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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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 Posted: Thu Apr 05, 2007 6:49 pm Post subject: Pension Fund |
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I'm just about ready to sign on the dotted line (contract), for the first time working in Korea. There is no mention of the Pension Fund in the contract, just medical that goes 50/50. I questioned the school on this and their reply was that some schools have the Pension Fund and some don't. Is this true? I just don't want to get saddled with a lump sum payment into the Fund at the end of my contract if the school is wrong even though as a Canuck, I receive the monies back.
thx
glenn |
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oxfordstu
Joined: 28 Aug 2004
Location: Bangkok
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| Posted: Thu Apr 05, 2007 7:10 pm Post subject: |
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| The school is lying to you. It's the law that they have to contribute to the pension fund. I wouldn't sign. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Apr 05, 2007 7:20 pm Post subject: Re: Pension Fund |
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| glenn wrote: |
I'm just about ready to sign on the dotted line (contract), for the first time working in Korea. There is no mention of the Pension Fund in the contract, just medical that goes 50/50. I questioned the school on this and their reply was that some schools have the Pension Fund and some don't. Is this true? I just don't want to get saddled with a lump sum payment into the Fund at the end of my contract if the school is wrong even though as a Canuck, I receive the monies back.
thx
glenn |
Pension has been required by law for ALL employees since 1999.
Your new school is lying to you. They figure that if they lie to you they can save about a million won per year in their portion of contribution to your pension plan.
It is also a safe bet that IF they do not pay into pension they also do not enroll you in the national medical plan either in spite of what the contract says. If you were in the medical plan it would flag you for pension, ergo, you can't have one without the other.
Tell them to move along and do yourself a favor - find yourself another school. |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Thu Apr 05, 2007 10:03 pm Post subject: Pension Fund |
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Thanks guys. This from an American guy who is filling in until someone arrives for the f/t position. I asked him the same question.
its tru soem have and some dont
i work for governemnt so I have to, but the gov. matches everything adn when you leave you get it all back, so its kind of a forced savings that doubles, so when you leave teh country you get about 1 months pay for every year you stayed, so if you stay for 3 years and make 2 mill won or get 6 mill won when you leave
BUT, for private school such as Sonji-Herald, I am not sure so hopefully Andrew will answer the question for you
And from Andrew, the teacher I will be taking over from who just finished his 1 yr contract.
I'm not exactly sure what the situation is. We didn't pay into a pension fund, though when we finished we were given (and knew that we should get) one month's pay as severance/pension. That is what I understand to be the norm in Korea - for every year you work you are entitled to one month's pay extra (given to you directly by your employer).
Andrew
So, what's the scoop here guys??
thx g |
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oxfordstu
Joined: 28 Aug 2004
Location: Bangkok
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| Posted: Thu Apr 05, 2007 10:09 pm Post subject: |
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| He's talking about severence, which has nothing to do with pension. If you stay a year, then you should get the severence AND the pension when you leave Korea. If your employer refuses to pay into the pension fund, this is illegal (he could actually be fined up to 5 million won if he's caught). Walk away from this job. There are plenty more out there that aren't this dishonest. |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Thu Apr 05, 2007 10:23 pm Post subject: Pension Fund |
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| oxfordstu wrote: |
| He's talking about severence, which has nothing to do with pension. If you stay a year, then you should get the severence AND the pension when you leave Korea. If your employer refuses to pay into the pension fund, this is illegal (he could actually be fined up to 5 million won if he's caught). Walk away from this job. There are plenty more out there that aren't this dishonest. |
Ox, kind of bummed out after a frustrating search for almost 3 wks and then thought this school was one of the good ones, especially after talking to both of those guys I mentioned earlier who had nothing but good things to say about the school, staff, classes, boss etc. The last thing I want to do is dive into another frustrating search process all over again. Do you know of any reputable schools around I could contact? Would like to go to Busan if possible but at this point...
Would certainly appreciate it. I think I've aged 5 yrs in the past few wks.
thx
glenn |
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oxfordstu
Joined: 28 Aug 2004
Location: Bangkok
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| Posted: Thu Apr 05, 2007 11:12 pm Post subject: |
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| You could just tell them to pay into the pension otherwise you won't take the job. Don't know about any reputable hagwons; I work at a public school. |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Fri Apr 06, 2007 2:21 am Post subject: Pension Fund |
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K, thx Ox. Wish I could stay here in Thailand. If only the money was better.
thx again for your input
glenn |
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willneverteachagain
Joined: 17 Dec 2006
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| Posted: Fri Apr 06, 2007 2:52 am Post subject: |
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severance/pension
is not the same thing. they are two totally different payments, not 1 thing that these words get inter changed by.
severance is the 1 month of salary bonus for finishing ur contract.
pension is pension no different from canada or the us or any other country/company |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Sat Apr 07, 2007 4:12 am Post subject: Pension Fund |
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After informing the recruiter of your responses' guys, she respondes with this e-mail to me. Ya, love the English also.
