Employee Benefits and Perks: Comparing South Korean and Australian Companies
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...