For Lee, a 43-year-old employee at an IT company in Seoul’s Geumcheon District, a bigger paycheck each year has brought little sense of greater financial security. A pay raise initially feels rewarding, he said. But that feeling fades when he checks his pay statement. Taxes and social insurance contributions have also risen, leaving him with less additional take-home pay than expected. “My salary goes up every year, but things still feel tight after paying loan interest, living expenses and my child’s education costs,” Lee said. “A pay raise that merely keeps pace with inflation doesn’t mean we’re better off. Tax thresholds should also reflect rising prices.” His frustration reflects growing calls to overhaul Korea’s income tax system as nominal wage increases fail to deliver greater purchasing power. Korea has eight income tax brackets, with rates ranging from 6 percent to 45 percent on taxable income after deductions. The portion above 50 million won ($38,000) and up to 88 million won is taxed at 24 percent, while the portion above 88 million won and up to 150 million