SOUTH KOREA PEO & EOR
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DID YOU KNOW
- New-born babies in South Korea are one year old at birth! South Koreans also turn a year older on January 1st each year. In South Korean society, birthdays and age aren’t linked like they are in Western nations.
- Alongside its many exports, South Korea’s popular culture is also making a significant impact around the world. K-Pop music and television productions (such as the hit series Squid Game) are continuously receiving international acclaim.
- South Korea consumes more alcohol than any other country in Asia! In South Korea, it is common to celebrate most holidays with a drink.
South Korea PEO Services
Booming manufacturing and service industries
Working in South Korea
With a GDP of $1.631 trillion, South Korea is one of the largest economies in Asia and experiences consistent growth each year, mostly because of its foreign exports. South Korea has a mixed economy, combining free-market capitalism with centralised government regulation. This nation is also a part of the Asia Pacific Economic Cooperation (APEC) and the Asia-Pacific Trade Agreement (APTA).
The average working hours for South Korean workers was 163.6 per month in 2020 and the country has the second-longest working hours in the OECD. South Korea’s average working hours have decreased following the South Korean Labour Standards Act (introduced in 2018) which restricted an employee’s maximum working hours from 68 to 52 per week.
Businesses who are hiring staff in South Korea must observe a variety of payroll compliance regulations. This includes monthly withholding obligations and employee benefits for workers.
Payment of salaries usually take place on the last working day of the month in South Korea.
Leaves and Public Holidays
Employees in South Korea will accumulate 15 days of paid annual leave after their first year of continuous service for the same employer. For each two years of service after this, employees will earn an additional day of paid leave.
South Korea also observes a variety of public holidays where employees are not permitted to work, these include:
- New Year’s Day
- Seotdal Geumeum
- Independence Movement Day
- March 1st Movement Day
- Children’s Day
- Buddha’s Birthday
- Memorial Day
- National Liberation Day of Korea
- National Foundation Day
- Hangul Day
- Christmas Day
South Korea’s income tax applies to an employee’s wage and salary. The income tax is progressive and ranges from 6% to 45%, depending on the amount of earnings.
Non-residents working in South Korea are generally subject to the same income tax requirements as residents, however foreign workers have the alternative option to apply a flat-rate tax of 19% to their total Korean-sourced income.
South Korean cultural is significantly influenced by Chinese and Japanese customs, as recognised in many of the country’s traditions have roots in Confucianism. Respect for elders and family is a large part of South Korean culture. Additionally, South Korea has close ties with the United States, and embraces many western cultural practices as a result.
South Korea has a diverse religious population. Many South Koreans don’t identify with any religion; however, Christianity and Buddhism are the primary groups outside of this.
South Korea’s official language is Korean, and the nation hosts a population of around 52 million.