The individual income tax ranges from 6% to 45%. Income tax is calculated according to progressive rates.
Income (KRW) | Tax Rate (%) |
---|---|
Less than 12,000,000 |
6% |
12,000,001 - 46,000,000 |
15% |
46,000,001 - 88,000,000 |
24% |
88,000,001 - 150,000,000 |
35% |
150,000,001 - 300,000,000 |
38% |
300,000,001 - 500,000,000 |
40% |
500,000,001 - 1,000,000,000 |
42% |
More than 1,000,000,000 |
45% |
The employer cost is generally estimated at 11% of the employee salary.
Standard working hours are 8 hours per day, 40 hours per week. The standard work week is from Monday to Friday.
Overtime payment is mandatory. Hours outside of standard work hours are considered overtime. Employees can work a maximum of 12 hours per week. For additional hours, employees are paid a minimum of 150% of their average salary.