shifdog wrote: |
4 required insurances (Medical insurance, National pension, Unemployment insurance and Industrial injury insurance) as required under Korean law shall be withheld each month from Employee�s salary.
I know medical and national pension should be deducted, but I've never heard of unemployment and industrial injury insurance. Is this legit? |
As a foreigner you are ONLY required to pay for medical (50/50) and pension (50/50) . As an E2 holder you are exempt from the unemployment insurance. The industrial injury insurance is 100% the responsibility of your employer and you should NOT pay anything toward it.
If your boss is deducting them you are getting screwed.
PS: you also have to pay income tax unless you are working for a public school or publicly funded university.
Last edited by ttompatz on Sun May 27, 2007 8:23 pm; edited 1 time in total |
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shifdog
Joined: 20 Jul 2006
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| Posted: Sun May 27, 2007 8:22 pm Post subject: |
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| Thanks. I will be sure to get this changed if I accept the job. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Sun May 27, 2007 9:19 pm Post subject: Re: 4 required insurances deducted from pay? |
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| ttompatz wrote: |
| shifdog wrote: |
4 required insurances (Medical insurance, National pension, Unemployment insurance and Industrial injury insurance) as required under Korean law shall be withheld each month from Employee�s salary.
I know medical and national pension should be deducted, but I've never heard of unemployment and industrial injury insurance. Is this legit? |
As a foreigner you are ONLY required to pay for medical (50/50) and pension (50/50) . As an E2 holder you are exempt from the unemployment insurance. The industrial injury insurance is 100% the responsibility of your employer and you should NOT pay anything toward it.
If your boss is deducting them you are getting screwed.
PS: you also have to pay income tax unless you are working for a public school or publicly funded university. |
ttompatz is 100% correct on this. |
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Squid
Joined: 25 Jul 2003
Location: Sunny Anyang
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| Posted: Sun May 27, 2007 9:30 pm Post subject: |
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Recently been through this mill:
1. Income tax: Sliding scale, dependent on monthly gross salary, including overtime. Go to the NTS website and use their tax calculator (though I think it has'nt been updated recently so may come out less than it should)
2. National Pension: 9% of gross salary* not incuding overtime, split 50:50 with your employer. You pay 4.5%.
3. Health Insurance: 4.76% of gross salary* not including overtime, split again 50:50. You pay 2.38%.
4. (Un)Employment Insurance: 0.45% of gross salary* not including overtime. You pay 0.45%.
5. Inhabitants Tax: 10% of income tax payable, charged either monthly or as an annual lump sum. You pay 10% of Income tax amount.
6. Workers Compensation: Employers responsibility.
* These amounts may be calculated on your previous gross pay, ie. the amount which appears in your previous contract. For some reason employers can work these "annually in arrears" figures. If this is your first contract with your current employer then your current gross will be used.
As an E2 you'll only pay 1, 2 and 3
As an F-type visa you'll pay the lot. (kprrok- something for you to check... the Inhabitants Tax??)
This message will self destruct in ten seconds....
Last edited by Squid on Mon May 28, 2007 6:04 am; edited 1 time in total |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Mon May 28, 2007 1:06 am Post subject: |
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| Squid wrote: |
Recently been through this mill:
1. Income tax: Sliding scale, dependent on monthly gross salary, including overtime. Go to the NTS website and use their tax calculator (though I think it has'nt been updated recently so may come out less than it should)
2. National Pension: 9% of gross salary* not incuding overtime, split 50:50 with your employer. You pay 4.5%.
3. Health Insurance: 4.76% of gross salary* not including overtime, split again 50:50. You pay 2.38%.
4. (Un)Employment Insurance: 0.45% of gross salary* not including overtime. You pay 0.45%.
5. Inhabitants Tax: 1.5% of income tax payable, charged either monthly or as an annual lump sum. You pay 1.5% of Income tax amount.
6. Workers Compensation: Employers responsibility.
* These amounts may be calculated on your previous gross pay, ie. the amount which appears in your previous contract. For some reason employers can work these "annually in arrears" figures. If this is your first contract with your current employer then your current gross will be used.
As an E2 you'll only pay 1, 2 and 3
As an F-type visa you'll pay the lot. (kprrok- something for you to check... the Inhabitants Tax??)
This message will self destruct in ten seconds.... |
It's actually called residents tax and is 10% of your income tax amount. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Mon May 28, 2007 2:34 am Post subject: |
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| BigBuds wrote: |
| Squid wrote: |
Recently been through this mill:
1. Income tax: Sliding scale, dependent on monthly gross salary, including overtime. Go to the NTS website and use their tax calculator (though I think it has'nt been updated recently so may come out less than it should)
2. National Pension: 9% of gross salary* not incuding overtime, split 50:50 with your employer. You pay 4.5%.
3. Health Insurance: 4.76% of gross salary* not including overtime, split again 50:50. You pay 2.38%.
4. (Un)Employment Insurance: 0.45% of gross salary* not including overtime. You pay 0.45%.
5. Inhabitants Tax: 1.5% of income tax payable, charged either monthly or as an annual lump sum. You pay 1.5% of Income tax amount.
6. Workers Compensation: Employers responsibility.
* These amounts may be calculated on your previous gross pay, ie. the amount which appears in your previous contract. For some reason employers can work these "annually in arrears" figures. If this is your first contract with your current employer then your current gross will be used.
As an E2 you'll only pay 1, 2 and 3
As an F-type visa you'll pay the lot. (kprrok- something for you to check... the Inhabitants Tax??)
This message will self destruct in ten seconds.... |
It's actually called residents tax and is 10% of your income tax amount. |
That's what I thought. And I also thought E2 visa holders were supposed to pay it (although I don't for some reason). |
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Squid
Joined: 25 Jul 2003
Location: Sunny Anyang
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| Posted: Mon May 28, 2007 5:14 am Post subject: |
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Thanks for the correction, I was working from memory.
On my slip it's Inhabitants Tax, not to be confused with Residents Witholding Tax.
Edited accordingly...
Any updates on percentages can be made if you're looking this up 6 months from now. |
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