Korean Job Discussion Forums

[depth]

hi all,

if any of the forum experts could please advise,

my employer has given me choice of either 100,000won/mth or medical (national health insurance plan - NHIP) and pension

am pretty sure it is now a legal requirement to be enrolled in medical + pension, and i am most likely going to choose this option, but wasn't sure if the 100,000won/mth would be more beneficial??

The amount of calculated refund is:
my salary offer is 2.1M won
employer contribution - pension 4.5%
employer contribution - NHIP 2.385%

= 6.885%
= annual 1,735,020Won

which is 535,020won more back to me if i choose medical+pension option.
the figure comes to 412,800Won if old NHIP rate of 1.9% is used, so is still more back to me if choose medical+pension offer.

BUT...my employer is prepared to pay 50% of my own private health insurance in addition to the 2.1M won salary. I honestly don't know if this would then make the 100,000won option more beneficial??

OTHER RELATED ISSUES:
-from what i understand, the medical expenses are generally/usually less with NHIP than compared to a private medical insurance (for doctor consultation fees and prescriptions)

SUMMARY

My recruiter is suggesting that i will loose money if i choose medical+pension. I think they are saying this because of the pension refund and that i'm Australian. but i don't think they are aware now that australians will now be entitled to pension refund retroactively as of July 1, 2008.


Is there any other reason why i would loose money choosing the medial+pension option, or should I go with the medical+pension option as per my analysis recommends.

thanks for any answers.

[Atavistic]

Your job and your recruiter are trying to dodge the law for 2.1 salary before you've even started and you're thinking of taking the job?

WHY?

[Dome Vans]

I'm gonna stick my neck out here and say that if you fly half way round the world to work in a foreign country and you waived your right to Basic health insurance for a measly 100 000 a month then you need to have your head read.

What if you get sick while you're here? You'll pay. That 100 000 won is going to pale into insignificance.

Pension is also a legal requirement. If your offer is one that gives you the option to take it or not then I would say that your boss is crooked and expect more problems later with other payments. Dodgy as hell!

[depth]

no, my research indicates its a decent school. they do offer pension+medical (NHIP) to US and Canadian teachers - their salary is 2.1M.

because im an aussie they're offerring 2.2M with no pension+medical (NHIP) but they are willing to pay 50% of my private health insurance on top of the 2.2M won. i think they do this because perhaps they are not aware aussies can now get pension refund?

actually from what i understand, severance pay entitlement can only be legally enforced if enrolled in pension?? which would be another pro to choosing pension+medial option - correct??

[BS.Dos.]

If they're scheming like this now, imagine what they might be doing for a few won 6-months down the line.

Do yourself a favour and kick them into touch. It stinks.

[Dome Vans]

TUM commented on your contract:

[Young FRANKenstein]

[UberJRI]

They are required by Korean labor laws to pay your pension AND national health insurance. Period. Regardless of where you're from, they can't negotiate with you and you can't negotiate with them on whether or not to pay into these programs. It sounds quite fishy to me, and it sounds like they are going to try to screw you over as often and as much as they can if they're already pulling stuff like this.

[husky]

I opt out of both.

I am British, so I don't get my pension back when I leave, and I have no intention of staying here until I retire. I make investments and have my own private pension fund in the UK so I have no interest in paying that here.

As for health insurance, I also have private health insurance AND travelers' insurance so I am well covered, so again I don't want to pay for that again. If I am ill, or die, or whatever I will have all of my expenses paid for, not just 50%.

If you show evidence that you have these already it is perfectly legal to opt out.

[Young FRANKenstein]

[VanIslander]

Something is better than nothing and a bird in the hand is worth two in the bush.

Take the extra 100,000 won a month UNLESS the employer has a clear reputation of actually providing medical and pension. Choosing the latter option could leave you with nothing at the end of it all.

My first hagwon was great in many ways but didn't pay pension and said paid medical but I never got a card, just had the director escort me to the doctor's office and pay the bills.

[elliemk]

OP, don't take the money instead of health insurance and pension.

I fell and broke one ankle and sprained another. The first bill for x-rays and treatment was 150,000 won. The second one was 118,000. I got discounts on the third and fourth visa because a Korean friend explained to the doctor that I had no insurance. Fortunately for me, my church paid the first bill. Had it not been for that and my Korean friend's explanation, the total bills for my injuries would have been about 500,000 won.

People get hurt or sick. You never know what will happen. A friend of mine got epiglottitis. She was in the hospital for five days. Her bill would have been 1 million won. Our church helped with some of it and her director wound up paying most of the rest of it.

But unless you have a great support system here (such as my church), you can wind up spending a lot of money for medical if something happens.

Hopefully you will never need the insurance. But it's better to be safe than sorry later.

[wylies99]

OP, they are testing you to see how much they can get away with.

This is only the beginning.

Your school will cheat you in others ways.

[cruisemonkey]

In this instance I have to disagree with VanIslander.

If indeed Ausies will be eligible for matching, pension lump sum benefits as of July 1, 2008 you are better off making the employer contribute.

The operative word in the preceding sentence is 'making'.

[poet13]

Bear in mind OP, that pension and health can come back at you later and demand retroactive repayment.