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Employee Benefits in South Korea

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

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.

Table Of Contents

Employee Benefits in South Korea
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in South Korea
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable salary
6.1.6 Benefits
6.1.7 Payment options
6.1.8 Typical employer practice
6.1.9 Employee and employer contributions
6.1.10 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-term Sickness Benefits
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.5.5 Employee and employer contributions
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Typical employer practice
6.8 Long-Term Care Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment option
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Public Holidays
6.1 Unemployment Benefits
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Death and Disability Benefits
7.3 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-KRW
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: South Korea - Country Statistics
Table 3: South Korea - Survivors' Pension
Table 4: South Korea - Disability Pension
Table 5: South Korea - Public Holidays
Table 6: South Korea - Observance Holidays

List of Figures
Figure 1: Main Institutions of the South Korean Social Security System
Figure 2: South Korean GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: South Korean GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: South Korean GDP at Current Prices (US$ Billion) 2008-2012
Figure 5: South Korean GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: South Korean GDP by Key Sector (%), 2008-2012
Figure 7: South Korean Inflation Rate (%), 2007-2013
Figure 8: South Korean Annual Average Exchange Rate US$-EUR, 2008-2012
Figure 9: South Korean Unemployment Rate (%), 2008-2012
Figure 10: South Korean Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 11: South Korean Gross National Disposable Income (US$ Billion), 2008-2012
Figure 12: South Korean Total Population (Million), 2008-2012
Figure 13: South Korean Size of Labor Force (Million), 2008-2012
Figure 14: South Korean Urban and Rural Populations (%), 2008-2012

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