What deductions will I have from my salary?
The deductions from your salary will be income tax, health insurance and pension. These deductions break down as follows:
- Income tax: About 3%
- Health insurance: 2.59%
- National Pension 4.5%
All in all, the total deductions from your salary which include all of the above should be close to 10% of the salary. Therefore, if you make a salary of 2.2 million per month, your deductions should be in the neighborhood of 220,000 won and you should clear about 2 million per month.
