Is it a bonus or a deduction for the upcoming 2019 year-end settlement?! > Notice

HR Total Provider, Human Consulting Group (HCG, www.e-hcg.com), conducted a training session for '2019 year-end settlement' to calculate the income tax for the year 2019 on the 16th at the conference room of the International Conference Hall of the Korea Science and Technology Center (www.kofst.or.kr).

The lecture by Shin Hyun-beom, a labor/tax attorney (representative of Sangsang Labor Corporation), began with an emphasis on the essence of year-end settlement, which is "getting back the taxes paid," and provided a general explanation of the most significant issues and concerns of this year, such as "annual leave" and the "52-hour workweek system."

The morning session, which focused on selecting only the key points that HR personnel must know about the major amended tax laws and year-end settlements, elicited laughter and applause from attendees with its witty tips.

Following that, Senior Researcher Yun Young-pil from the HCG Research and Development Team provided an explanation on the major changes in year-end settlements compared to last year. The content included adjustments to the child tax deduction (from under 6 years old to under 7 years old), expansion of income deductions for credit card expenses (museum and art gallery admission fees, Zero Pay), application of medical expense deductions for postnatal care center expenses, exclusion of received actual medical insurance benefits from medical expense deductions, changes in criteria for customer donations, and also introduced changes and additional features within the HCG year-end settlement system (such as copying data of deduction recipients from last year's year-end settlement, modifying the resident registration numbers of deduction recipients, uploading supporting documents, etc.).

The HCG year-end settlement system is applied universally to all client companies utilizing HCG e-HR systems such as hunel and JaDE, as well as Payroll Outsourcing, unlike other year-end settlement-related programs. This serves as evidence of its high accuracy and completeness, suitable for application to various industries and areas with a single program.

According to the HCG Research and Development Team, who conducted the recent training, the system offers a feature that allows users to easily compare final data with the original data when a correction report is required, enabling them to file reports seamlessly after recalculating. Additionally, they mentioned that information and materials related to inquiries and system upgrades can be accessed through the helpdesk system provided by HCG.

The year-end settlement training, conducted annually for client companies, has been consistently held for 15 years. This year, it attracted over 300 attendees from more than 100 client companies, including Daelim Industrial, the Korean Red Cross, Lotte Mart, Lotte Department Store, Lotte Hi-Mart, Lotte Hotel, Maeil Dairy, Beomhan Pantos, Woowa Brothers, Yuhan-Kimberly, Korea Expressway Corporation, Korea District Heating Corporation, and Hyundai Department Store, among others. The event boasted its largest scale yet and was met with enthusiastic participation and fervor.

Let's make sure to be smart and thorough about it, so that year-end settlements, which are typically available only to salaried workers, turn into bonuses rather than deductions.

Original Article

· Human Consulting Group (HCG) held '2019 Year-end Settlement' training... "Is it a Bonus or a Deduction?"