Korea’s 4 Social Insurance Rates for 2020

Each year, the Korean Social Insurance Companies announce their insurance rates for the upcoming year. It’s been announced that Korea’s social insurance rates for 2020 will be as below. At this moment only the Workers’ Compensation Insurance rate for 2020 has not been confirmed by the government.

Item20192020Note
EmployeeEmployerTOTAL RATEEmployeeEmployerTOTAL RATE
National pension  국민연금4.50%4.50%9.00%4.50%4.50%9.00%
National health insurance  건강보험3.50%3.50%7.01%3.68%3.68%7.35%Including Long-term care insurance
Unemployment insurance  고용보험0.80%1.05%1.85%0.80%1.05%1.85%Rate depends on number of employees
Workers’ Compensation insurance  산재보험N/A0.7%~3.1%0.7%~3.1%N/ARate depends on type of business
Total8.80%9.05%approx. 18%8.98%9.23%approx. 18%

 

Especially, NHI rate has been increased dramatically over the years. This rate includes Long-term Care Insurance, which is kind of a sub insurance program under the NHI. If you’re employed by a company in Korea, 50% of this insurance will be paid by your employer.

 

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A Guide to South Korea’s 4 Social Insurance Programs

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