Deduction from Salary in South Korea

1. Income Tax: Current rate is 4~7% of your salary depending on how much you make each month.

2. National Pension Scheme: Current rate is 9% (4.5% will be deducted from teacher’s salary and another 4.5% will be paid by employer. National Pension Corporation (NPC).

3. National Health Insurance: Current rate is 4.48% (2.24% will be deducted from teacher’s salary and another 2.24% will be paid by employer). National Health Insurance Corporation.

4. Housing Deposit: Generally between 400,000 won~900,000 won depending on schools policy (usually deducted from first three months salaries but may be negotiable).