Starting from January 2021, the health insurance contributions rate will be Increased by 2.89%. Under this change, the health insurance rate for a corporate employees will be increased from the current rate 6.67% to 6.86%.

The insurance amount is calculated on the basis of the monthly salary paid, with the employer and the employee sharing the payment equally.

Another component of health insurance called Long Term Care Insurance also rose from a rate of 10.25% in 2020 to a rate of 11.52%. This insurance amount is calculated from the health insurance amount and not directly from the monthly salary.

 

Affected services: Payroll Service in Korea, Employer of Record in Korea