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    "headline": "South Korea Cuts Unemployment Benefit Monthly Cap to 1.76 Million Won",
    "dek": "South Korea will lower the monthly unemployment benefit cap to 1.76 million won to address income inversion with minimum wage earners.",
    "prose": "The South Korean government finalized the 'Employment Insurance System Reform Plan' on January 1 at the Employment Insurance Committee meeting to address income inversion issues. [^1]\n\nThe South Korean Ministry of Employment and Labor finalized a plan to change the job-seeking benefit payment basis from 7 days to 6 days per week starting next year. [^2]\n\nThe monthly unemployment benefit cap will decrease from 1.98 million won to 1.76 million won, while the total payout amount and duration will remain consistent. [^3]\n\nThe standard for unemployment benefit eligibility will change from 7 days per week to 6 days per week, excluding unpaid holidays like Saturdays from the calculation. [^4]\n\nThe unemployment benefit cap will be linked to the minimum wage at 103% of the lower limit to prevent the cap from exceeding the minimum wage earnings. [^5]\n\nFor recipients receiving the minimum benefit amount, the monthly payment will decrease from approximately 1.98 million won to 1.76 million won. [^6]\n\nThe duration of benefit receipt will increase from approximately 5 months to 5.8 months for those receiving the minimum benefit amount. [^7]\n\nThe insurance premium rate for workers and employers will each increase from 0.9% to 1.0%, raising the combined rate from 1.8% to 2.0%. [^8]",
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