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Pension deductions
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Medic



Joined: 11 Mar 2003

PostPosted: Fri Feb 13, 2004 4:28 am    Post subject: Pension deductions Reply with quote

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

PostPosted: Fri Feb 13, 2004 6:58 am    Post subject: Reply with quote

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

PostPosted: Fri Feb 13, 2004 7:25 am    Post subject: not normal at all Reply with quote

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

PostPosted: Fri Feb 13, 2004 7:33 am    Post subject: Re: not normal at all Reply with quote

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

PostPosted: Fri Feb 13, 2004 7:56 am    Post subject: i know that... Reply with quote

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

PostPosted: Fri Feb 13, 2004 8:00 am    Post subject: Reply with quote

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

PostPosted: Fri Feb 13, 2004 3:23 pm    Post subject: Re: i know that... Reply with quote

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

PostPosted: Fri Feb 13, 2004 6:05 pm    Post subject: gord Reply with quote

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.

PostPosted: Fri Feb 13, 2004 6:20 pm    Post subject: Reply with quote

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

PostPosted: Fri Feb 13, 2004 6:34 pm    Post subject: Re: gord Reply with quote

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

PostPosted: Fri Feb 13, 2004 6:48 pm    Post subject: Reply with quote

ah...Gord is right...I should have done the math Embarassed
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justagirl



Joined: 17 Jan 2003
Location: Cheonan/Portland

PostPosted: Fri Feb 13, 2004 9:44 pm    Post subject: Reply with quote

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

PostPosted: Sat Feb 14, 2004 12:29 am    Post subject: Reply with quote

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

PostPosted: Sat Feb 14, 2004 3:51 am    Post subject: Reply with quote

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 Smile
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weatherman



Joined: 14 Jan 2003
Location: Korea

PostPosted: Sat Feb 14, 2004 4:29 am    Post subject: Reply with quote

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.... Question Mad
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