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kateinkorea
Joined: 18 Feb 2003
Location: Korea
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 Posted: Sun May 16, 2004 1:21 am Post subject: pension question |
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I have a question.
I read somewhere (and now can't find it), that in order to be refunded the lump sum benefit for the pension, that you have to have worked for one year full. My boss was two months late in registering me for the pension and I want to know if this will penalise me from getting it when i leave Korea.
THanks |
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Kristsoy
Joined: 23 Mar 2004
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| Posted: Sun May 16, 2004 4:55 pm Post subject: ... |
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| nope, that's his problem not yours, you get ur money and if he says no becasue it's only been 10 months, he's lying so he can keep the money |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Sun May 16, 2004 8:13 pm Post subject: |
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| No, you only need a minimum of one year for the severence, not the pension. |
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Kristsoy
Joined: 23 Mar 2004
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| Posted: Sun May 16, 2004 9:47 pm Post subject: ? |
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| Quote: |
| No, you only need a minimum of one year for the severence, not the pension |
what r u talking about man. OP said nothing about severence |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Sun May 16, 2004 10:08 pm Post subject: Re: ? |
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| Kristsoy wrote: |
| Quote: |
| No, you only need a minimum of one year for the severence, not the pension |
what r u talking about man. OP said nothing about severence |
If you read carefully, the OP mentioned "one full year". The person from whom the OP heard this phrase may have confused pension and severence. THAT is what I am talking about. |
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kateinkorea
Joined: 18 Feb 2003
Location: Korea
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| Posted: Mon May 17, 2004 1:46 am Post subject: pension not severence |
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I know what I read and I am not talking about severance pay.
In the Korean labour code it specifies that your boss can pay your pension monthy or in a one year lump sum at the end of the year. If you don't finish your year hey are not obligated to pay.
I wanted to know what would happen if you had already paid or if you quit a job or worked a shorter term or what???
But I am not talking about severence. I do konw the difference.
So....has anyone actually ever received pension for working less than one year. I mean getting back all that they paid plus their employers contribution???? If I hear from someone that this has happened then I will believe it otherwise I have had several people look at the the document and they interpret it the same way as I do.
It also says in the labour code that if you don't have a korean copy of your contract signed it would not hold up in a court of law anyways and is more or less not considered legal??
Lots of good information in the labour code and I think that most of our employers are breaking most of the rules in it.
It is a thick document which is why I am not always sure if my interpretation is correct. |
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skindleshanks
Joined: 10 May 2004
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| Posted: Mon May 17, 2004 7:13 am Post subject: |
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Go to the pension office with your Korean friend and show them your contract--by law if you register late, you and your employer should pay retroactively to the start of the contract.
I was registered 10 months late and had a hudge deduction--but I was thankful they finally registered me.
Two months might not be worth scrapping with your school over--they could make the rest of the year miserable, and you might end up losing in the end. Sometimes a little diplomacy can go a long way. |
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kateinkorea
Joined: 18 Feb 2003
Location: Korea
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| Posted: Mon May 17, 2004 2:48 pm Post subject: |
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| skindleshanks wrote: |
Go to the pension office with your Korean friend and show them your contract--by law if you register late, you and your employer should pay retroactively to the start of the contract.
I was registered 10 months late and had a hudge deduction--but I was thankful they finally registered me.
Two months might not be worth scrapping with your school over--they could make the rest of the year miserable, and you might end up losing in the end. Sometimes a little diplomacy can go a long way. |
I think you are missing the whole point though. If I have to have completed a whole year, or get nothing then losing about 2.5 million won is worth scrapping over. If what I am saying is correct....then by registering me two months late and not paying retroactively, means the pension company will think that I worked only ten months and not release to me my moneypaid in, saying that I did not work a full year and am therefore not entitled to anything.
And...as for even losing two months worth, which in my case would work out to 240,000 won...why do I have to throw that much money away to be diplomatic? I here what you are saying about the diplomacy thing but I don't think that diplomacy should work only one way. Like... it is so acceptable to be ripped off here that the attitude starts to become "well you have to let them rip you off a bit once in a while if you want to get along...it will make them feel good." Well it doesn't make me feel good. I have been ripped off time and time again with this company and they consistently nickle and dime us to death (overcharging for utilities, charging me for someone elses phone usage, etc.) and I am getting frustrated. This pension thing though could cost me a lot of money, just because they were trying to save 240,000 won I could lose about 2.5 million. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon May 17, 2004 4:12 pm Post subject: |
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kateinkorea wrote,
Like... it is so acceptable to be ripped off here that the attitude starts to become "well you have to let them rip you off a bit once in a while if you want to get along...it will make them feel good." Well it doesn't make me feel good. I have been ripped off time and time again....
I guess this describes the experience of most foreigners working in Korea.
kateinkorea,
Good luck.
