South Korea Benefit Plans & Programs
INTRODUCTION
The following table provides you an overall picture of the Benefits Framework under different entities in South Korea. More detailed site specific benefits defined at local will be presented by your Site HR Partner or recruiter.
SOUTH KOREA - BENEFIT PLANS & PROGRAMS
Site | Legal Entity | Benefit category | Benefit type | Benefit description | Eligibility |
|---|---|---|---|---|---|
| All Sites | All Entities | Traditional benefits | Death | Death due to disease: the plan differs by entities - Please contact Site HR | All Employees |
| All Sites | All Entities | Traditional benefits | Disability | 80% disability due to disease: the plan differs by entities - Please contact Site HR | All Employees |
| All Sites | All Entities | Traditional benefits | Personal Accident | Death or disability due to accident: the plan differs by entities - Please contact Site HR | All Employees |
| All Sites | All Entities | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | Medical Insurance: the plan differs by entity - Please contact Site HR | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Retirement | Pension / Savings Plan | DB plan & DC plan Monthly average salary × years of service × *multiple *The multiple applies only to executives and varies depending on their Korean title. | All Employees |
| All Sites | Former SCSK | Retirement | Pension / Savings plan | DB plan & DC plan Monthly average salary x years of service x *multiple *The multiple is determined based on the cumulative table in the employment policy. | All Employees |
| All Sites | Cytec | Retirement | Pension / Savings plan | DC plan Monthly average salary x years of service x 1.5 | All Employees |
| All Sites | SSPK | Retirement | Pension / Savings plan | DB plan & DC plan (Only DC Plan applies to employees who joined in 2021 or later) Monthly average salary x years of service | All Employees |
| All Sites | Former SCSK | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | Medical check-up 200,000 every year ≥ 35 ages, support spouse's medical check-up 200,000 | All Employees |
| All Sites | Cytec | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | Medical check up 200,000 every year | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | 1. Provide medical expenses (over 30KKRW) within 4 months Limitation: Employee(No limit),Spouse, children (within 2MKRW/person) For spouse, cancer, heart disease, blood vessel is supported till 5 MKRW 2. Medical check up 2-1. Local -Every year : 1,400,000 for executives and spouses / 300,000 for employees and spouses 1. Provide medical expenses (over 30KKRW) within 4 months Limitation: Employee(No limit),Spouse, children (within 2MKRW/person) For spouse, cancer, heart disease, blood vessel is supported till 5 MKRW 2. Medical check up 2-1. Local -Every year : 1,400,000 for executives and spouses / 300,000 for employees and spouses ≥ 40 (However, if the spouse is under 40 years old, it is enforced every other year) -Biennial : 300,000 for Employees and spouses over 30 years of age with more than 3 years of actual service (However, career recognized) 2-2. Expat -As from S23 : Male 2300 KKRW, Female 2600 KKRW (flexible every year depending on the inflation) for every year and 700 KKRW for spouses and children (Children until the age of 25 years/ Once when they arrive or leave the country) -Up to S22 : 700 KKRW for every year and 700 KKRW for spouses and children(Children until the age of 25 years/ Once when they arrive or leave the country)40 (However, if the spouse is under 40 years old, it is enforced every other year) -Biennial : 300,000 for Employees and spouses over 30 years of age with more than 3 years of actual service (However, career recognized) 2-2. Expat -As from S23 : Male 2300 KKRW, Female 2600 KKRW (flexible every year depending on the inflation) for every year and 700 KKRW for spouses and children (Children until the age of 25 years/ Once when they arrive or leave the country) -Up to S22 : 700 KKRW for every year and 700 KKRW for spouses and children(Children until the age of 25 years/ Once when they arrive or leave the country) | All Employees |
| All Sites | SSPK | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | 1. Medical exp. Applied to employees(coverage to direct family members excluded) based on his/her service year at SSPK - from 1 years : up to 1M KRW/year - from 3 years : up to 2M KRW/year - from 5 years : up to 4M KRW/year • medical expense over 100,000 KRW can be claimed • 50% coverage for dental treatments • upto 300 K KRW/year for optical correction 2. Medical check up 300 KKRW/every year for employees and spouses(≥ 40) over 1 year of service | All Employees |
| All Sites | Cytec | Mobility / commuter benefits | Personal car allowance | KRW 100,000/mth/person for the employee without a company car | Non-commercial employees below S19 who joined before 2021 |
| All Sites | SSPK | Mobility / commuter benefits | Personal car allowance | KRW 80,000/mth/person for non-commercial employees | Non-commercial employees below S19 who joined before 2021 |
| All Sites | Former SKC(ex. special chem. R&I) | Mobility / commuter benefits | Personal car allowance | For employees without a company car Commuting allowance (As from S16) - S18: 250KKRW / month - S17: 200KKRW / month - S16: 150KKRW / month | S16 and above |
