History and scholarship
Mincer (1974) built the earnings equation; Shafir, Diamond and Tversky (1997) described money illusion; Thaler (1985) mental accounting; Chetty et al. (2009) tax salience; Saez (2010) bunching at kinks.
Key points
Deductions: pension, health, long-term care, employment insurance, income and local tax; rates change yearly—check NTS and agencies. Laws, programmes, visa rules and hiring practice change; check official notices, current law and actual postings.
In practice
Online calculators are estimates; taxes are settled in year-end settlement. Check pay composition in your contract.
FAQ
- Monthly net on 30M won?
- Depends on conditions; use official tables.
- Are bonuses deducted?
- Generally yes.
Sources reviewed: 2026-10-26
References
- Mincer, J. (1974). Schooling, Experience, and Earnings. NBER / Columbia University Press.
- Thaler, R. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199–214.
- Shafir, E., Diamond, P., & Tversky, A. (1997). Money illusion. Quarterly Journal of Economics, 112(2), 341–374.
- Chetty, R., Looney, A., & Kroft, K. (2009). Salience and taxation: Theory and evidence. American Economic Review, 99(4), 1145–1177.
- Saez, E. (2010). Do taxpayers bunch at kink points? American Economic Journal: Economic Policy, 2(3), 180–212.
- 국세청. https://www.nts.go.kr
- 국민연금공단. https://www.nps.or.kr
- 고용24(고용노동부). https://www.work24.go.kr
- 국가법령정보센터. https://www.law.go.kr