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Employee Benefits in South Korea

  • January 2015
  • -
  • Timetric
  • -
  • 54 pages

Summary

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Synopsis
The South Korean social security system comprises social insurance, public assistance and social welfare services. The main component of the Korean social security system is the social insurance program, and the most important sector with respect to resources and expansion is health insurance. The country has an industrial accident insurance program and a government pension system that covers civil servants, military personnel and private school teachers. These systems aim to protect and secure citizens’ income, health and employment. Foreigners who work in South Korea can also be insured by these schemes, and be entitled to the same benefits as Korean nationals. Cover under these schemes is also extended to dependents of the employees.

Summary
The report provides in-depth industry analysis, information and insights into employee benefits in South Korea , including:

- An overview of state and compulsory benefits in South Korea

- Detailed information about private benefits in South Korea

- Insights into various central institutions responsible for the administration of the different branches of social security

- The regulatory framework of employee benefits in South Korea

Scope
This report provides a detailed analysis of employee benefits in South Korea :

- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits.

- It covers an exhaustive list of employee benefits, including retirement benefits , death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen’s compensation, maternity and paternity benefits, long-term care benefits, public holidays, unemployment and private benefits.

- It highlights the economic and regulatory situations relating to employee benefits in South Korea.

Reasons To Buy
- Make strategic decisions using in-depth information related to employee benefits in South Korea.

- Assess South Korea's employee benefits market, including state and compulsory benefits and private benefits

- Gain insights into key employee benefit schemes offered by private employers in South Korea.

- Gain insights into key organizations governing South Korea’s employee benefits, and their impact on companies.

Key Highlights
- The social assistance program aims to cover South Korean citizens, and foreigners married to South Korean citizens, during retirement.

- According to the National Health Insurance Law, all employers with at least one employee should mandatorily join the National Health insurance program.

- Private benefits granted to employees by employers such as reimbursement of personal expenses, entertainment expenses and other allowances such as family allowances, housing allowances, healthcare benefits and overtime allowances are subject to taxation.

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