The Social Security Rate in South Korea stands at 19.24 percent. source: Korean Worker's Compensation & Welfare Service

Social Security Rate in South Korea averaged 17.50 percent from 2000 until 2021, reaching an all time high of 19.24 percent in 2021 and a record low of 15.30 percent in 2002. This page provides - South Korea Social Security Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Social Security Rate - values, historical data and charts - was last updated on October of 2021.

Social Security Rate in South Korea is expected to reach 18.94 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Social Security Rate is projected to trend around 18.94 percent in 2022, according to our econometric models.

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South Korea Social Security Rate

South Korea Last Unit Reference Previous Highest Lowest
Social Security Rate 19.24 percent Dec/21 18.94 19.24 15.30
Social Security Rate For Companies 10.11 percent Dec/21 9.96 10.40 8.50
Social Security Rate For Employees 9.13 percent Dec/21 8.98 9.13 6.70

South Korea Social Security Rate
In South Korea, the Social Security Rate is a tax related with labor income charged to both companies and employees. Revenues from the Social Security Rate are an important source of income for the government of South Korea because they help to pay for many social programs including welfare, health care and many other benefits.