Starting from January 2022, the health insurance contributions rate in South Korea will be increased by 1.89%. Under this change, the health insurance rate for a corporate employees will be increased from the current rate 6.86% to 6.99%. This increase is a continuation of the increase made in 2021 at a rate of 2.89%.

The insurance amount is calculated on the basis of the monthly salary paid, with the employer and the employee sharing the payment equally, 3.495% each.

Another component of health insurance called Long Term Care Insurance also rose from a rate of 11.52% in 2021 to a rate of 12.27% in 2022. 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