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If you’re an office worker, you’re probably subscribed to all four major insurances. It’s a pity that these four major insurances are deducted from your salary and your actual income decreases.
However, private insurance is compulsory by law in case working citizens lose their income due to illness, old age, unemployment, etc. and should be implemented just in case.
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Today, we will learn how to use the four major insurance rates, calculators, and how to issue a confirmation of the four major insurance subscription details.
What are the four major insurances?
To first look at the definition of the four major insurances and the four major social insurances, the social insurance system is a system that guarantees the health and income of the people by coping with social risks arising from the people through insurance methods.
Social risk refers to illness, disability, old age, unemployment, and death, and these social risks are factors that unsettle the economic life of yourself and your dependents, so you can see it as an income security system to guarantee the economic life of the people by predicting and coping with it through social insurance.
Korea’s social insurance is represented by the four major insurances, and there are industrial accident insurance (industrial accident compensation insurance) for occupational accidents, health insurance for diseases and injuries, pension insurance (national pension) for waste, death, and old age, and employment insurance for unemployment.
Social solidarity and coercion apply to private insurance, which is different from private insurance, which is individually subscribed according to individual needs.
Top 4 Insurance Rates for 2024
As of 2024, we will find out the rates for each of the four major insurances.
① the national pension fund
National pension premium = standard income monthly amount x 9%
Here, the monthly base income refers to the amount of less than 1,000 won cut from the monthly income reported by the subscriber for the calculation of insurance premiums and salaries of the National Pension Service, and is determined to range from a minimum of 370,000 won to a maximum of 5.9 million won. (If the reported monthly income is less than 370,000 won, 370,000 won will be the standard monthly income, and if it is more than 5.9 million won, 5.9 million won will be the standard monthly income.)
The national pension insurance rate is 9%, with workers paying 4.5% and employers paying 4.5%.
② health insurance
Health insurance premium = Monthly remuneration x 7.09%
Long-term care insurance premium = Health insurance premium x 0.9182%
The health insurance premium rate is 7.09%, and the long-term care premium rate is 0.9182%. Here, the standard amount of the health insurance premium rate is the monthly remuneration, and the standard amount of the long-term care premium rate is the health insurance premium.
For office workers, the premium burden rate is 50%, the same as the national pension (50% for workers and 50% for business owners)
③ employment insurance
The unemployment rate for employment insurance is 1.8%, and for artists and labor providers it is 1.6%. (1.8% to 0.9% are borne by workers and 0.9% are borne by business owners)
In the case of small or preferred companies, there is no burden on workers, and the employer pays at a low rate.
④ industrial accident insurance
Industrial accident insurance premium = Total remuneration (average monthly remuneration) x premium rate ÷ 1000
The industrial accident insurance premium rate is applied based on the “Industrial Accident Insurance Premium Rate by Business Type and Example of Business Type”, which is based on the ratio of the total amount of insurance benefits to the total amount of remuneration for the past three years as of June 30 every year, and is notified at the end of December and applied to the next year.
In other words, the rate of industrial accident insurance premiums varies by industry, and please check the table below for approximate 2024 standards. (For details, please refer to the Korea Labor Welfare Corporation’s website.)
a four-pronged insurance calculator
Since it is cumbersome to find and calculate rates, we will learn how to calculate using the four major insurance calculators.
Search ‘4 Major Insurance Calculators’ on Naver and access the 4 Major Social Insurance Information Linkage Center site.
If you look at the lower right on the website of the four major social insurance information linkage centers, there is a menu called ‘insurance premium calculator’.
If you click on it, you’ll find a calculator, and you can click National Pension, Health Insurance, Employment Insurance, and Industrial Accident Insurance in the top menu to enter your own salary information and calculate it.
How to issue a confirmation of the four major insurance subscriptions
Let’s find out how to issue a confirmation of the four major insurances that proves your status with the four major insurances.
Access the ‘4 Major Social Insurance Information Linkage Center’, a site that used the 4 major insurance calculators.
Click the ‘Issue Certificate’ menu at the top of the site, and click ‘Apply/Issue Certificate’.
Log in through a joint certificate or simple authentication.
I agree to collect and use personal information.
If you fill out the invoice, you can receive the invoice to each institution and print it out after going through the subscription history verification process.
I looked into how to issue the four major insurance subscription confirmation (signing confirmation), and the issuance method is simple, so if you need it, you can easily and quickly print it out online.