Calculation method changes of unemployment and IACI for new hire

Effective from January 1, 2024

There is no prorate calculation of unemployment and IACI for new hire if the hire date is not 1st of the month.

And termination settlement becomes mandatory for unemployment and IACI.

• Contribute the 4 social insurance (NP, HI, UI, IACI) if only the hire date is 1st of the month.

• Termination settlement should be done for HI, UI, IACI once there is termination employee.

Please feel free to contact us if you have any questions.

Best regards,

i-Admin Korea Inc.