Currently: 3.43% of average monthly salary for the employer and the employee, respectively (6.86% in total)
From 1 January 2022: 3.495% of average monthly salary for the employer and the employee, respectively
In addition, the Long-Term Geriatric Care Insurance contribution rate will increase from 1 January 2022 from 11.52% to 12.27%.
Taking the Long-Term Geriatric Care Insurance rate into consideration, the total contribution rate for NHI for the employee and employer will be 3.923837%, respectively.
Please note, as paying the insurance contribution is the duty of the employer and the employee, if either party fails to pay their contributions, the National Health Insurance Service may take legal action in order to collect the funds. Payment is due by the 10th of the following month (every month).
Interested in doing business in South Korea? Find out everything you need to know about payroll, tax, social security, employee benefits, work permits, employment law and more in activpayroll’s Guide to Doing Business in South Korea. This is available as a free PDF to download.
