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Omkara
Joined: 18 Feb 2006
Location: USA
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 Posted: Thu Aug 07, 2008 7:57 pm Post subject: Public School Pensions? |
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| I am unclear on this issue. I've heard that we get some kind of pension when we conclude our public school contracts. Is this true? If so, how much is it? Etc. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Aug 07, 2008 8:32 pm Post subject: Re: Public School Pensions? |
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| Omkara wrote: |
| I am unclear on this issue. I've heard that we get some kind of pension when we conclude our public school contracts. Is this true? If so, how much is it? Etc. |
IF you are working at a public school then you are entitled to:
a) severance pay equal to 1 months salary for every full year completed.
b) Pension from the NPS. This is equal to 9% of your gross salary (subject to certain deductions). You have been paying into this plan at the rate of 4.5% of your salary every month.
There ARE EXCEPTIONS to the cash refund policy - notably that it is only available to Canadians, Americans and Australians.
People from South Africa are exempted from making contributions and those from the UK, Ireland and NZ have to wait until they retire.
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Thu Aug 07, 2008 9:23 pm Post subject: |
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| Thanks! |
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