Currency: South Korean Won (KRW)
Payroll Cycle: Monthly
Paid Time Off: In South Korea, employees are entitled to paid holidays based on the length of their employment relationship:
1 - 2 years of employment - 15 days of paid leave 3+ years of employment - One day of paid leave is added for every two years of employment, up to a total of 25 days.
Public Holidays: New Year's Day; Labor Day; Lunar New Year; Independence Day; March 1st Movement Day; Children's Day; Buddha's Birthday; Memorial Day; Liberation Day; Chuseok (3 days); National Foundation Day; Hangeul Day; Christmas Day; General Taxation
Individual Income Tax: The average ranges from 6% to 45%:
1. Up to KRW 12,000 – 6%.
2 Up to KRW 46,000 – 15%.
3. Up to KRW 88,000 – 24%.
4. Up to KRW 150,000 – 35%.
5. Up to KRW 300,000 – 38%
6. Up to KRW 500,000 - 40%.
7. Up to KRW 1,000,000 - 42%.
8. Over KRW 1,000,000 - 45%.
Employer Cost: The employer's cost is 10.38 percent of the employee's salary.
Employment Contract Details: Employment contracts can be written in both Korean and English. The document must include pertinent information about the working conditions, such as the contract's duration, location, number of working hours, vacations, leaves, and contract termination conditions.
Probation Period: In South Korea, probation periods are optional and can last up to six months. The standard duration is three months.
Minimum Wage Requirements: The minimum monthly wage is KRW 1,822,480.
Working hours and overtime: A workweek is typically 40 hours per week and 8 hours per day. The maximum number of weekly working hours is 52.