Korean Job Discussion Forums

[legalquestions]

I work at a private uni. I pay 172,000 won per month into the uni private pension fund, and this amount is matched dollar for dollar (plus some interest).

But, according to the relatively new pension law, as it is a private pension, the uni doesn't have to pay severance (contract completion) bonus (as IS paid, if one is under the older national pension).

This severance (bonus) would have been one months salary (about 3,000,000 won) per year. Gone, but not forgotten! Is this just a further example of the erosion of employee benefits here? Or, a law passed just to benefit the private school/university owners? Both?

I would have preferred to have remained under the older national pension act, with one months severance (bonus) per year.

Anybody know the legislative intent behind the new private pension act?

Just curious.

[ttompatz]

[happygirl]

And along with no severence pay, there is a vesting clause. My understanding, which may be incorrect, is that you must be enrolled in the plan for 5 years before you qualify to receive the Uni's portion. At my Uni that's a problem because you may only work here for 3 years. Dinged again. No severence, no employer's contributions to pension, no airfare, increased work hours. No more for me!

3 weeks and 4 days til takeoff! Back to Texas. Good luck to you. My bank account will be approximately 6,000,000 less than I expected due to these points.

[legalquestions]

Thanks for the responses. I left Korea in 1997, and it was good to get three years of severance PLUS matched pension money from my uni at that time

I just met with the payroll office people (here at my new uni), and they told me that there is NO vesting rule with our private school pension plan (Korea Teacher's Pension Fund - although the website doesn't contain any specifics; nor does it contain any contact information - a red flag?)

I will try to get a phone number and call the KTPF office directly. I will post the result here next week.