South Korea Raises Tax Rate for Funding Unemployment Benefits

The total tax rate for funding South Korea’s unemployment benefits program since Oct. 1 is 1.6%, up from the previous total rate of 1.3%, the country’s Ministry of Employment and Labor said in a rate increase summary (Korean).

Each employee is assessed an unemployment benefits program tax rate that is matched by an employer portion, with these portions adding up to the total tax rate. The rate of 0.8% assessed on employees and the rate of 0.8% assessed on employers since Oct. 1 add up to the total rate of 1.6%, with these component rates replacing an employee portion of ...