South Korea

In South Korea the most important employee benefit is retirement. Retirement in South Korea is a fairly complex benefit and expert guidance is required.

Asinta Partner
Heon Joo

EB Incorporation

More Info

Country Insight

Don’t forget to try Chimak if you are visiting South Korea!

When asked to rank employee benefits in order of importance South Korean employees will say Retirement, Death, Disability and Medical. Paid Time Off, though important, ranks last.

Trending now

The growing number of companies, especially multinational companies, in South Korea are aware of the importance of employee welfare, such as life and medical plan, compensation benefits or corporate pension. This is because good employee welfare will not only motivate the employees, but also keep the employees from moving to different company in similar industry. Therefore, the demand for employee benefits is increasing in South Korea.

Average cost for Employer Sponsored Benefits

The average cost is hard to define as so much depends on the number of employees, their average age and what kind of coverages are included in their plan.

Advice to Employers

Although the South Korean government provides national pension and national health care to employees, it does not provide enough benefits. Therefore, the employees expect the company to offer additional life/disability/medical plan.

Surprising Fact

It is expected that corporate pension program is going to be mandatory for all the companies in South Korea regardless of their size from 2019. Therefore, it is ideal to prepare for it in advance.

 

This information about employee benefits in South Korea is provided by EB Incorporation, Asinta’s employee benefits consulting partner in South Korea.

Asinta Knowledge

South Korea COVID-19 Employer Resources

When asked to rank employee benefits in order of importance South Korean employees will say Retirement, Death, Disability and Medical. Paid Time Off, though important,... Read More

Employee Perks in South Korea

Employee perks in South Korea are becoming a key factor in enhancing corporate competitiveness and the idea of employee perks is spreading fast. In order... Read More

Coronavirus Update for Employers in South Korea

Multinational employers with employees in South Korea should know that South Korean public health insurance covers health care expenses related to COVID-19. Private insurance covers... Read More

South Korea: Retirement: Compliance: Foreign Employers of All Sizes Soon Must Contribute to the Corporate Pension System

Apart from South Korea’s National Pension System (NPS), companies of all sizes, including foreign employers with employees in South Korea, will soon be required to... Read More

Asinta Welcomes EB Incorporation as South Korean Partner

Asinta proudly announces the newest addition to its Partnership, EB Incorporation of South Korea. It is one of the major insurance brokerage companies in South... Read More

South Korea: Life Insurance: Benchmarks for Life Insurance Policies in Korea

We recently spoke with a South Korean benefits consultancy about life insurance policy norms in their country. We thought their commentary was important to share.... Read More