Net Income Comparison
$24,000/yr salary in Korea = $53,000/yr salary in US ?!
How is that even possible?!
Oh yeah, that is totally possible, since Korea has the lowest tax rates compared to most other countries..
If you teach in Korea, the school provides you a housing (or housing allowance).
And you get your severance pay (a month worth of paycheck) after completing a year contract.
You can also get your pension money back after a year.
- It is 4.5% of your salary that you pay every month + 4.5% of your salary that school pay every month.
- It is equivalent to 9% of your salary.
You also get a full coverage national health insurance!
- If this is included in US, $24,000/yr salary in Korea will be worth even more than $60,000/yr salary in US.
Let's take a look at the charts below.
Note: Korea National Insurance is better and cheaper than the average private insurance in America