South Korea lies between the Sea of Japan, the Yellow Sea, and the East China Sea and is ranked 5th in the world on its Ease of Doing Business Survey 2017 by the World Bank.
South Korea is part of the ‘Four Dragons’ economic group, alongside Taiwan, Hong Kong, and Singapore, which are amongst the most high-tech and industrialised nations in Asia. Key industries that contribute to the economy of South Korea include high-technology manufacturing, shipbuilding, telecommunications, automotive and steel. South Korea is also growing rapidly in areas including biotechnology, internet services, and tourism, owing to its highly dedicated and skilled workforce.
Employers need to follow the strict employment guidelines set forth by the local authorities before they could employ in South Korea. This process can be time-consuming as the company first needs a legal entity in the country and it needs to manage payroll, tax, benefits and compliance.
Global payroll solutions make it easy to find and hire top talent in South Korea. With one seamless integration and local legal entity, we take care of the compliance matters so that you can start your globelizing plan immediately.
South Korea worker classification labour and tax laws distinguish between contractors and full -timers. If the individual meets the legal definition of an employee but is classified as a contractor, your company will face penalties.
Employment matters in South Korea are governed by the Labour Standards Act. It contains declarations of principles relating to right to work, fair payment, maximum working hours, minimum wages, labour disputes, occupational safety and health, as well as rights of female workers and juveniles.
Globelise will be able to help you navigate through the employment process and so that you’ll be able to offer a competitive and compliance offer to attract and retain your employees in South Korea.
The General Federation of Trade Unions of Korea is designed to help Korea stay competitive and workers remain employable. They work with the local authorities to tackle issues such as promotion of fair and progressive employment practices, flexible wage system, among other labour-related issues. Employees may seek their unions for help when they feel that they are unfairly treated or have been non-compliant with their employment terms.
A probation period is not required in South Korea, though it is common practice to have probation not stretching more than 3 months.
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