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Medic
Joined: 11 Mar 2003
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Posted: Fri Feb 13, 2004 4:28 am Post subject: Pension deductions |
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Anyone know what the legal pension deductions are from one's payecheck.
A friend working at a hogwon is getting W100,000 deducted per payecheck. I'm wondering if that's too much.
Also got talking to one of the Korean librarians at our university, and she has just been told that after seven years of continuous service she will no longer be needed. Reason. She has just had a babby. I've known her for a long time, and she has been efficient always. Also one of the few staff who also speaks English. She hates the place now, and is quite bitter especially with the present job situation in Korea the way it is.
I suggested she appeal to the labour board, but she just brushed it off. I guess getting reinstated under those conditions wouldn't be pleasant for working. The rest of the university would only make her life hell. Male librarians also recieved bigger paye increments as well she said. I thought all that kind of stuff dissappeared when Korea showed the semblance of being a democracy.
She will get 7 years severance, but it still doesn't make up for not having a job. Incidently as a full time employee she used to get your standard two bonuses a year. One for Chusok, and one for New Year. |
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kangnamdragon
Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea
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Posted: Fri Feb 13, 2004 6:58 am Post subject: |
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I think around 100,000 is normal. The company should match it, so one will get back twice as much as one puts in. |
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dominic
Joined: 10 Mar 2003 Location: Seoul
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Posted: Fri Feb 13, 2004 7:25 am Post subject: not normal at all |
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the norm is not 100,000 it's around 60,000. more than that the owner is putting in his pocket |
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kangnamdragon
Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea
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Posted: Fri Feb 13, 2004 7:33 am Post subject: Re: not normal at all |
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dominic wrote: |
the norm is not 100,000 it's around 60,000. more than that the owner is putting in his pocket |
no, it depends on how much the teacher is making...the abount should be on the monthly pay stub I believe it is 4.5 % of the salary. |
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dominic
Joined: 10 Mar 2003 Location: Seoul
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Posted: Fri Feb 13, 2004 7:56 am Post subject: i know that... |
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most of make 2 something...so 4.5% is about 60,000
100,000 is way too much |
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kangnamdragon
Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea
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Posted: Fri Feb 13, 2004 8:00 am Post subject: |
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ok...sorry I am not a teacher, but I know it is 4.5%, so I guess 60,000 is right. |
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Gord
Joined: 25 Feb 2003
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Posted: Fri Feb 13, 2004 3:23 pm Post subject: Re: i know that... |
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dominic wrote: |
most of make 2 something...so 4.5% is about 60,000
100,000 is way too much |
A 60,000 Won deduction would be for a person who was making about 1.3M a month.
A 100,000W deduction (assuming that number is literal and not rounded up) is for a person making 2.2M a month.
It's only basic math, you shouldn't need to resort to making things up to feed your agenda. |
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dominic
Joined: 10 Mar 2003 Location: Seoul
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Posted: Fri Feb 13, 2004 6:05 pm Post subject: gord |
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you really are a dick u know that. when i last paid pension which was 2 years ago i was making more than 1.3 and the deduction was 60,000 so explain that one smartass |
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prairieboy
Joined: 14 Sep 2003 Location: The batcave.
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Posted: Fri Feb 13, 2004 6:20 pm Post subject: |
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Gord is right about the deductions.
60,000 / 0.045 = 13333333
100,000 / 0.045 = 2222222
All you need is a calculator to figure it out.
100,000 is about right for a salary just over 2.2 million a month. So if you started paying before 1999 when the percentage went up to 4.5% then you may have been assessed a different rate and the information may never have been updated. That's my guess if I had to explain that.
My deduction didn't change from 1.8 to 1.9 but it should have. My school didn't bother to update my salary information with the NPC and I didn't know I had to do it either. |
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Gord
Joined: 25 Feb 2003
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Posted: Fri Feb 13, 2004 6:34 pm Post subject: Re: gord |
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dominic wrote: |
you really are a *beep* u know that. |
Why thank-you, but I already knew I was a pretty bright guy.
Quote: |
when i last paid pension which was 2 years ago i was making more than 1.3 and the deduction was 60,000 so explain that one smartass |
Perhaps your director had the same math skill level as yourself, Mr. "4.5% of 100 is less than 3". |
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kangnamdragon
Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea
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Posted: Fri Feb 13, 2004 6:48 pm Post subject: |
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ah...Gord is right...I should have done the math |
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justagirl
Joined: 17 Jan 2003 Location: Cheonan/Portland
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Posted: Fri Feb 13, 2004 9:44 pm Post subject: |
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You want to know why your pension deduction wasn't very high? It's because your boss is reporting that your income is less than it really is. Mine flat out told me that he told the tax office and pension office that I'm only making 1.5 million so he can pay less on everything.
Doesn't really affect me as I get a flat amount after all deductions every month and I wasn't planning on the pension anyway.
justagirl |
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kangnamdragon
Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea
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Posted: Sat Feb 14, 2004 12:29 am Post subject: |
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If your boss is skimping on the pension then you are getting screwed because he is supposed to match it. Pay more pension and get more money when you go home. It also helps you to not spend it. |
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Mr. Pink
Joined: 21 Oct 2003 Location: China
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Posted: Sat Feb 14, 2004 3:51 am Post subject: |
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I've paid 120,000 a month for the past couple years. My salary goes up but the school doesnt seem to adjust the pension...they pay 50%, so all I know is when I finally do leave, should be a few mil to help me fly home |
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weatherman
Joined: 14 Jan 2003 Location: Korea
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Posted: Sat Feb 14, 2004 4:29 am Post subject: |
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Mr. Pink wrote: |
I've paid 120,000 a month for the past couple years. My salary goes up but the school doesnt seem to adjust the pension... |
You have a good school. At my school, a private university, the longer you stay the more you pay out in a deduction, but at the same time my pay hasn't increased. I am at 2.0 a month. When I started, I paid out about 95,000 as the deduction, but now it is 140,000.... So the longer I stay, the less I make.... |
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