Payroll & Benefits Solutions South Korea
NNRoad Takes Care of Your Payroll & Benefits Administration in South Korea
NNRoad helps companies seamlessly manage the payroll and benefits administration of their staff in South Korea. The employment regulations in South Korea are complex and NNRoadensures full compliance with all rules and regulations. We manage all aspects of payroll for workers in South Korea, including, social security payments and other statutory requirements. Our experience and knowledge of the local Korean regulations make us a reliable option so your business is in full compliance and running smoothly in South Korea.
- Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
- Calculation of gross salary, salary deductions (e.g. social & labor insurances, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, commission, allowance, severance, annual leave, retirement payment, etc. under the local tax and social security regulations.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- Payroll disbursement – Issuing payment notice to the Company for payroll distribution to employees and employee’s expense claim.
- Employee’s enrollment and un-enrollment to the company’s social security insurance with the social security bureaus.
- Calculation and contribution of social security insurance (national pension, medical insurance, unemployment insurance, and industry injury compensation insurance) and other official deductions according to the local laws.
- Year-End Adjustment and Annual Declaration.