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mikekim
Joined: 11 Aug 2006
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 Posted: Thu Oct 30, 2008 11:42 am Post subject: Pension too low? |
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| I make 2.0 million and my pension is only 50k a month. Whom do I call? My hagwon briefly exclaimed that my salary is recorded as 1.0 million won so I pay less health insurance, pension, and don't have to pay income tax back home. |
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jadarite
Joined: 01 Sep 2007
Location: Andong, Yeongyang, Seoul, now Pyeongtaek
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| Posted: Thu Oct 30, 2008 12:20 pm Post subject: |
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| 2.0 at a hagwon is a sucky salary. I would plan a change in schools immediately. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Thu Oct 30, 2008 9:28 pm Post subject: Re: Pension too low? |
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| mikekim wrote: |
| I make 2.0 million and my pension is only 50k a month. Whom do I call? My hagwon briefly exclaimed that my salary is recorded as 1.0 million won so I pay less health insurance, pension, and don't have to pay income tax back home. |
Under the new pension guidelines pension is calculated on your taxable base salary. As foreigners get a 30% tax break your taxable salary is w1,400,000 making the pension contribution w63,000 for you and your employer.
You should check your tax deductions, if they are recording your salary at w1,000,000 they shouldn't be deducting any tax.
I would suggest that you should get them to do things by the book, if this scheme of theirs is caught you may get stuck with the whole bill.
Actually ignore that advice and get a new job. Unless you are doing 15 hours a week or less 2 million is not enough. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Oct 31, 2008 12:56 am Post subject: Re: Pension too low? |
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| mikekim wrote: |
| I make 2.0 million and my pension is only 50k a month. Whom do I call? My hagwon briefly exclaimed that my salary is recorded as 1.0 million won so I pay less health insurance, pension, and don't have to pay income tax back home. |
Your cheating boss is under reporting your income by 1/2 to save himself the premiums and contributions on your medical, taxes and pension.
You have 2 choices:
a) live with it.
B) report his fraud to the tax, pension and medical plans. FILE (not just complain on the phone) complaints and show your proof of income to substantiate your claims.
Be aware that this may also get you fired in a hurry.
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