South Korea Statutory Updates 2025
Here are the South Korea statutory updates for 2025. Effective January 2025 Seoul Increases Living Wage for 2025 The Seoul Metropolitan Government (SMG) has set the living wage for 2025 at KRW 11,779 per hour, a 3% increase from the 2024 rate of KRW 11,436. This equates to a monthly wage of KRW 2,461,811 for […]
Firing in South Korea: Legal and Cultural Considerations
Introduction South Korea’s employment law is among the most comprehensive and employee-protective in the world. This legal framework is grounded in the principles of fairness, equality, and the protection of workers’ rights, reflecting the country’s commitment to maintaining a harmonious balance between the interests of employers and employees. Understanding this legal landscape is crucial for […]
Hiring in South Korea: Navigating the Talent Market
South Korea’s dynamic economy is a significant attraction for businesses aiming to expand their operations in Asia. As the 13th largest economy globally, South Korea has rapidly evolved from a war-torn nation in the mid-20th century to a global industrial powerhouse. The country’s economic success is underpinned by its highly skilled workforce, renowned for its […]
The Rising Fintech Industry in South Korea
The fintech industry in South Korea has experienced exponential growth over the past few years, establishing itself as a formidable player in the global financial technology landscape. Leveraging its advanced technological infrastructure and a highly connected society, Korea fintech startups are innovating in areas like mobile payments, blockchain, and digital banking, positioning the country as […]
South Korea Statutory Updates 2024
Here are the South Korea statutory updates for 2024. Effective July 2024 National Pension Limits Adjustment The National Pension Contribution monthly limitations are modified every July based on the average national pension income over the previous three years. The following are the updated lower and upper bounds that will take effect in July 2024: From […]
South Korea Year-End Income Tax Settlement: A Guide
Here’s a handy guide to navigating the South Korea Year-End Income Tax Settlement (YETS) As the fiscal year draws to a close, taxpayers need to reconcile their tax liabilities with taxes withheld throughout the year. In South Korea, all workers who earned income in the country in the past year are required to file […]
Exploring South Korea’s Renewable Energy Sector Powering A Vibrant Future
Let’s take a look into South Korea’s renewable energy sector and how it’s grown South Korea, the tech titan of Asia, is undergoing a silent revolution. While the world marvels at its cutting-edge smartphones and K-pop’s global domination, a less flashy transformation is brewing within its borders: the rise of renewable energy. Driven by […]
