Employees in South Korea

Overview by Globlatrade.net:

Working Conditions

Opening Hours
 
  • Legal Weekly Duration
40 (or 44) hours per week.
  • Maximum Duration
12 hours per day or up to 52 hours per week.
  • Night Hours
10 pm until 6 am.
Working Rest Day
According to the labor standard law, employees should have one day off for every week of work, or alternatively, 4 days off for every 4 weeks of work.
Paid Annual Vacation
15~25 days.
15 days for 1-year consecutive serrvice, with 2 additional days for each year of service.
1 day per month for those with a service period of shorter than 1 year
Retirement Age
No obligatory retirement age. In major companies, the retirement ages is 54 or 56,4. But in labor market, the Korean employees are working up to 67~68.
Child Labor and Minimum Age For Employment
15 years
Informal Labor Market
According to figures released by the Justice Ministry, there were about 453900 eligible foreign workers - excluding foreign industrial trainees - in Korea as of November 2007, of whom approximately 222,900 were illegal.

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The Cost of Labor

Pay

Minimum Wage
3,770 won per hour and 30,160 won per day (8-hour day) in 2008
Average Wage
Average monthly gross earnings in South Korea was KRW 3,551,046 (2,800 USD) in 2007.
Other Forms of Pay
  • Pay For Overtime
50% more than regular wages, excepting that 25% remuneration rate applies to the first 4 hours of overtime, temporarily for the first 3 years.
  • Pay For Rest Days Worked
50% more than regular wages.
  • Pay For Night Hours
50% more than regular wages.
  • Pay For Overtime at Night
50% more than regular wages.
 

Social Security Costs

The Areas Covered
Health Insurance, National Pension, Employment Insurance, Industrial Accident Insurance.
Contributions
Contributions Paid By the Employer: - National Pension: 50% (of total sum based on 9% of the salary)
- Health Insurance: 50% (of total sum based on 0.58% of the salary)
- Employment Insurance: 50% (of unemployment burden 0.9% of the salary) or 100% of employment security business/ occupational ability development business, which are around 0.25~0.85% of the salary
- Industrial Accident Insurance: 100%
Contributions Paid By the Employee: - National Pension: 50% (of total sum based on 9% of the salary)
- Health Insurance: 50% (of total sum based on 0.58% of the salary)
- Employment Insurance: (1) 50% (of unemployment burden 0.9% of the salary). In other word, 0.45% of the salary (2) no other burden.
- Industrial Accident Insurance: 0%
Competent Organization
Social Insurance Information System
Ministry of Labor
National Pension Service
National Health Insurance Corporation (NHIC)

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