Compensation and Payroll
Introduction
To fulfill University’s goal, HR Office of GMU Korea attracts and retains an outstanding body of faculty and staff.
Based on internal assessment and external competitiveness in the labor market, GMUK holds the following objectives regarding compensation:
- Reward employees on the basis of work performance
- Administer pay equitably and consistently
- Ensure accountability and compliance with University Policy and Statutory requirements
Staff Titles
Current employees can access BambooHR (Files > Policies and Processes) for information.
Payroll
The standard payroll date is on the 25th of each month. When a pay date falls on a weekend or holiday, the pay date is the prior business day
KPMG
GMUK HR works with outsourcing partner to provide assistance with practical solutions for complex issues regarding payroll and income tax. In order to access KPMG Flex solution, please have your employee number and security card (provided by HR office) ready.
Tax
Tax Exemption: Foreign professors and researchers will be eligible for exemption from Korean income taxes for the first two years of working in South Korea. To initiate this process, you will need to fill out forms from the appropriate tax authority (i.e., IRS for U.S. nationals).
Tax Calculator: You can calculate your income taxes in English using Automatic Calculation service on the National Tax Service Website.
Medical Coverage and Social Security Information
The Korean government operates under a national health insurance policy. Employees will be covered by this policy, which is paid by both employee and employer. For more information, please visit the NHIS webpage
There are four types of social security contributions in Korea: National Pension (NP), National Health Insurance (NHI), Employment Insurance (EI), and Worker’s Compensation Insurance (WCI). Please see the chart below or read more about this in the KPMG website.
Contribution Chart
2022 Rates |
|||
| 4 Insurance Type | Employee | Employer | Total |
| National Pension | 4.50% | 4.50% | 9.00% |
| Health Insurance | 3.50% | 3.50% | 6.99% |
| Long-term Care* | 12.27% | 12.27% | 24.54% |
| Employment Insurance | 0.80% | 1.05% | 1.85% |
| Industrial Insurance | 0.00% | 0.70% | 0.70% |
(*) Long-term Geriatric Care insurance is part of health insurance and percentage is applied on health insurance (not salary).
