Four Major Social Insurances: Who Qualifies and What You Get
Understand the mandatory social insurance requirements for full-time employees in South Korea, including pension and health coverage.
The Four Major Social Insurances is a mandatory system in South Korea that provides essential coverage for workers through pension, health, employment, and workers' compensation.
Who it's for
This system applies to all full-time employees.
What you get
You receive coverage through four different areas:
- Pension: Financial support for your retirement.
- Health: Medical coverage for healthcare needs.
- Employment: Support for unemployment or job transitions.
- Workers' compensation: Protection in the event of a work-related injury or illness.
What it costs you
The cost is shared between you and your employer. An employer's contribution typically amounts to approximately 9-10% of your salary.
The catch to know
Enrollment is not optional; you must be enrolled in these programs within 14 days of being hired.
How to apply
- Ensure you have completed the hiring process for a full-time employee.
- Verify that the employer has initiated the enrollment process.
- Confirm that the mandatory enrollment deadline has been met.
- Access more details through the official portal: https://www.4insure.or.kr