South Korea holds the 4th position for the largest economy in Asia, followed by the 10th position for the largest economy in the world. The country's nominal GDP is expected to amount to $1.82 trillion and $1.91 trillion, according to the International Monetary Fund. The service sector and Industrialization are the major contributors to economic development.

Major Economic Hubs:

Gyeonggi, Seoul, Chungnam

Skills in Demand:

English Content Development, Sales And Marketing, Programmers And Developers

Resident Tax Information

The government of South Korea considers an individual to be domiciled in their country if they stay for 183 days or more. If that person is associated with any organization which allows them residency, then it's considered legal and will taxation applies accordingly.The people who live there must follow all local laws even though some may seem harsh at first glance because these policies protect our citizens from Outside forces looking into what type life would be like on this side without restrictions.

The non-residence will have to go with the taxation of the primary country of residence.

Social Security

The social security in South Korea is extensive and covers the following

1. National Pension
2. Long term care Insurance
3. National Health Insurance
4. Work Accident Insurance
5. Employment Insurance
6. Resident Tax

The social security contributions for both employees and employers are:

Statutory Benefits

The statutory benefits in South Korea that the employers must provide are;

Social Security Contributions

The employer is required to make contributions towards the employees' social security. This means that they will be taking money from your monthly salary for this purpose, which could potentially go up as an expense if you keep working at least until age 65-67 (depending on what country/state).

Statutory Leaves

The employers must provide the minimum statutory leaves to the employees as stated by the South Korean labor laws.

Bonuses

According to the statutory laws of South Korea, employers have to provide the minimum bonuses applicable to the employees.

Fringe Benefits

The additional benefits provided to the employees with compensation are fringe benefits. Some of the common fringe benefits of South Korea are

• Education Allowances
• Work Injury Insurance
• Work-related Travel Allowances

Exempt Benefits

The exempt benefits in South Korea are:

• Social Security Contributions

• Insurance

Long-term Incentives

Long-term incentives provide employees with a monetary reward that is valid for 12 months or more.

• Long term care Insurance

• Work Accident Insurance

Termination Process

The termination notice should be in writing and include the reasons for the termination.

Employment rules must provide for a particular process for dismissal (e.g., a disciplinary committee hearing). If not followed, the termination may be invalid.

Notice Period

South Korean regular and probationary employees are given up to 30 days of notice period.

Severance Pay

Only full-time employees are eligible for severance pay. The employee is provided with severance pay equal to 1 month’s salary if the service of the individual is more than 1 year.

Additionally, the employer can choose to set up a retirement plan based on mutual consent.