Employee Benefits in South Korea 2024

Employee Benefits in South Korea 2024

Summary

The report provides in-depth industry analysis, information, and insights of the employee benefits in South Korea, including an overview of the state and compulsory benefits in South Korea, detailed information about the private benefits in South Korea, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in South Korea.

The South Korean social security system comprises social insurance, public assistance, and social welfare services. The main component is the social insurance program and the most important sector, concerning 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 are entitled to the same benefits as South Korean nationals. Cover under these schemes is also extended to dependents of the employees.

Key Highlights

• The Ministry of Health and Welfare, National Pension Service (NPS), National Health Insurance Corporation (NHIC), Health Insurance Review and Assessment Service, Ministry of Employment and Labor (MOEL), and South Korea Workers’ Compensation and Welfare Service are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.
• In South Korea, employees are covered through National Pension Service (NPS).

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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, unemployment benefits, long-term care benefits, leaves and holidays 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 the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies