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Do We Have to Pay Pension in Korea?

 
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Mr.NiceGuy



Joined: 03 Feb 2003

PostPosted: Wed Feb 12, 2003 3:16 pm    Post subject: Do We Have to Pay Pension in Korea? Reply with quote

Can anyone tell me anything about this Korean Pension Plan? I took a job in Busan and they want me to pay an extra 90,000 won a month towards a pension plan. They say it's the law.
I've never had to do this before. Of course we get the money back, but I'm wondering if this is just a scam on the owners part.
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antiamerican



Joined: 29 Jan 2003

PostPosted: Wed Feb 12, 2003 6:12 pm    Post subject: Reply with quote

Yeah. If you don't pay pension here it's considered illegal, and they could deport you. This is what I've heard. But most of these hagwons are doing it the illegal way. This new law came into effect a year ago.
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The Bobster



Joined: 15 Jan 2003

PostPosted: Fri Feb 14, 2003 3:12 am    Post subject: Reply with quote

What I'm hearing now is that you are kissing MORE money away by not paying into it.

This is because your employer is required to match you 4.5% deduction ... AND as foreigners (Yanks and Canucks I have it on good authority at least) we can contact an office before we leave and have BOTH ours and our employer's contributiuons refunded back to us.

When I do the math it looks like 90,000 won per month = 1,080,000 over the whole contract ... double that and golly it looks like another paycheck to me.

Anyone know if this is the real deal?
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Homer
Guest




PostPosted: Fri Feb 14, 2003 12:11 pm    Post subject: Reply with quote

As far as the half and half contribution it IS the real deal and you DO have to pay into the pension plan by law.

As a canadian (not so sure about yanks) you CAN ask for your pension contribution to be refunded to you at the end of your stay in Korea. This can be a nifty sum if you stay a couple of years or more.
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The Bobster



Joined: 15 Jan 2003

PostPosted: Fri Feb 14, 2003 6:17 pm    Post subject: Reply with quote

Yeah, in fact is was a colleague from Toronto who put me onto this ... any Yanks out there know if it applies to us?
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kim jong il



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

PostPosted: Fri Feb 14, 2003 11:53 pm    Post subject: Reply with quote

yes, it definitely applies to americans as well as canadians. kiwis, aussies, and s. africans can't take part in it. not sure about brits.

check out this website for info: http://www.npc.or.kr/eng/g_index.html

and this one for pension deductions based on monthly salary: http://my.dreamwiz.com/siac/npc/npc18.htm#

it is a good thing everyone. i just checked on the balance of my pension account, and it's almost 4 million won after only two years, half of which i contributed.
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