30 March 2020 – Relaxed requirements on mandatory social security payments

Intervention Categories: Legal and policy; Regulatory change; Finance policy and financial aid; Stimulus packages and financial support
Level of Jurisdiction: National

Overview: The Korean government introduced relaxed requirements for national health care payments for the bottom 40 percent of income earners, and the bottom 50 percent of income earners in areas most affected by COVID-19.

Those eligible will see their national health care contributions reduced by 30 percent for the next three months.

Contributions to the national pension fund will not be suspended, but wage earners will be able to defer their payments over the next 60 months.
Full details here: http://english.moef.go.kr/pc/selectTbPressCenterDtl.do?boardCd=N0001&seq=4869