The Republic of Korea is in Eastern Asia, in the southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea. The climate is temperate with rainfall heavier in summer. The official language is Korean. English is widely spoken in official and business circles but not all are likely to speak it. It is spoken by staff at most good hotels. The main religions are Buddhism and Christianity. The economy of South Korea is a developed, largely free-market economy that is the fourth largest in Asia and 15th largest in the world. An extremely competitive education system and a highly skilled and motivated workforce are two key factors driving this knowledge economy that has the world's highest scientific literacy and second highest mathematical literacy. In South Korea, business titles are often used as a sign of respect. Expatriate business dress is typically formal, such as suits. The security risk for expatriates in South Korea is low. Risks include low levels of petty crime, periodic anti-US or anti-Japanese sentiment, and the threat of nuclear weapons from North Korea. The currency of South Korea is the South-Korean Won (KRW). Credit cards are accepted in major cities. ATMs are widely available, but may not accept all international cards. Medical facilities are of a good standard but can be expensive. The population of the Republic of Korea is 51.4 Million (2019 est.), while the inflation rate (CPI) is 0.7% for South Korea as at June 2019. Xpatulator Hypothetical Tax for South Korea is based on the current personal income tax (PIT) rates which are progressive up to 42%. Besides PIT, there is also local income tax that is assessed at a rate of 10% of the PIT rates. The inclusive rates are therefore progressive up to 46.2 ((42% + (42%*10%)).
Cost Of Living
The cost of living for expatriates / professional migrants in In Republic of Korea, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Republic of Korea as at 1 July 2019 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very High 2) Clothing: Very High 3) Communication: Average 4) Education: Average 5) Furniture & Appliances: High 6) Groceries: Very High 7) Healthcare: High 8) Household Accommodation: High 9) Miscellaneous: High 10) Personal Care: Very High 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Average Republic of Korea is for example 87.8% more expensive than USA for groceries, 1.1% more expensive for household costs than UK, and 105.9% more expensive for transport costs than India. The hardship premium for Republic of Korea for an expat from Australia, is for example 10%, i.e. host location (the Republic of Korea) premium of 20% minus home (Australia) location premium of 10%. Republic of Korea is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Republic of Korea? Register subscribe to your home location and Republic of Korea and run your personalised reports.