| All Sites | All Entities | Mobility / commuter benefits | Company car (may include fuel) | Access the table here | Cadre ≥ S19 Sales |
| All Sites | All Entities | Perquisites | Lunch/food allowance/tickets/subsidised cantine/ etc | Cafeteria | All Employees |
| All Sites | Former SCSK, SSPK | Perquisites | Children-related benefits (birth allowances /tuition/ vacation/entertainment/day-care benefits/ etc.) | Children(No limitation in number) For children taking Middle / High school : For children taking College / University : | All Employees |
| All Sites | Cytec | Perquisites | Children-related benefits (birth allowances /tuition/ vacation/entertainment/day-care benefits/ etc.) | The assistance shall be applicable to the children of current employees only. The number of beneficiaries shall be limited to 2 children at the same time for high school and 1 child for university which must be located in Korea. The expenses for attending classes at the university will only be reimbursed for the first 4 years of education. This Policy does not apply to employees having a fixed term (temporary) contract. The amount of assistance shall be limited to KRW 1,500,000 per year for children attending high school and KRW 4,000,000 per year for children attending university. | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Children-related benefits (birth allowances /tuition/ vacation/entertainment/day-care benefits/ etc.) | For employees who are requesting support in their children’s studies costs. Kindergarten : Middle/High School : College/University : | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Other benefits/perquisites | 50% of entrance/tuition fee College/univ. : For regular semesters Master,Dr. : For regular semesters + One more semester | Employees with at least 1 year of service |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Jubilee/Service Award | 5, 10, 15, 20, and 25 years anniversary Continuous service for long terms - 5 years of service: 2 holidays and 200,000 trip expense - 10 years of service: 4 holidays, gold medal(5-don), 300 KKRW trip expense - 15 years of service: 7 holidays, gold medal(10-don), 500KKRW trip expense - 20 years of service: 10 holidays, gold medal(15-don), 1 MKRW trip expense - 25 years of service: 10 holidays, gold medal(20-don), 1 MKRW trip expense | All Employees |
| All Sites | Former SCSK | Perquisites | Jubilee/Service Award | 10, 15, 20,25 and 30 years anniversary Continuous service for long terms - 10 years of service: Gold (10-don) and cash 100K KRW - 15 years of service: Gold (1-don) and cash 300K KRW - 20 years of service: Cash 2M KRW and special leave 4 days - 25 years of service: 50% of monthly base salary - 30 years : Cash 3M KRW and Support for overseas travel with couple (Limit: 2M KRW) - Retired employee : Gold (10-don) | All Employees |
| All Sites | SSPK | Perquisites | Jubilee/Service Award | 10, 15, 20,25 and 30 years anniversary Continuous service for long terms - 10 years of service: 1.5M KRW - 15 years of service: 500K KRW - 20 years of service: Cash 2M KRW + 4 holidays - 25 years of service: 2.5M KRW - 30 years : Cash 3M KRW - Retired employee : Gold (10-don) and an appreciation plaque | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Other benefits/perquisites | Family Allowance (Max. 80K KRW) - Single : 25K KRW / month - Married : 50K KRW / month - 10K KRW / month per children | All Employees |
| All Sites | Cytec | Perquisites | Other benefits/perquisites | Subsidy for employee’s share of National Health Insurance premium | All Employees who joined before 2021 |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Loans | Loan type Redemption period
| All Employees |
| All Sites | SSPK | Perquisites | Loans | Employees more than 3 years service | All Employees with at least 3 year service |
| All Sites | Former SCSK | Perquisites | Loans | Employees more than 1yr service | All Employees with at least 1 year service |
| All Sites | Cytec | Perquisites | Loans | Interest support *Not eligble for employee who own 2 or more houses & who assume the actual burden for the interest payment due to the interim payoff of the housing loan. | All Employees with at least 1 year service |
| All Sites | SSPK | Perquisites | Wellness/ Fitness allowance or other similar arrangements | Fitness allowance for legal entity executives - upto 300 KKRW per month for GM(Sajang) - upto 200 KKRW per month for KAM(Jeonmoo) | K grade_Sajang & Jeonmoo |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Wellness/ Fitness allowance or other similar arrangements | Self development support : Gym, book, language etc. Refreshing support (Condominium allowance) | All Employees |
| All Sites | Former SKC(ex. special chem. R&I) | Perquisites | Gifts/medals/dinners/etc | Lunar New Year, Chuseok : Cash 200K KRW Foundation Day: Cash 50K KRW Labor’s Day: Cash 50K KRW Children's Day: Cash 20K KRW per child | All Employees |
| All Sites | SSPK | Perquisites | Gifts/medals/dinners/etc | Lunar new year, Chuseok, and Company foundation day: Cash 100K KRW | All Employees |
| All Sites | Former SCSK | Perquisites | Gifts/medals/dinners/etc | Lunar new year, Chuseok : Cash 500K KRW Summer vacation : Cash 500K KRW Foundation day : Cash 150K KRW Birthday : Cash 100K KRW | All Employees |
| All Sites | Cytec | Perquisites | Gifts/medals/dinners/etc | Birthday: Cash 50K KRW Chuseok, Lunar New Year : 100K KRW | All Employees |
Date last updated:
