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. | All Employees |
| All Sites | All Entities | Traditional benefits | Disability | 80% disability due to disease: the plan differs by entities. | All Employees |
| All Sites | All Entities | Traditional benefits | Personal Accident | Death or disability due to accident: the plan differs by entities. | All Employees |
| All Sites | All Entities | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | Medical Insurance: the plan differs by entity | All Employees |
| All Sites | All Entities | Retirement | Pension / Savings plan | Retirement pension plan | All Employees |
| All Sites | SKC(former SCSK) | Traditional benefits | Medical (including dental/optical/ hospitalization/critical illnesses/ etc) | Medical check up 100,000 every year for S18 and below 200,000 every year for over 40ages 200,000 every year for S19 and above over 35 ages, support spouse's medical check-up 100,000 or 200,000 | 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 over 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 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 |
| All Sites | sspk | Mobility / commuter benefits | Personal car allowance | KRW 80,000/mth/person for non-commercial employees | non-commercial employees below S19 |
| 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 | over S16 |
| All Sites | All Entities | Mobility / commuter benefits | Company car (may include fuel) | IMAGE MISSING | Cadre ≥ S19 Sales |
| All Sites | All Entities | Perquisites | Lunch/food allowance/tickets/subsidised cantine/ etc | Cafeteria | All Employees |
| All Sites | 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 : 100% of Entrance/Tuition fee For children taking College / University : 100% of Entrance/Tuition fee IIn case of Study Abroad : The average of Entrance/Tuition fee in 4 local Universities | 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 a support in their children’s studies costs. And For employees who go to College/University Children(No limitation in number) For children taking Middle / High school : 100% of Entrance/Tuition fee In case of Study Abroad : 2.0MKRW/yr For children taking College / University : 100% of Entrance/Tuition fee In case of Study Abroad : 10.0MKRW/yr For kndergarden 100k/month | 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 7 year 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, 300 KKRW trip expense - 15 years of service: 7 holidays, gold medal, 500KKRW trip expense - 20 years of service: 10 holidays, gold medal, 1 MKRW trip expense - 25 years of service: 10 holidays, gold medal, 1 MKRW trip expense | All Employees |
| All Sites | SKC, SSPK, | Perquisites | Jubilee / Service Award | 5, 10, 15, 20,25 and 30 years anniversary Continuous service for long terms - 10 years of service: Gold (10) or gift valued 100,000 - 15 years of service: Gold (1) and cash 300,000 won - 20 years of service: Cash 2,000,000 and certificate with special leave 4 days - 25 years of service: 50% of monthly base salary - 30 years : Cash 3,000,000 won Support for overseas travel with couple (Limit: 2,000,000 won) - Retired employee : Gold (10) and an appreciation plaque | All Employees |
| All Sites | Former SKC(ex. special chem . R&I) | Perquisites | Other benefits / perquisites | Family Allowance: 25,000 KRW for parents, 25,000 KRW for a spouse, and 10,000 KRW per a child | All Employees |
| All Sites | Former SKC(ex. special chem . R&I) | Perquisites | Loans | All Employees | |
| All Sites | Former SKC(ex. special chem . R&I) | Perquisites | Travel assistance program (road assistance etc.) | 50 KKRW per day, limited to 300K | All Employees |
| All Sites | sspk | Perquisites | Wellness/ Fitness allowance or other similar arrangements | Fitness allowance for legal entity executives: - up to 300 KKRW per month for GM(Sajang) - upt o 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 | 50KKRW per month | All Employees |
| All Sites | Former SKC(ex. special chem . R&I) | Perquisites | Gifts / medals / dinners / etc | Lunar New Year : gift voucher amounting to 200 KKRW Chuseok : gift voucher amounting to 200 KKRW Foundation day : gift voucher amounting to 50 KKRW Labor’s Day : gift voucher amounting to 50 KKRW Children's day: gift voucher amounting to 20KKRW per child | All Employees |
| All Sites | sspk | Perquisites | Gifts / medals / dinners / etc | Lunar new year, Chuseok, and Company foundation day: Gift voucher equivalent to 100 KKRW | All Employees |
| All Sites | Cytec | Perquisites | Gifts / medals / dinners / etc | Gift voucher: Employee Birthday - 50,000 KRW Chuseok and Lunar New Year - 100,000 KRW each | All Employees |
Date of last update:
