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University Pension and Severance (What is the law?)
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The Hammer



Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m

PostPosted: Tue Feb 04, 2003 11:18 pm    Post subject: University Pension and Severance (What is the law?) Reply with quote

Very Happy Does anyone have experience getting their pension money back after leaving their university?

Very Happy How do I get it?

Very Happy How is it calculated?

From my contract...
The University will supplement the contribution paid by the employee into the Pension Plan. Upon completion of the period of employment, pension monies paid into the fund by the employee, plus the contribution paid by the University, will be refunded to the employee, in cash within X weeks.

Very Happy How much can I expect to get back?


Very Happy Are Universities also supposed to pay severance? One of my coworkers says that it is the law. Very Happy Is he right?

Shocked My uni only wants to pay pension, and I want to find out what I am due.

Very Happy Thanks for any support you may offer!

The Hammer Laughing
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slap it



Joined: 21 Jan 2003

PostPosted: Tue Feb 04, 2003 11:57 pm    Post subject: Reply with quote

If you are working legally in Korea you should be paying into the National Pension Fund. Every month, 4.5% of your salary should be deducted and put into the National Pension Fund. The school should be matching this amount as well. Therefor although only 4.5% of your salary is deducted each month, a total of 9% is being put in. When you finish your contract, have the school notify the pension office that you have finsihed your employment there. Take with you your plane ticket showing that you're going home and fill out a few forms and they will deposit your money into your bank account. Laughing
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The Hammer



Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m

PostPosted: Wed Feb 05, 2003 12:35 am    Post subject: Reply with quote

Hi Slap it,

Yes, I am working legally. Thanks for responding to my question.

What if I am transferring to another uni? Do I get the pension from my first uni, or does it just add up?

Also, my current uni says that the payment will be made 9 weeks after the completion of the contract. Is that usual?

The Hammer Laughing
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kimcheeking
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PostPosted: Wed Feb 05, 2003 12:49 am    Post subject: Reply with quote

I got my wife to check into it. You can not get it until you leave the country permenantly. Yes it does add up.

when you leave... go to the pension office with a plane ticket, your id card, and a letter from your employer with your final date of work on it and you will get the money either that day or the next.

I know 2 people who have done it and a 3rd about to. don't worry bud you'll get the money eventually. Consider it forced savings.

The university has to pay you your severence if you have a 1 year contract. If you signed for something less, for instance 50 weeks, then you won't get it.
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The Hammer



Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m

PostPosted: Wed Feb 05, 2003 12:54 am    Post subject: Reply with quote

kimcheeking,

Quote:
The university has to pay you your severence if you have a 1 year contract.


I have a one year contract but...

From my contract:
This Pension Plan will operate in lieu of the completion-of-contract payment system, which operates at some other universities and/or private institutions.

Is this an illegal clause?
Why do you think they would say it takes 9 weeks?

Thanks!

The Hammer Laughing
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dutchman



Joined: 23 Jan 2003
Location: My backyard

PostPosted: Wed Feb 05, 2003 4:34 am    Post subject: Reply with quote

Actually it depends on whether you work for a private university or a public university. If it's public, then all the above info is correct. If it's private, then you are not paying into the government pension program. Private universities have private pension programs. They are mandatory but exclude you from paying into the government program. You can get the money back even if you don't leave the country. It SHOULD be automatic and take 3-4 weeks after you complete your contract.

Incidentally, any Canadians or Americans (not sure about other nationalities) who leave the country without filling out the forms to receive their government pension payments are donating money to the Korean government. I now work at a private university. Since I stopped paying into the government pension program I was eligible to get my contributions back. Filled out the forms and got 800,000 won back the next month. If you work at a hogwan, you might want to ask for some documentation to prove your owner is really paying it and not pocketing it.
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dutchman



Joined: 23 Jan 2003
Location: My backyard

PostPosted: Wed Feb 05, 2003 4:37 am    Post subject: Reply with quote

Oh by the way, the pension refund instead of severance pay is legal for private universities.
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lighthouse1971



Joined: 22 Jan 2003
Location: Seoul

PostPosted: Wed Feb 05, 2003 4:40 am    Post subject: Reply with quote

I have my own unique problem. I'm a dual citizen of New Zealand and Canada; however, my E2 is stamped in my New Zealand passport.

As a Canadian, I'm entitled to that pension refund; as a New Zealander, I'm not. I have a sinking suspicion that Korea will try to keep my pension when I leave. As a Canadian citizen, I'm entitled to it. I grew up in Canada, it's my most recent country of residence, and I came here directly from Vancouver.

I plan to fight it in court if they get difficult. Anybody have thoughts on this poser?

Also: Somebody said we get it if we leave "permanently". I plan to come back later under a different contract perhaps. Uh....????
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kim jong il



Joined: 16 Jan 2003
Location: Pyongyang room salon with a pocket full of rice!

PostPosted: Wed Feb 05, 2003 7:56 am    Post subject: Reply with quote

what do you do if you find out that your employer has not been paying into the pension scheme? from everything i've read on the korean national pension corp. website, it appears to be mandatory that the employer pays. is the employer in some big trouble or forced to make the back payments?
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The Hammer



Joined: 18 Jan 2003
Location: Ullungdo 37.5 N, 130.9 E, altitude : 223 m

PostPosted: Wed Feb 05, 2003 8:57 pm    Post subject: Reply with quote

slapit, dutchman, kimcheeking,

Thank you for helping me with my questions!

The Hammer Laughing
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weatherman



Joined: 14 Jan 2003
Location: Korea

PostPosted: Sat Apr 19, 2003 10:33 pm    Post subject: Reply with quote

dutchman wrote:
Oh by the way, the pension refund instead of severance pay is legal for private universities.


Does anybody know the details of this? What if both are stated in your contract?
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hojusaram



Joined: 26 Jan 2003
Location: Kangwon do South korea

PostPosted: Fri Nov 17, 2006 3:59 pm    Post subject: Hi there I would like the article of law about this issue Reply with quote

Gday there,

I would like the article of law - if anyone has it, where it states that private schools and university private pension funds shall be paid instead of severance payments.

Also if it is stated at the beginning of contract is it legal?

I have another source which says they should be paying both pension funds in order that they do NOT pay severance payments. Is this correct?

If both sources are being paid then severance is not paid. But if just Private Schools pension fund is being paid then severance payment are to be paid?

I would like some definition about this area please, if anyone can assist.
or knows of a similar case where it has been a positive outcome for the teacher?


Regards,

Lance.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Fri Nov 17, 2006 4:50 pm    Post subject: Re: Hi there I would like the article of law about this issu Reply with quote

hojusaram wrote:
Gday there,

I would like the article of law - if anyone has it, where it states that private schools and university private pension funds shall be paid instead of severance payments.

Also if it is stated at the beginning of contract is it legal?

I have another source which says they should be paying both pension funds in order that they do NOT pay severance payments. Is this correct?

If both sources are being paid then severance is not paid. But if just Private Schools pension fund is being paid then severance payment are to be paid?

I would like some definition about this area please, if anyone can assist.
or knows of a similar case where it has been a positive outcome for the teacher?


Regards,

Lance.


Specifically it is ARTICLE 34 of the LABOR STANDARDS ACT.

NATIONAL PENSION is in ADDITION to the severance or private fund required by article 34.

You CANNOT contract away these rights. They are REQUIRED by law. You cannot write/sign/agree to a contract to violate the law and have it enforced..
example: you have a clause that requires you to rob banks on Saturdays.
Doesn't happen because it requires you to break the law. It is NOT enforcable. Same/same.
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hojusaram



Joined: 26 Jan 2003
Location: Kangwon do South korea

PostPosted: Fri Nov 17, 2006 9:57 pm    Post subject: PROVE IT SHOW ME where it states the two must be made! Reply with quote

ttompatz wrote:
hojusaram wrote:
Gday there,

I would like the article of law - if anyone has it, where it states that private schools and university private pension funds shall be paid instead of severance payments.

Also if it is stated at the beginning of contract is it legal?

I have another source which says they should be paying both pension funds in order that they do NOT pay severance payments. Is this correct?

If both sources are being paid then severance is not paid. But if just Private Schools pension fund is being paid then severance payment are to be paid?

I would like some definition about this area please, if anyone can assist.
or knows of a similar case where it has been a positive outcome for the teacher?


Regards,

Lance.


Specifically it is ARTICLE 34 of the LABOR STANDARDS ACT.

NATIONAL PENSION is in ADDITION to the severance or private fund required by article 34.

You CANNOT contract away these rights. They are REQUIRED by law. You cannot write/sign/agree to a contract to violate the law and have it enforced..
example: you have a clause that requires you to rob banks on Saturdays.
Doesn't happen because it requires you to break the law. It is NOT enforcable. Same/same.
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hojusaram



Joined: 26 Jan 2003
Location: Kangwon do South korea

PostPosted: Fri Nov 17, 2006 9:58 pm    Post subject: Does not say anything about both being required! Reply with quote

Quote:

Specifically it is ARTICLE 34 of the LABOR STANDARDS ACT.
NATIONAL PENSION is in ADDITION to the severance or private fund required by article 34.
You CANNOT contract away these rights. They are REQUIRED by law. You cannot write/sign/agree to a contract to violate the law and have it enforced..
example: you have a clause that requires you to rob banks on Saturdays.
Doesn't happen because it requires you to break the law. It is NOT enforcable. Same/same.
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View user's profile Send private message Visit poster's website Yahoo Messenger MSN Messenger
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