Korea2Global

Employee benefits and perks in Korean and Australian companies reflect the unique work cultures, economic policies, and social priorities of each country. While both nations offer a range of mandatory and additional benefits to attract and retain employees, their focus areas differ. Korea tends to emphasize long-term financial security and family-oriented benefits , whereas Australia places a strong emphasis on work-life balance and well-being. Below is a comparative analysis of key aspects of employee benefits in these 2 countries. Mandatory Benefits Korea National Pension Scheme : Employers and employees each contribute 4.5% of the employee's salary to the national pension system, ensuring financial security post-retirement. Retirement Benefit Scheme : Employers are legally required to provide severance pay equivalent to one month's salary for each year of service. Health Insurance : Mandatory contributions to the national health in...

When comparing income taxes for salaried employees in Korea and Australia, many professionals wonder: which country takes a bigger cut from your paycheck? While both countries impose relatively high income taxes, their systems differ significantly in complexity, structure, and additional levies. Let’s break it down to see how each system affects take-home pay and financial planning. 1. Income Tax Structure:   One of the biggest differences between Korea and Australia’s tax systems is their complexity. South Korea: A Multi-Layered Tax System In Korea, salaried employees face a multi-layered taxation system that includes: National Income Tax: Progressive tax rates ranging from 6% to 45% . Local Income Tax: An additional 10% of the national tax , effectively increasing the total tax burden. Resident Tax: A small but mandatory tax at the local government level. Other Mandatory Contributions: Such as National Pension and National Health Insurance, which are deducted from sala...