Anyway, can't wait to hear her explanation on this issue. Will keep you posted.
thx
glenn
Hi Glenn
We will give you a call asap.
You have any wrong information about national pension and severance pay
in Korea.
Anyway, we will contact you to explain it.
Thank you,
Sue Wynne & Sarah |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Apr 07, 2007 5:00 am Post subject: Re: Pension Fund |
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| glenn wrote: |
After informing the recruiter of your responses' guys, she respondes with this e-mail to me. Ya, love the English also.
Anyway, can't wait to hear her explanation on this issue. Will keep you posted.
thx
glenn
Hi Glenn
We will give you a call asap.
You have any wrong information about national pension and severance pay
in Korea.
Anyway, we will contact you to explain it.
Thank you,
Sue Wynne & Sarah |
Please let me set the record straight.
Pension is controlled by the national pension service:
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html
Please let me quote:
Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999. Accordingly, foreigners aged from 18 to less than 60 who reside in Korea must be, in principle, covered under the Scheme.
This is different from SEVERANCE which is under the LABOR STANDARDS ACT
Act No. 5309, Mar. 13, 1997
Amended by Act No. 5473, Dec. 24, 1997
Act No. 5510, Feb. 20, 1998
Act No. 5885, Feb. 8, 1999
Act No. 6507, Aug. 14, 2001
Act No. 6974, Sep. 15, 2003
Please let me quote:
Article 34 (Severance Pay System)
(1) An employer shall establish a severance pay system whereby
an average wage of more than 30 days shall be paid for each
year of consecutive years employed as a severance pay to a
retired worker; however, if the worker was employed for less
than one year, this shall not apply.
http://www.molab.go.kr/
It would be my wager that if they do not pay into pension then they do not enroll you in the national medical plan either (with the plan bookelet) because doing so would flag you to the pension service and they would have to pay that as well.
Your school AND your recruiters are both liars. Get a public school job and then you won't have to worry. |
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butlerian
Joined: 04 Sep 2006
Location: Korea
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| Posted: Sat Apr 07, 2007 5:12 am Post subject: Re: Pension Fund |
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| ttompatz wrote: |
| glenn wrote: |
After informing the recruiter of your responses' guys, she respondes with this e-mail to me. Ya, love the English also.
Anyway, can't wait to hear her explanation on this issue. Will keep you posted.
thx
glenn
Hi Glenn
We will give you a call asap.
You have any wrong information about national pension and severance pay
in Korea.
Anyway, we will contact you to explain it.
Thank you,
Sue Wynne & Sarah |
Please let me set the record straight.
Pension is controlled by the national pension service:
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html
Please let me quote:
Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999. Accordingly, foreigners aged from 18 to less than 60 who reside in Korea must be, in principle, covered under the Scheme.
This is different from SEVERANCE which is under the LABOR STANDARDS ACT
Act No. 5309, Mar. 13, 1997
Amended by Act No. 5473, Dec. 24, 1997
Act No. 5510, Feb. 20, 1998
Act No. 5885, Feb. 8, 1999
Act No. 6507, Aug. 14, 2001
Act No. 6974, Sep. 15, 2003
Please let me quote:
Article 34 (Severance Pay System)
(1) An employer shall establish a severance pay system whereby
an average wage of more than 30 days shall be paid for each
year of consecutive years employed as a severance pay to a
retired worker; however, if the worker was employed for less
than one year, this shall not apply.
http://www.molab.go.kr/
It would be my wager that if they do not pay into pension then they do not enroll you in the national medical plan either (with the plan bookelet) because doing so would flag you to the pension service and they would have to pay that as well.
Your school AND your recruiters are both liars. Get a public school job and then you won't have to worry. |
Ah...so that's why many hagwons won't allow you to join the national medical plan, despite advertising it. |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Sat Apr 07, 2007 5:14 am Post subject: Pension Fund |
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Thanks for that. I will have some re-buttal ammo if she comes back with more excuses as to why the school doesn't comply with the PP.
Weird though after both native teachers there gave the owner great praise. In fact, the Cdn. teacher who fullfilled his contract had to have his appendix out and he said he was covered and the owner even paid him for the week he was in hospital.
Anyway, keep ya posted..
thx again for your help
glennn |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Sun Apr 08, 2007 10:45 am Post subject: |
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| I just sent you a PM Glenn so check your inbox. |
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glenn
Joined: 18 Mar 2007
Location: Daejeon, Korea
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| Posted: Mon Apr 09, 2007 2:49 am Post subject: Pension Plan |
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Yes, replied already, thanks. Send the info when you get the chance. You can send to me directly if you want at, [email protected]
thx again
glenn |
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