According to the Ministry of Employment and Labor of Korea, in 2017, there were around 26 million working individuals in the country, with an employment rate of around 66.5%.
The total unemployment rate of 3.8% which was registered in January 2017 was much lower than that of young individuals, which was at more than 10%.
In this article, our company formation agents in Korea explain various aspects related to hiring Korean workforce.
There are two main categories of foreign employees in Korea:
• Foreign migrant employees (who obtain the E-9 visa): under the Employment Permit System, who activate in sectors such as construction, manufacturing, farming and so on;
• Foreign professional employees (they are issued the E1 to E7 visas): these have specialized knowledge, like college teachers, researchers, experts and English teachers.
The Employment Permit System in Korea is comprised of the non-professional employment visa (E-9) for foreign employees who take on basic skilled jobs and the visiting employment visa (H-2) for overseas Korean citizens. Our Korea company formation advisors can provide more details on these visas. We can also help you to open a company in Korea.
This system was adopted to confer the workforce a certain stability in sectors which register serious labor shortages and, at the same time, which protects the local labor market.
Accounting tools are very important when it comes to the financials of a business. If you want to save money on such programs, you can use externalized services, such as those offered by our accountants in South Korea. We are efficient in what we do, and we can tailor every solution to your company’s needs and requests.
Our specialists can offer a wide range of services, among them support for people interested in immigration to South Korea. After choosing the type of visa that interests you, contact our lawyers. They will help you verify the eligibility conditions and apply for it, if you meet the legal requirements to obtain it.
The minimum wage rate in Korea is established every year according to the Minimum Wages Act. This act applies to all workers with only a few exceptions, such as those in their trial periods.
The minimum hourly wage rate from 2015 is KRW 5,580.
According to the Labor Standards Act, a maximum of 40 working hours weekly and eight working hours per day are imposed.
Our Korea company registration consultants can offer further details on the labor conditions in this country.
Usually, employees can agree on a supplementary 12 hours per week overtime. The employer has to pay a supplementary 50% of the regular salary for overtime.
The work during night is effectuated between 22.00 and 06.00. The employer has to pay a supplementary 50% of the regular salary for working at night.
If you need to know more about the Korean workforce, or for assistance in starting a business in Korea, we kindly invite you to get in touch with us.
