Source:
CIA - The world factbook
; UN - United Nations
; World Bank
Note: (e) Estimated data
Working conditions
Legal weekly duration
40 (or 44) hours per week.
Retirement age
No obligatory retirement age. In major companies, the retirement ages is 54 or 56,4. But in labor market, the Korean employees are working up to 67~68.
Working contracts
In Korea, the contract determines if the employee is part of the regular or non-regular staff. Permanent employees form the regular staff. Among the non-regular staff, there are different types of contract: part-time workers, temporary workers, dispatched workers, fixed-term contract workers, entrusted employees.
Cost of labor
Minimum wage
3,770 won per hour and 30,160 won per day (8-hour day).
Average wage
Average monthly gross earnings in South Korea is KRW 3,551,046 (2,800 USD).
Social contributions
Social security contributions paid by employers: - National Pension: 50% (of total sum based on 9% of the salary) - Health Insurance: 50% (of total sum based on 0.58% of the salary) - Employment Insurance: 50% (of unemployment burden 0.9% of the salary) or 100% of employment security business/ occupational ability development business, which are around 0.25~0.85% of the salary - Industrial Accident Insurance: 100%
Social security contributions paid by employees: - National Pension: 50% (of total sum based on 9% of the salary) - Health Insurance: 50% (of total sum based on 0.58% of the salary) - Employment Insurance: (1) 50% (of unemployment burden 0.9% of the salary). In other word, 0.45% of the salary (2) no other burden. - Industrial Accident Insurance: 0%
Social partners
Social dialogue and involvement of social partners
The negociations in Korea are made up on the national level, or the level of industrial sectors or the company level.
Labour market
South Korea
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The active population in figures | Working conditions | Cost of labor | Social partners
The active population in figures
Source: CIA - The world factbook ; UN - United Nations ; World Bank
Note: (e) Estimated data
Working conditions
Cost of labor
- Health Insurance: 50% (of total sum based on 0.58% of the salary)
- Employment Insurance: 50% (of unemployment burden 0.9% of the salary) or 100% of employment security business/ occupational ability development business, which are around 0.25~0.85% of the salary
- Industrial Accident Insurance: 100%
Social security contributions paid by employees: - National Pension: 50% (of total sum based on 9% of the salary)
- Health Insurance: 50% (of total sum based on 0.58% of the salary)
- Employment Insurance: (1) 50% (of unemployment burden 0.9% of the salary). In other word, 0.45% of the salary (2) no other burden.
- Industrial Accident Insurance: 0%
Social partners
Federation of Korean Trade Unions (FKTU) which presents around 1,143 unions 2006
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Last updates: May 2012