Korean Job Discussion Forums

[markfwarren]

Hello, I'm new to Korea and I've been teaching about a month here now. Right now my boss is paying me "pension" straight to my bank account and not to the national pension plan. He explained the benefit is that I can access the money any time I want, and that I don't have to bother with getting refunded my pension at the end of the year. Basically he just adds 4.5 percent of my salary to what he puts into my account every month. He went through all the deductions and pension with me and it looks like I get the same ammount of money I would get if it were done legally through the national pension. I say this after researching what all the deductions should be. My question is, if I don't enroll in the national pension, am I losing any benefit? Especially say, if I go to another school in Korea next year and try to enroll in the national pension. Thanks

[garykasparov]

[jay-shi]

The question you should be asking is: Why is he doing this?

Obviously he's cutting corners with the Korean legal system.

If you aren't entitled to receive your pension contributions at the end of your stint in Korea due to your citizenship, he may be doing you a favor.

But you have to wonder if this is only the tip of the iceberg. In what other areas is he cutting corners? Would you rather have a fully legitimate employer or a creative book keeper?

Just my 20 won.