In addition to other campus services and resources, Mason Korea provides a competitive benefits package that includes insurance and leave.
MK employees hired internationally may be exempted from income taxes for the first 2 or 3 years in South Korea under certain criteria and according to tax treaty between South Korea and the employee’s country of tax residency.
Mason Korea provides medical plan through the Korean National Health Insurance Service. The employee and the employer each contribute 50% to this plan. As of CY2024, the rate for each contributor is 4% (including Long-term care insurance). The rates may change every year.
For more information, please visit NHIS website (click here).
Per Korean law, eligible employees will contribute a percentage (approximately 4.5%) of their salary to the Korean pension system. This amount is also matched by the employer (approximately 4.5% of monthly salary). The maximum standard monthly salary amount for which contribution percentage is applied to is 5,900,000 KRW as of 2024 (subject to annual change). If eligible, the employee can withdraw the pension contribution when leaving the country. For eligibility of one lump-sum refund for foreigners, please visit NPS site (click here).
Industrial Accident Compensation Insurance
Industrial accident compensation insurance is a statutory insurance designed to guarantee the income of an injured worker and his/her family. Under the Labor Standards Act, the state collects insurance premiums from employers and pays compensation to injured workers on behalf of their employers. For information, please click here.
Per Korean law, Mason Korea pays a resigning employee an amount equal to the average wages earned for one month (more precisely, 30 days) multiplied by the number of years of continuous service of one year or more. Mason Korea employees who meet criteria are eligible for severance pay after completion of 12 months of service according to payroll dates. Amounts are prorated to take into account partial final years.
Generally, the severance pay rate is calculated as the 30-day of average of last wages multiplied by length of service. Severance pay is paid within 14 days after the resignation date.
Below is an example how severance is calculated in general.
|Start and end payroll dates
|1/1/2024 – 11/30/2029
|Duration of work
|5 years and 10 months (5.83 years)
|Average salary of last 3 months
|3,988,179 * 5.83 = 23,251,083
Note: Example above is for informational purposes only and should not be considered as legal or financial advice. There may be unique circumstances that may require observation at the time.
Home Leave Airfare
Home Leave airfare is an incentive to attract and retain international faculty, staff, and senior leadership. The benefit provides annual round-trip airfare from Korea to the employee’s home of record, for the employee and dependents at approximately 2,400 USD per person.
Faculty/staff and senior leadership who meet the following criteria are eligible for this benefit:
Full-time non-Korean national employees whose contract is issued directly by Mason Korea, holds employment at the time of flight taking place, and is not currently receiving home leave airfare benefit stated in the employee’s contract.
· Staff: Contract is for one year or more;
· Faculty: Contract is for 2+ semesters
Dependent Tuition support is offered to help offset K-12 school tuition in Korea as an incentive to attract and retain faculty and senior leadership from abroad. This benefit provides $15K USD (or KRW 17.5M) per child for up to two eligible children.
Faculty and senior leadership who meet the following criteria are eligible for this benefit:
· Hired internationally and whose permanent domicile is outside of Korea
· Have a contract length of two or more semesters
IGC Provided Housing
IGC provides housing for faculty, based on family size and availability.
IGC requires faculty to be foreign nationals and not have a permanent address in Korea. Housing assignments may be on or off-campus, with on-campus housing assignment filled first due to cost. Inquiries and housing eligibility questions may be sent to IGC through Mason Korea HR or Facilities staff.
MK employees who track leave (non-faculty employees) can use one day of leave for every full month worked during their first year. Once an employee has worked for 80% of his/her first full year, s/he is entitled to use 15 days of annual leave the following year.
MK employees who track leave (non-faculty employees) are provided ten sick days per year for personal illness or immediate family care. If a sickness or injury is job related, the National Industrial Accident Insurance Compensation Act will apply. There is no reimbursement for unused sick leave.
Full-time employees are eligible for tuition waivers for academic credit classes in Mason Korea and main campus, and may take up to 12 credit hours under this benefit during the academic year. They may not exceed six credit hours in any semester or term per academic year.
Mason Korea supports employees' professional development. Professional development must be related to employees' enhancement of skills necessary for success in present or future positions.
Mason Korea strives to offer flexible working arrangements that allow employees to balance their work and personal responsibilities.
A variety of modern sports facilities are available right at our doorstep, offering a great range of health and fitness activities as well as exclusive membership deals for faculty and staff.
The campus auditorium hosts events related to arts, music, and theater.
Public Service Loan Forgiveness
If you have student loans in the U.S., you may be eligible for student loan forgiveness. Mason Korea is a qualifying not-for-profit employer for Public Service Loan Forgiveness (PSLF). For details, please click here.