Korean Job Discussion Forums

[essexboy]

I have heard from a recrutiment consultant friend of mine that as i am a resident of the UK i do not get a refund on the pension i am paying. How can this make any sense?
And i have also just been stung by a ridiculous income tax deduction. Not a good month

[vdowd]

I think you are right. Some countries, like the US and Canada, can get a money refund.

Previously, UK citizens could not get a refund or any benefit from paying into the fund and some employers used this to their advantage by saying they were doing you a favor by not deducting it - and of course not matching it out of their pocket. However, I think rules have changed for the UK and now you can transfer your pension payments and their matching contribution into your UK pension.

Not money in hand but double money later in life which is better than zero. Check it out with the Pension Board - I could be wrong.

[wisernow]

I heard from a Korean tax accountant friend that the UK and the Korean government had almost completed the tax treaty that would have given UK teachers the same benefit that Canadians and N.Americans have, which is getting back their pension tax of 4.5% and the schools 4.5%, which would be 9% of your annual salary.

Who is to blame for this not becoming law is my guess. Was it the UK government or the Korean government? In the future this agreement could become law and maybe the pension tax funds that you had paid would be given back to you if it is retroactive.

[snowy32]

Yeah, I'm from NZ and I'm in a similar situation. How can they justify taking money off us under a pension scheme but giving none in return. They could at least be honest about it and say they are going rip us off every month and would we mind? Oh yeah sure, go ahead.

[kangnam mafioso]

koreans working legally in the usa must pay into and recieve social security (american version of pension); therefore, americans working in korea are entitled to the same benefits. i can't speak for other countries but i assume koreans working in england experience a similar injustice as you are now.

[crazylemongirl]

[beast]

It's because when you come here to Korea, you have to know the law and all the rules yourself or else you get taken advantage of. So many schools will deduct the pension from your pay, knowing full well that you are not aloud to make contributions because of your nationality.

Health care is the same, if they are deducting money for health insurance, then make sure you get a health card from them.

As for tax. I see so many posts on here from people wondering what they should be paying. In this day and age with internet, it's not that hard to figure out. Just go to the government website. It's in English, you punch in how much money you are making and it tells you how much tax you should be paying. Income tax that is. Resident tax is different.

Apartment fees are the same thing. Ask to see the bills. Don't just accept random deductions here and there. I sometimes wonder just how dumb people are when they just accept massive deductions from their pay and then turn to this board to find out if they were screwed or not.

[korea252]

[beast]

I know for a fact South Africans can not make contributions. I would hazard a guess on a few other nationalities, but won't, because I'm not certain.

[blynch]