Key Facts
NPS Pension EE | 4.5% of SMI (ceiling KRW 6,170,000) |
NHIS Health EE | 3.545% + LTC 12.27% of health premium |
EI Unemployment EE | 0.9% |
Income Tax | Monthly simplified WHT; cumulative adjustment |
Year-End Settlement | 연말정산 (Yeon-mal) January |
Retirement Pay | DC: 1/12 annual total pay monthly provision |
Key Config Points
- 4대보험 (4 major insurances): NPS+NHIS+EI+WCI — all via 4대보험 EDI portal
- SMI ceiling: KRW 6,170,000; minimum: KRW 370,000 (2024)
- Yeon-mal: collect deduction declarations Jan; adjust January payroll
- Retirement DC: Labor Standards Act Art.34 — 1 month total pay per year
- Meal allowance: KRW 200,000/month non-taxable (2023+ NTS ruling)
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PYKR_KR_SAP_ECP_Complete_Guide.pptx — 50 slides