Update: While the proposed bill was passed into law on 24 March 2021, the provisions requiring mandatory pension plans were removed. To support the economy and alleviate businesses’ financial hardship due to COVID-19, the Korean government has decided to postpone the […]
The Korean government passed a bill mandating all companies established in South Korea contribute to a compulsory corporate pension plan, including defined contribution, defined benefit and individual retirement pension plans. The new law is expected to enter into force in […]
On 2 August 2019, the Korean government passed amendments expanding employer-paid paternity leave, partially government-funded childcare leave, and unpaid family care leave. While most of the amended Act’s provisions entered into effect on 1 October 2019, other provisions will be […]
On 16 July 2019, the government of South Korea will implement an amendment to the National Health Insurance Act. The Act will mandate foreign nationals living in South Korea for six months or more to enroll and pay monthly premiums […]
Amendments are in progress to the Enforcement Decree of the Insurance Business Act and the Regulation on the Supervision of Insurance Business to capture and encourage online insurance exchange platforms, streamlining processes and reducing costs for individuals and groups seeking […]
The funding ratio of defined benefit retirement plans sponsored by employers will gradually increase from 80 percent of the liability to 90 percent beginning 1 January 2019, and to 100 percent on 1 January 2021. Noncompliance with the funding target […]
Amendments to the Labor Standards Act (LSA) were passed by the Korean National Assembly on 28 February 2018. The new law aims at improving work-life balance through changes to working hours, public holidays, overtime and annual leave. Some provisions of […]