Korean Job Discussion Forums

[mistermasan]

i have yet to meet a teacher taking part in the pension plan.

you give 4.5% of your wages. your employer matches it with another 4.5%. after one year you get all of it back. kind like a nice little raise.

are you in the pension plan?

[spliff]

Of course, you're bending over if you're not.

[cruisemonkey]

Yes, all public school teachers are; and most hogwan teachers are supposed to be by law.

You don't automatically get a refund after one year. You must be leaving the country 'permanently'... so if you re-sign you have to wait another year (or until you resign or get fired).

[blackjack]

[Atavistic]

[Kim Jong Jordan]

yep, just cashed out actually as I'm leaving here tomorrow. i have 4 mil being deposited into my canadian account in the coming weeks

[ibu]

But this wont benefit Brits either will it?

[ttompatz]

[I-am-me]

Nope.... Indepentend Contractor.

[crazy tigger]

Nope, doesn't benefit Brits, however it is meant to count as N.I contributions when you finally retire. Not sure that a) that will be worth anything, b) they would be any record of my pension payments here or c) there would be some other problem I am sure!

[ttompatz]

[bellum99]

There is a 5 year time limit on getting a lump sum payment from the time you are first put into the program. I am going home and they have me a pamphlet explaining how to get the lump sum. I am just under the 5 years but she told me that I may have not been able to get the money if I had gone over the 5 years.

--Worth checking into for others. They never say the same thing to people but the pamphlet says the same thing. Anyway...I am getting mine

[marlow]