The social security system of Korea is mainly composed of National Health Insurance Service (NHIS) and public pension programs like Korean teacher’s pension plan (KTP). The NHIS covers the whole population as a compulsory social insurance system. Also, everyone residing in Korea is subject to the compulsory coverage of public pension program. As a private university professor, you are eligible for KTP.
Foreigner registration is prerequisite to enrollment of social security program in Korea. All foreigners intending to stay in Korea for more than 90 days after entry have to register as a foreigner to Korean Immigration office. You have to visit your local immigration branch office with the documents needed. Your designated department office contact will assist you with the process.
It takes approximately two (2) weeks to get your foreigner registration card after applying. If you think that you can’t get foreigner registration card before the first day of your employment, it is recommended for you to prepare private travelers insurance until your foreigner registration process is completed. If you already have foreigner registration card, please submit before March 1.
Foreigner registration procedure is like below. You can find more information on the Korean government website for foreigners.
( http://www.hikorea.go.kr > Information > Immigration Guide)
- Upon applying for visa or visa issuance certificate, submit a self-health statement.
- Submit health examination records when applying to be a registered foreigner after entering Korea.
Apostille treaty abolishes requests for validating foreign documents (Treaty #1854, Effective as of July 14, 2007). Documents from countries under the same treaty (92 countries) affixed with an apostille bear the same effect as having verification from the local Korean consulate. If applicant's nation is not member of Apostille Treaty, consulate's verification is the same as the past. For more information, please visit http://www.0404.go.kr(Korean).
Received Apostille treaty or is verified from the Korean embassy in foreigner's home country ‘confirmation certificate from the university’ or ‘graduation certificate including degree achievement facts’ or ‘diploma or degree copy.’ If a foreigner hands in a degree certificate for the visa issuance application, and comes to Korea after getting the conversation teacher(E-2) visa, if the document is made as data in the immigration system the degree certificate is able to be omitted when the foreigner wants to move to another workplace through a new visa issuance application.
Yonsei's year-end tax report period is from January 19 - 26. The tax report procedure is as follows.
- Access to UDesk system and fill out tax report form online.
- Print out the form and attach certificates (credit card receipts, medical expenses receipts etc).
- Submit it to HR team until January 26 (located at Underwood Hall #102). If you have problems filling your tax report form online, which is in Korean, you can fill out the paper form instead. Please print out the tax report form and fill it out. You can submit the tax report form before January 19. Adjusted tax is applied to February's payment after year-end tax adjustment process finished. There are some special deductions for wage income, but there are some regulations.
- 1) You have to use more than 25% of your total taxable income in 2010 to get credit card usage deduction.
- 2) You have to use more than 3% of your total taxable income in 2010 to get medical expenses deduction.
- 3) If you want to put your family members as your dependent for tax deduction, they have to have income less than 1,000,000 KRW in 2010.