When the minimum wage is increased and more workers are hired, small businesses, particularly small-scale enterprises such as small traders and microenterprises, may face financial burdens. Consequently, they may not be able to engage in additional hiring. The Job Stability Support Fund is a system designed to alleviate the burden of wage payments to workers and promote and support employment. E..
If an employee fulfills the entire workdays of a week, they are granted a paid day off for the weekly paid holiday. On the paid holiday, they do not work and receive one day's worth of wages. For salaried employees, the monthly salary already includes the paid leave allowance. For hourly employees, the paid leave allowance is provided if they work for 15 hours or more per week. However, it is al..
In July every year, half of the property tax for houses and buildings is paid. Property tax is a local tax paid to each local government by the owner of a house or building, based on June 1st as the reference date, rather than to the tax office. You can find detailed information on the types of taxes to be declared and paid each month here. Let's look at the calculation method for property tax. ..
Overtime work refers to extending the regular working hours to continue performing the original tasks. On-duty work includes tasks such as day-duty and night-duty, where the work performed is different from the original duties. For example, if an employee in a factory continues performing their original tasks beyond the regular working hours, it is considered overtime work. However, if they perf..
A substitute holiday is a system that guarantees a weekday as a public holiday when a national holiday falls on a Saturday or Sunday. The holidays eligible for substitute holidays include Independence Movement Day (March 1st), Buddha's Birthday (lunar calendar, April 8th), Liberation Day (August 15th), National Foundation Day (October 3rd), Hangul Day (October 9th), and Christmas (December 25th)..
Value Added Tax (VAT) is a tax that all citizens bear equally, with a 10% tax rate on products or services. Whenever anyone consumes goods or services, except for tax-exempt products, they are required to pay VAT. If consumers had to pay VAT to the tax office every time they purchased a product, it would be very cumbersome. Furthermore, it would be almost impossible to pay individual taxes in re..
During working hours, there is an obligation to perform work, and the employer gives instructions during the work. Refusal to perform work may result in disadvantages. Work must be performed at a designated time and place. If these conditions are met, it should be classified as working hours. Preparation time When performing work at a workplace, there is a time needed to prepare for the work. Th..
Overtime pay refers to an additional payment that can be received by adding 50% of the original allowance when classified as overtime work if you have worked for 8 hours a day or 40 hours a week. If the hourly wage is 10,000 won, the overtime pay will be 15,000 won. If you work for 8 hours a day, your hourly wage will change after 8 hours. However, this only applies to businesses with 5 or more ..
If you receive property as a gift from your parents, you must report gift tax. If you receive a gift this month, you must report it within three months of the end of this month. However, what happens if you return the gifted property after receiving it? Gift tax must be reported within three months from the last day of the month in which the gift was received. The answer lies within this three-m..
Businesses with five or more employees and those with fewer than five employees are subject to different labor standards laws. Regardless of the number of employees, regulations such as minimum wage, labor contract preparation, 4 major insurances enrollment, break time, paid holidays, maternity leave and childcare leave, severance pay, and prior notice of dismissal must be observed in all workpl..
If the working hours exceed 4 hours, the employee must be guaranteed at least 30 minutes of break time. If the working hours are 8 hours or longer, the employeeemployee must be guaranteed at least 1 hour of break time. During this break time, the employee must be able to rest completely without any orders or supervision from the employer. This break time is not included in the legal working hour..
The Labor Standards Act stipulates that adolescents are those aged 15 to 18 years. When employing adolescents, employers must comply with the labor standards regulations related to adolescents, such as working hours. Employers must prevent any problems that may arise when employing adolescents and ensure that adolescents can protect their rights, which may not be properly protected. Let's take a..