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.
|Employee||Employer||TOTAL RATE||Employee||Employer||TOTAL RATE|
|National pension 국민연금||4.50%||4.50%||9.00%||4.50%||4.50%||9.00%|
|National health insurance 건강보험||3.50%||3.50%||7.01%||3.68%||3.68%||7.35%||Including Long-term care insurance|
|Unemployment insurance 고용보험||0.80%||1.05%||1.85%||0.80%||1.05%||1.85%||Rate depends on number of employees|
|Workers’ Compensation insurance 산재보험||N/A||0.7%~3.1%||0.7%~3.1%||N/A||Rate depends on type of business|
|Total||8.80%||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.