Korea EPS Salary Calculator for Sri Lanka — 2026

South Korea sets a single national minimum hourly wage each year through the Minimum Wage Commission (최저임금위원회), effective 1 January. For 2026 it is ₩10,320 an hour. To turn that into a monthly figure, Korean labour law uses 209 standard hours — a 40-hour week plus the weekly paid-holiday allowance (주휴수당) averaged across the month. So the statutory monthly minimum is 10,320 × 209 = ₩2,156,880.

Overtime is paid at 1.5× the hourly wage under the Labor Standards Act, so gross pay is: (regular hours × wage) + (overtime hours × wage × 1.5). The calculator adds overtime to gross but keeps the four insurance premiums on the standard monthly income (the regular pay), because that is the base Korean payroll uses to set the premiums.

Four employee deductions are then subtracted, using the 2026 employee-side rates:

• National Pension — 4.75% of the standard income (base floored at ₩400,000, capped at ₩6,370,000)
• Health Insurance — 3.595% of the standard income
• Long-Term Care — 12.95% of the health-insurance premium (≈ 0.47% of pay)
• Employment Insurance — 0.9% of the standard income

Net take-home is gross − total deductions. The rupee figure multiplies the net by an indicative, editable KRW→LKR rate (default Rs 0.215 per won) and is clearly labelled indicative — the rate you receive on remittance, plus any transfer fee, will differ. Combined, the four deductions take roughly 9.7% of a minimum-wage salary; the tool verifies this two ways, summing the itemised premiums and cross-checking against that aggregate rate.

Korean income tax is excluded in this version. Earned-income tax near the minimum wage is small and depends on dependents and allowances the tool does not collect, so estimating it would add noise rather than accuracy. Employer-side contributions, housing and meal allowances, and industry bonuses are also out of scope — they raise real pay above this statutory floor.

• Minimum Wage Commission of Korea — 2026 minimum hourly wage
• Korea.net — Council sets 2026 minimum wage at ₩10,320
• National Pension Service — employee pension contribution rate
• National Health Insurance Service — health & Long-Term Care rates
• Ministry of Employment and Labor — 209 standard hours & overtime premium
• Sri Lanka Bureau of Foreign Employment — EPS scheme (context)
• Central Bank of Sri Lanka — indicative exchange rates

Wage and deduction rates were transcribed and cross-checked against the primary Korean sources on 2026-07-10. They are reviewed each year after the Minimum Wage Commission decision (usually announced in July, effective 1 January) and when the pension or health-insurance rates change.