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Govt. to lower late payment penalty fee for social insurance (The Korea Herald, Feb 8)
Attach Date 2018/02/09 HIT 1602
Welfare authorities said Thursday they will ease penalty fees for defaults on social insurance payments that have been increasing every year. Korea has four social insurance programs -- health, national pension, industrial accident compensation and unemployment. A late payment adds 0.1 percent of the total due amount as penalty per day, which increases after 30 days. The maximum penalty rate is 9 percent. Read More

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