On April 29, 2021, a total of eight amendments to Republic of Korea ("Korea")'s labor laws, including the Labor Standards Act ("LSA"), passed the plenary session of the National Assembly, promulgated on May 18, 2021. The key changes that need to be taken into consideration when managing human resources are as follows:
(Enforcement Date: November 19, 2021)
1. Employer's Obligation to Issue Wage Statements and the Items To Be Written on Wage Statements
Under Article 48 (1) of the previous LSA, the duty to record a wage ledger has been imposed upon all employers. Nevertheless, there were cases where the transactions were not entered correctly, or workers were not permitted to access the wage ledger or were unaware of its existence, making it difficult for them to utilize it as evidence in the event of wage arrears.
However, due to a recent amendment to the LSA, employers now have a legal obligation to provide their workers with wage statements that contain the required information (Article 48 (2)). This Act applies to all businesses or workplaces in Korea, including businesses with fewer than five workers. In addition, the amended Enforcement Decree of the Labor Standards Act stipulates that the wage statement must specify the prescribed matters, such as wage items, calculation method, and details of any deduction (Enforcement Decree Article 27). Employers that fail to provide wage statements will be subject to an administrative fine of...
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