Will I be taxed heavily despite a good salary? Will I be able to save anything? Will I have to work hard?
Did you know that Korea has one of the lowest tax rates in the world? The cost of living is pretty low too. Your total salary deductions will be around 5% inclusive of tax and residence tax. This means the money you make is all yours.
Will I be able to save anything?
Well, saving depends on your spending lifestyle. But if you are keen and dedicated to leave South Korea with a large amount of money you can leave with all the money made in the country apart from 25% of it which you’ll have spent. Imagine saving 75% of your income easily! This will leave you with a good amount of money to travel, pay off debt, or live high on the hog for a while.
Well, if the pay is good, does that mean I work my socks off?
The maximum hours of work required of you will be up to 30 hours per week (often less), which includes breaks. Any good teacher should prepare and you can spend an hour preparing for your lessons.
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