* Playroll continues to analyse immediate opportunities and fulfilled roles by recruitment partners, contractors and employers to identify in-demand jobs.
* Playroll continues to analyse immediate opportunities and fulfilled roles by recruitment partners, contractors and employers to identify in-demand jobs.
In South Korea, employment contracts must be written and can be in a foreign language. Both indefinite and fixed-term employment are allowed, but the latter cannot exceed 2 years. If it does, the employee becomes permanent. Mandatory contract elements include:
In South Korea, probation periods for permanent employees are optional and usually last 1-3 months. Employers seldom terminate contracts after probation/training due to the associated unemployment costs for the company.
The standard workweek in South Korea is 8 hours per day and 40 hours per week.
Hours worked beyond the standard 40 hours per week are categorised as overtime and compensated at 150.00% of the regular pay rate, increasing to 200.00% for night work post 10 pm. There is a cap of 12 hours on weekly overtime, and the overall work hours, inclusive of overtime, must not surpass 52 hours per week.
The National Minimum Wage in South Korea stands at 8,590 KRW per hour and is applicable to all companies and employees, irrespective of residency status.
South Korea does not have legislation mandating 13th-month payments.
Individual income tax in South Korea follows a progressive rate structure, ranging from 6% to 45%. The tax is calculated based on the taxpayer's income, with higher rates applied to higher income brackets.
The South Korean National Pension is set at 9% of annual salaries, divided equally between employers and employees. This comprehensive program encompasses old-age, disability, and survivor's pensions, providing income security and contributing to national welfare in the event of retirement, disability, or death for South Korean citizens.
In South Korea, employers are not permitted to terminate employees at will; terminations must be justified. Acceptable justifications for compliant terminations include:
There is no mandatory notice period in the South Korean Labour Law unless specified in the employment contract or company manual. Nevertheless, it is customary to give 1 month notice to employees.
Under the statutory severance pay system in South Korea, employees, regardless of the reason for termination, including voluntary resignation, are entitled to severance pay if they have been employed for at least 1 year. This pay amounts to 30 days of their average wage, which includes bonus pay from the preceding 3 months, for each year of continuous service.
In South Korea, 11 public national holidays are observed each year: