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Employee Benefits in South Korea 2018

Employee Benefits in South Korea 2018

Summary

The South Korean social security system comprises social insurance, public assistance, and social welfare services. The main component is the social insurance program and the most important sector, with respect to resources and expansion, is health insurance. The country has an industrial accident insurance program and a government pension system that covers civil servants, military personnel, and private school teachers. These systems aim to protect and secure citizens’ income, health, and employment. Foreigners who work in South Korea can also be insured by these schemes, and are entitled to the same benefits as South Korean nationals. Cover under these schemes is also extended to dependents of the employees.

The report provides in-depth industry analysis, information and insights of the employee benefits in South Korea, including: overview of the state and compulsory benefits in South Korea, detailed information about the private benefits in South Korea, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in South Korea.

Key Highlights

  • State benefits are granted to all employed, self-employed, and unemployed residents and dependents.
  • Private benefits are granted over and above state and compulsory benefits, usually at the discretion of employers.
  • The South Korean social security system comprises social insurance and social assistance programs.
  • A government pension or a lump-sum payment is made to civil servants, military personnel, and private school teachers upon retirement.
Scope
  • This report provides a detailed analysis of employee benefits in South Korea.
  • It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
  • It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
  • It highlights the economic and regulatory situations relating to employee benefits in South Korea.
Reasons to buy
  • Make strategic decisions using in-depth information related to employee benefits in South Korea.
  • Assess South Korean employee benefits market, including state and compulsory benefits and private benefits.
  • Gain insights into the key employee benefit schemes offered by private employers in South Korea.
  • Gain insights into key organizations governing South Korean employee benefits, and their impact on companies.


1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN SOUTH KOREA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of Retirement Plan
6.1.3 Eligibility
6.1.4 Age
6.1.5 Pensionable Salary
6.1.6 Benefits
6.1.7 Payment Options
6.1.8 Typical Employer Practice
6.1.9 Employee and employer contributions
6.1.10 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical Employer Practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Typical Employer Practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Employee and employer contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical Employer Practice
6.5.5 Employee and employer contributions
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Typical Employer Practice
6.8 Long-Term Care Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Leaves and Holidays
6.9.1 Annual Leave
6.9.2 Public Holidays
6.9.3 Observance Holidays
6.1 Unemployment Benefits
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment Options
6.10.5 Employee and employer contributions
6.10.6 Taxation
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability and Death Benefits
7.3 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: South Korea - Country Statistics
Table 3: South Korea - Survivors’ Pension
Table 4: South Korea - Disability Pension
Table 5: South Korea - Public Holidays
Table 6: South Korea - Observance Holidays
List of Figures
Figure 1: South Korea - Main Institutions of Social Security System

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