Understanding Korea's Four Major Insurances: A Brief Overview

Captain Joe provides a concise guide on the four major insurances, including National Pension, Health Insurance, Employment Insurance, and Industrial Accident Insurance.

### Guide to the Four Major Insurances of the National Pension Service
* 🏛 The four major insurances are **national pension**, **health insurance**, **employment insurance**, and **industrial accident insurance**.
* 🤝 "**Social insurance**" is a term used because ordinary people join insurance together with the government.
* 📆 The national pension is paid from the age of **18 to under 67** while working at a company.
* 🏥 Health insurance, including long-term care insurance, was introduced in 2008 as the country entered an **aging society**.
* 💼 Employment insurance is used for **unemployment benefits**, **maternity benefits**, and **job search support**.
* The national pension contribution rate is **9%**, health insurance is **7.09%** (long-term care insurance is **12.81%**), employment insurance is **0.9%**, and industrial accident insurance is paid only by the company.
* 💰 The upper limit for the national pension is **531,000 won**, and the lower limit is **370,000 won**. Health insurance has a high upper limit of **848,1420 won**.
* 📅 The national pension and health insurance are calculated from July to June of the following year, while employment insurance and industrial accident insurance are based on the **calendar year**.

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The Role of the National Pension Service's Four Major Insurances

The National Pension Service oversees four major insurances: pensions, health insurance, employment insurance, and workers' compensation.

Many people, especially young adults, struggle to understand the purpose and details of these insurances as they enter the workforce.

The division of responsibilities within the service can sometimes lead to confusion, but it plays a crucial role in supporting the population with various insurance needs.

A Guide to the Four Major Insurances in Korea

The four major insurances in Korea are the National Pension, Health Insurance, Employment Insurance, and Industrial Accident Insurance, which are mandatory for all citizens.

The National Pension is commonly discussed in the news as a form of pension plan, starting at the age of 60.

Health insurance, including long-term care, has been inquired about the most, especially since it was introduced in 2008 with the aging of the Korean society.

The insurances are different from private insurances as they are mandatory and operated in conjunction with the government, with the Korea Workers' Compensation & Welfare Service managing Employment Insurance and Industrial Accident Insurance.

Understanding Different Types of Insurance and Benefits

Employment insurance provides unemployment and maternity benefits, as well as support for finding a job and undergoing training.

It also covers industrial accident medical expenses.

The national pension has a 99% contribution rate, with the worker and the company each paying 4.

5%, and the insurance premium is determined for one year from July 1st to June 31st.

Rounding to the nearest whole number may affect the insurance premium paid by individuals.

Guidelines for Salary and Insurance Deductions in South Korea

Income should be rounded down to the nearest 10,000 won for calculation purposes.

Health insurance and long-term care insurance are typically set at 7.

81% respectively, with the option to calculate long-term care insurance separately at 0.

Employment insurance involves a 50-50 split between employees and the company, starting at 0.

9%, and may include additional contributions for occupational safety based on company factors.

Insurance Premiums and Limits in South Korea

15% for general insurance, rounded down to the nearest won.

The coverage period for these insurances is from January 1st to December 31st, with upper and lower limits for National Pension and health insurance.

The National Pension upper limit is 531,000 won, the lower limit is 370,000 won, and the health insurance requires a monthly salary exceeding 1.

1 billion won to reach the high insurance rate.

The Basics of Health and Employment Insurance in South Korea

Health insurance in South Korea has a set rate, typically with minimal changes throughout the year.

The National Pension is expected to increase, but is not paid to those over 60 years old.

Employment insurance has no upper or lower limits, with a rate of 0.