Starting from January 2022, the minimum wage in South Korea will be increased by 5.1% from 8,720 KRW per hour to 9,160 KRW per hour.
The National Tax Service (NTS) of Korea has published the annual 2020 “Easy Guide for Foreigners’ Year-end Tax Settlement” providing information on changes to the tax laws to enhance the convenience of foreign employees and their withholding agent (local Korean employers).
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%.
KOISRA UP recently has been featured as one of the best PEO service providers for 2021 by DesignRush.
In South Korea 2021, there are 12 public holidays where employees are entitled for a full paid day off. These holidays include religious holidays and other Korean national holidays. In total, there are about 14 holidays in South Korea. In 2021, there are 16 paid days off as public holidays for Korean and expat employees.
According to the press release by the Korean Intellectual Property Office (KIPO) the compensation amount for trademark right infringement increased by up to three times in order to provide better protection for Trademark in South Korea.