Unemployment Insurance rates raised – October 2019

Starting October 2019, the rate of unemployment insurance will be updated from 0.65% to 0.8%. This rate will be applied to both Employee and Employer.

Since October 1, 1998, any local company with at least one employee must contribute to the Unemployment insurance fund. The employment insurance is part of social security insurance and emplooyee benefits. Its purpose is to provide monthly grants for those who lose their job.

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

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