Korea’s 4 Social Insurance Rates for 2023

There’re 4 major social insurances in Korea for all employees to be enrolled: 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. Following rates are applicable for 2023.

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%                     497,700                     270,000Max contribution 497,700 won
National health insurance  건강보험3.545%3.545%7.09%                     425,400                     212,700
Long-term care insurance  장기요양보험6.405%6.405%12.81%                     54,480                     27,240Based on NHI
Employment insurance  고용보험0.90%1.25%2.15%                     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
Total9.17%10.46%approx. 20%                     1,100,580                         571,440

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