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Korean Job Discussion Forums
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Lucas
Joined: 11 Sep 2012
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 Posted: Mon Oct 20, 2014 3:45 pm Post subject: Korean pension reforms |
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http://www.koreaherald.com/view.php?ud=20141020001141
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Public servants who have not already worked for a long time would be most disadvantaged by the government’s latest proposal to cut the monthly pension for public workers by more than 30 percent.
The Ministry of Security and Public Administration on Saturday officially submitted to the ruling Saenuri Party its latest proposal to reform public servants’ pensions.
According to the proposal, which has been fiercely opposed by unionized public workers since earlier this year, all public employees will have to pay 43 percent more in premiums and receive 34 percent less in pension payouts, starting in 2016. |
Great deal! 
| Quote: |
The proposal, however, is much in favor of public employees who have worked for more than 15 years, raising concerns about the objectivity of the already controversial reform plan.
For example, those who were hired in 1996 will see a slight decrease in monthly payouts from 2.22 million won to 2.1 million won, but public servants first employed in 2006 will have to swallow a far greater cut in payouts from 2.01 million won to 1.5 million won.
Under the proposal, public servants who start their careers in 2016 will have to live with far smaller payouts ― 960,000 won per month. |
Self interest as always - at least Korea is doing something about their pension problem.... |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Mon Oct 20, 2014 9:24 pm Post subject: |
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| I just found out that when I leave KR I get the money I paid into the national pension fund back, with interest. It's a good day when you find money you didn't realize you had... |
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