What are Korean social insurance (4 major insurance) rates?

NPS (National Pension): employee 4.5% + employer 4.5% on standard monthly income (max KRW 5,900,000). NHIS (Health Insurance): employee 3.545% + employer 3.545%. Long-term care: 0.9182% of NHIS. Employment Insurance: employee 0.9% + employer 0.9-1.05%.

What is the NPS contribution ceiling?

NPS contributions are calculated on standard monthly income (GNI) between KRW 370,000 (minimum) and KRW 5,900,000 (maximum, as of 2024). Incomes below minimum and above maximum are capped. Employee maximum contribution: KRW 265,500/month.

Can a self-employed person in Korea opt out of NPS?

Self-employed people are in the Regional NPS Scheme. They must contribute 9% of declared income (all employee and employer share). Below minimum income levels, waiver is possible. Above the ceiling, the excess is not subject to NPS.

South Korea NPS, NHIS, and Employment Insurance Contribution Calculator

Calculate Korean social insurance contributions. National Pension Service (NPS): 4.5% employee. National Health Insurance System (NHIS): 3.545%. Long-term care: 0.9182% of NHIS. Employment insurance: 0.9% employee.

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Frequently Asked Questions

What are Korean social insurance (4 major insurance) rates?

What is the NPS contribution ceiling?

Can a self-employed person in Korea opt out of NPS?