Next Year, One Korean Should Pay 3.88 Million Won

There is a report that next year a Korean should pay as much as 3.885 million won in taxes, social security contributions and an assortment of legal contributions, 365,000 won, or 10.4 %, up from this year’s 3.52 million won.

Rep. Kweon Gi-sul of the Grand National Party said at a meeting of the budget committee of the National Assembly, "Next year, Korean people’s tax burdens amount to 144.2 trillion won, social security contributions, such as state pension and health insurance, reach 34.5 trillion won, and legal contributions reach 186.2 trillion won. The total of these contributions amounts to 186.2 trillion won."

This figure is an 11 percent increase from last year’s total contributions of 167.7 trillion won. If this figure is divided by the expected number of population next year, one Korean should bear the burden of 3.885 million won.

The expected amount of money Koreans should pay in taxes and contributions next year is tantamount to 28.9 percent of next year’s GDP estimate of 644.5 trillion won.

Rep. Kweon explained that eight social security contributions will increase 17.7 percent, taxes by 9.7 percent, and various legal contributions by 9.1 percent and that the Korean public would actually feel a lot of burden because social security and legal contributions increased as well as taxes a lot.

Young-Hae Choi yhchoi65@donga.com