South Korea Statutory and Private Employee Benefits (including Social Security) – Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
South Korea Employee Benefits Market Report Overview
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, concerning 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.
The South Korea employee benefits market research report provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in South Korea.
Regulations Guiding Employee Benefits Market in South Korea
The key regulations guiding the employee benefits market in South Korea are Occupational Health and Safety Act Enforcement Rules, 1982, Minimum Wage Act, 1986, Enforcement Decree of the Occupational Safety and Health Act, 1990, Labor Standards Act, 1997, National Medical Insurance Act, 2002, Wage Claim Guarantee Act, 2010, National Pension Insurance Act, 2011, Employment Insurance Act, 2011, and Workplace Risk Assessment Guidelines, 2017.
South Korea Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in South Korea are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
Retirement Benefits: Retirement benefits are regulated by the National Welfare Pension Act and are granted under the social insurance and social assistance systems, where the former covers employed and self-employed persons including farmers and fishermen, while the latter covers South Korean citizens and foreigners married to South Korean citizens.
Workers’ Compensation Insurance: Workmen’s compensation benefit is provided under a social insurance system regulated by the Industrial Accident Compensation Insurance Act and supervised by the Ministry of Employment and Labor. It covers all employees working in an organization with at least one employee.
Maternity and Paternity Benefits: All-female employees working in South Korea are entitled to maternity leave, and all male employees working are entitled to paternity leave. The individual must have a minimum of 180 days of insurance cover before the last day of the maternity leave period or at the beginning of childcare leave.
South Korea Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of South Korea are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
Death Benefits: The statutory retirement system in South Korea provides extensive death and disability benefits; consequently, the prevalence of supplementary employer-sponsored plans is low.
Medical Benefits: The healthcare system in South Korea is monitored by the National Health Insurance System (NHIS). The country has one of Asia’s most advanced and modern healthcare systems. The private healthcare system in South Korea is quite expensive and is not covered under the NHIS. The medical benefits are also offered through group life insurance plans as a rider.
Disability Benefits: The statutory retirement system in South Korea provides extensive death and disability benefits; consequently, the prevalence of supplementary employer-sponsored plans is low.
For more insights on the South Korea employee benefits market, download a free report sample
South Korea Statutory and Private Employee Benefits Market Report Overview
Key Regulations | Occupational Health and Safety Act Enforcement Rules, 1982, Minimum Wage Act, 1986, Enforcement Decree of the Occupational Safety and Health Act, 1990, Labor Standards Act, 1997, National Medical Insurance Act, 2002, Wage Claim Guarantee Act, 2010, National Pension Insurance Act, 2011, Employment Insurance Act, 2011, and Workplace Risk Assessment Guidelines, 2017 |
Key State and Compulsory Benefits | Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits |
Key Private Benefits | Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, and Accidental Death and Dismemberment Benefits |
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, leaves and holidays, 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 the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing the employee benefits market, and their impact on companies
Table of Contents
Table
Figures
Frequently asked questions
-
What are the key regulations guiding employee benefits market in South Korea?
The key regulations guiding employee benefits market in South Korea are Occupational Health and Safety Act Enforcement Rules, 1982, Minimum Wage Act, 1986, Enforcement Decree of the Occupational Safety and Health Act, 1990, Labor Standards Act, 1997, National Medical Insurance Act, 2002, Wage Claim Guarantee Act, 2010, National Pension Insurance Act, 2011, Employment Insurance Act, 2011, and Workplace Risk Assessment Guidelines, 2017.
-
What are the key state and compulsory benefits in the South Korea employee benefits market?
The key state and compulsory benefits in the South Korea employee benefits market are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
-
What are the key private benefits in the South Korea employee benefits market?
The key private benefits in the South Korea employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.