Health insurance authorities are considering imposing health insurance premiums on daily earned income to increase financial sustainability.
Daily earned income has been recognized as "vulnerable income" and has not routinely collected health insurance premiums, but it has now risen to the point that it is no longer low-income income.
According to the Ministry of Health and Welfare and the Korea Health Insurance Corporation on the 4th, the health insurance authorities decided to continue discovering financial resources to impose insurance premiums and to charge new types of income for the stable operation of health insurance finances that are red-lit due to rapid low birth rate and aging.
To this end, in the case of temporary income, we decided to prepare a procedure to allow voluntary reporting and payment of insurance premiums in advance.
Specifically, under the current law, the scope of income charged with insurance premiums will be expanded by imposing insurance premiums on daily earned income that is subject to health insurance premiums but does not charge insurance premiums.
In the past, daily earned income was regarded as money earned by poor daily workers through hard work, but it has risen overall due to the rise in the minimum wage.
Daily earned income is tax-free up to 150,000 won per day, so you don't pay income tax.
A single tax rate of 6% is applied from the daily excess of 150,000 won, and a 55% tax credit (cutting taxes) is imposed on the tax.
As the health insurance fee is not imposed on daily earned income, foreign workers who gradually eroded Korea's daily work jobs and earned nearly 10 trillion won a year benefit from the exemption of health insurance fees.
Last year, 458,678 foreigners earned a total of 9.96139 trillion won in daily earned income in Korea.
Due to the practice of not charging health insurance on daily earned income, foreign workers earn money in Korea but do not pay health insurance properly.
AI Anchor: Y-GO
Caption editing: Jeong Eui-jin
[Copyright holder (c) YTN Unauthorized reproduction, redistribution and use of AI data prohibited]
Daily earned income has been recognized as "vulnerable income" and has not routinely collected health insurance premiums, but it has now risen to the point that it is no longer low-income income.
According to the Ministry of Health and Welfare and the Korea Health Insurance Corporation on the 4th, the health insurance authorities decided to continue discovering financial resources to impose insurance premiums and to charge new types of income for the stable operation of health insurance finances that are red-lit due to rapid low birth rate and aging.
To this end, in the case of temporary income, we decided to prepare a procedure to allow voluntary reporting and payment of insurance premiums in advance.
Specifically, under the current law, the scope of income charged with insurance premiums will be expanded by imposing insurance premiums on daily earned income that is subject to health insurance premiums but does not charge insurance premiums.
In the past, daily earned income was regarded as money earned by poor daily workers through hard work, but it has risen overall due to the rise in the minimum wage.
Daily earned income is tax-free up to 150,000 won per day, so you don't pay income tax.
A single tax rate of 6% is applied from the daily excess of 150,000 won, and a 55% tax credit (cutting taxes) is imposed on the tax.
As the health insurance fee is not imposed on daily earned income, foreign workers who gradually eroded Korea's daily work jobs and earned nearly 10 trillion won a year benefit from the exemption of health insurance fees.
Last year, 458,678 foreigners earned a total of 9.96139 trillion won in daily earned income in Korea.
Due to the practice of not charging health insurance on daily earned income, foreign workers earn money in Korea but do not pay health insurance properly.
AI Anchor: Y-GO
Caption editing: Jeong Eui-jin
[Copyright holder (c) YTN Unauthorized reproduction, redistribution and use of AI data prohibited]
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