Use
In Korea, there are three kinds of medical care insurance:
Any company that has five or more employees must join the company medical insurance scheme and collect the insurance premium for the employees. All employees who have signed a contract with the company and are paid by the company for their services are liable for medical insurance.
Features
When a person joins a company, his or her liability is effective automatically. Normally, notification of acquisition/loss issued by the employer to the authority must be done within seven days of the event.
When employees work overseas, the insurance premium may be deducted or exempted depending on whether they have dependents. When employees join the army, they are also exempted from the insurance premium.
The insurance premium is calculated by multiplying the monthly standard compensation and the premium rate together. The insured employee and the employer each pay 50% of the premium. The insurance premium is paid by the employer by 10th of the following month by bank transfer in the form stipulated by the insurance association.
See also:
Creating an Employee’s Medical Insurance Record Social Insurance Infotype (0543) Social Insurance Premium (0544)