A protection circuit module which is welded to a connection tab and a PTC device without affecting a printed circuit board, and a battery pack including the same are provided. One embodiment of the present invention provides a battery pack having a bare cell and a protection circuit module electrically connected to the bare cell. The protection circuit module includes a printed circuit board, a connection tab positioned on a bottom surface of the printed circuit board, and a positive temperature coefficient (PTC) device electrically connected to the connection tab. The PTC device has a first lead coupled to a bottom surface of the connection tab, a PTC body electrically connected to the first lead, and a second lead electrically connected to the PTC body.