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wings
Joined: 09 Nov 2006
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 Posted: Tue Apr 15, 2008 10:36 pm Post subject: changes to pension calculation in your second year? |
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A friend of mine has been getting less than 4.5% taken out of his paycheck (and the same amount matched by his public school)
The school says that this is becuase your pension is based on the average of how much you earned in your last year of work and not your current salary. They said that your current salary is only used to calculate pension for your first year of work. The same amount is being taken out of his check now, but it isn't 4.5% becuase he got a monthly raise for renewing his contract.
I've never heard of this and thought it was a standard 4.5%.
Any thoughts? |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Wed Apr 16, 2008 1:40 am Post subject: Re: changes to pension calculation in your second year? |
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| wings wrote: |
A friend of mine has been getting less than 4.5% taken out of his paycheck (and the same amount matched by his public school)
The school says that this is becuase your pension is based on the average of how much you earned in your last year of work and not your current salary. They said that your current salary is only used to calculate pension for your first year of work. The same amount is being taken out of his check now, but it isn't 4.5% becuase he got a monthly raise for renewing his contract.
I've never heard of this and thought it was a standard 4.5%.
Any thoughts? |
It's BS although many employers will try this. My last employer deducted according to my raises, but sent the pension office amounts according to my original salary. I got the difference back though except that he cancelled my pension (and health) on January 31st when my last year with him finished on March 3rd.
Korea's really great. No fkg rights and the employer can treat your check like a playground. |
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wings
Joined: 09 Nov 2006
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| Posted: Wed Apr 16, 2008 7:14 pm Post subject: |
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This is at a public school, so I'm wondering if they would/are trying to pull something or if it is just a mistake.
The woman claims that she called the pension office and they said that she was correct.
Anyone resigned for a second year at the same job and have this happen? |
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