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Form GT.20K: An Important Document Every HR Professional and Employee Should Know”
In the fields of Human Resources (HR) and payroll, many people may have heard of “Form GT.20K (KorTor. 20 Kor)” but may not fully understand what it is, what it is used for, or how it relates to employees. This article will help explain it in a simple and easy-to-understand way.
What is Form GT.20K?
Form GT.20K (KorTor. 20 Kor) is the annual wage report for the Workmen’s Compensation Fund. It is a document used by employers to report the actual wages paid to employees throughout the year (January–December) to the Social Security Office.This information is used to calculate the annual contribution to the Workmen’s Compensation Fund, and the form must be submitted by February each year.
Many people may confuse the Social Security Fund with the Workmen’s Compensation Fund, or mix it up with other forms. This article will clearly explain what Form GT.20K is and how to prepare for it in a simple and easy-to-understand way
Why must it be submitted? (Contribution mechanism)
The Workmen’s Compensation Fund has a contribution collection system that differs from general social security. It consists of two main steps:
1. Beginning of the year (Estimation):
The employer estimates the total wages to be paid for the year and makes an advance contribution payment (via Form GT.26).
2. Following year (Actual reconciliation):
The employer must submit the annual wage report (Form GT.20K) to declare the actual wages paid.
3. If actual wages > estimated amount:
The employer must pay the additional contribution for the difference.
4. If actual wages < estimated amount:
The employer will receive a refund of the excess contribution (usually carried forward to offset the following year’s contribution).
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