I have heard that some foreigners have had problems getting their full pension even after working in Korea for several years. Does the Korean government work well for foreigners? What would you do if you could not get your pension? Sue? How much time and money would that cost?
National Pension Office Website
http://www.npc.or.kr/eng/g-index.html
Have you tried posting on EFL-Law?
http://www.koreabridge.com/forums/index.php?showforum=22
Pension
http://www.koreabridge.com/forums/index.php?showtopic=3893 |
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bibimbap
Joined: 14 Dec 2003
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| Posted: Mon May 17, 2004 7:07 pm Post subject: |
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i have four months left on my contract and my employer hasn't done anything about the pension. i mentioned it before and she said, "only one teacher at my old school received the pension."
what should i do? i don't mind a huge deduction as long as i get it back in four months. she will be mightily pissed to be paying out more money - but i've been screwed over so many times in my contract i don't want to lose out on this big one.
In fact, where can I look at this labour code? |
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skindleshanks
Joined: 10 May 2004
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| Posted: Mon May 17, 2004 8:49 pm Post subject: |
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| kateinkorea wrote: |
| skindleshanks wrote: |
Go to the pension office with your Korean friend and show them your contract--by law if you register late, you and your employer should pay retroactively to the start of the contract.
I was registered 10 months late and had a hudge deduction--but I was thankful they finally registered me.
Two months might not be worth scrapping with your school over--they could make the rest of the year miserable, and you might end up losing in the end. Sometimes a little diplomacy can go a long way. |
I think you are missing the whole point though. If I have to have completed a whole year, or get nothing then losing about 2.5 million won is worth scrapping over. If what I am saying is correct....then by registering me two months late and not paying retroactively, means the pension company will think that I worked only ten months and not release to me my moneypaid in, saying that I did not work a full year and am therefore not entitled to anything.
And...as for even losing two months worth, which in my case would work out to 240,000 won...why do I have to throw that much money away to be diplomatic? I here what you are saying about the diplomacy thing but I don't think that diplomacy should work only one way. Like... it is so acceptable to be ripped off here that the attitude starts to become "well you have to let them rip you off a bit once in a while if you want to get along...it will make them feel good." Well it doesn't make me feel good. I have been ripped off time and time again with this company and they consistently nickle and dime us to death (overcharging for utilities, charging me for someone elses phone usage, etc.) and I am getting frustrated. This pension thing though could cost me a lot of money, just because they were trying to save 240,000 won I could lose about 2.5 million. |
IT is a rather simple thing to get your pension in theory, but it will take months of repeatedly phoning the pension office and havingthem threaten your boss, and you have to understand that your boss will be able to work the system better than you, and you both will leave with a sour taste in your mouth. But you could get the 240 thousand (will it pay you for 20-30 hours of trouble and calling in favours from Korean friends to help you? you decide) If you are already at odds, then by all means get busy screwing each other!
I know from experience that "not sweating the small stuff" and making the extra effort to fin a win-win solution can be financially lucrative. I have tolerated and befriended a couple less-than desirable bosses, and found that in the end I was rewarded with generous bonuses and flexibility in my job that wasn't extended to those who came to the job with a chip on their shoulder.
Likewise, I know that there are a few employers who don't mind ripping off their employees.
But I would say that 7 times out of 10, everything will balance out. |
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kateinkorea
Joined: 18 Feb 2003
Location: Korea
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| Posted: Mon May 17, 2004 11:18 pm Post subject: |
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Okay maybe I didn't explain this properly.
I started my job 7 months ago. I have paid 5 months of pension because they signed me up 2 months late.
So thus far I have paid 600,000 won into pension.
By the time I finish my job I will have paid 600,000 more as I have 5 months left on my pension.
That is a loss out of my pocket of 1.2 million won.
Because they signed me up late I may not get anything back, which should have been 2.4 million won plus my contibution and theirs for the two months I did not pay and they did not pay.
This totals over 2.8 million won.
I think this is more than just a little thing.
Because the pension office thinks I did nto work a full year even though I dd I will possibly get nothing.
That is the situation.
I have to go but the website for the labour code can be found at EFL law which is at the top of this page I believe.
Kate |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Tue May 18, 2004 12:07 am Post subject: |
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| the pension is not tied to the yearly contract. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Tue May 18, 2004 12:10 am Post subject: |
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We understand you want to know if you have to work a minimum of one year to receive your pension refund.
Many people have said you don't, but you said you won't believe anyone unless he or she has experienced it.
Please quote or give us a direct link to the section where the rule is and we'll see if we can help you interpret the rule.
I think the people here are just trying to help you. |
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discostar23
Joined: 22 Feb 2004
Location: getting the hell out of dodge
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| Posted: Tue May 18, 2004 12:47 am Post subject: |
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| hmmm i don't think i am paying pension how do I know if I am or not??? |
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