Korea’s 4 Social Insurance Rates for 2021

There’re 4 major social securities in Korea: 1) national pension, 2) national health insurance and long-term care insurance, 3) employment insurance and 4) workers’ compensation insurance.

Each year, some of the insurance rates are increased or adjusted. Especially, rates for national health insurance and long-term care insurance are increased every year.

During covid-19 season in 2020, all the insurance companies except national pension have exempted insurance payments temporarily.

ItemEmployeeEmployerTOTAL RATEExpected Monthly Contribution (TTL)Note
Case 1. Monthly salary 6,000,000 wonCase 2. Monthly salary 3,000,000 won
National pension  국민연금4.50%4.50%9.00%                     452,700                     270,000Max contribution 452,700 won
National health insurance  건강보험3.43%3.43%6.86%                     411,600                     205,800
Long-term care insurance  장기요양보험5.76%5.76%11.52%                     691,200                     345,600Based on NHI
Employment insurance  고용보험0.80%1.25%2.05%                     123,000                       61,500Rate depends on number of employees
Workers’ compensation insurance  산재보험0.7%~18.6%0.7%~18.6%                       60,000                       30,000Rate depends on type of business
Total8.93%10.38%approx. 20%                     1,738,500                         912,900

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