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joshuahirtle27
Joined: 23 Mar 2008
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 Posted: Tue Dec 16, 2008 1:38 am Post subject: Interpret this for me please |
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My boss told me that nobody at my school pays into a pension plan (this makes me wonder) and that's why there's nothing taken off of my pay for pension. However my contract says
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| Income tax and retirement taxes will be withheld from the salary in accordance with the Korean tax law. |
Which I interpret as pension.
1) how do you interpret this clause?
2) if it says what I think it says what can I do? |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Tue Dec 16, 2008 1:44 am Post subject: |
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Doesn't matter what's put in your contract. Had no business being there in the first place. It's the law. By law you're supposed to pay taxes and contribute to the health plan and pension.
If you don't want to get in bad with the boss now, just go to the pension office after you've finished with this school and make your claim. Just be prepared to have enough money for your part of the contributions. You'll get them back along with your boss's eventually. |
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joshuahirtle27
Joined: 23 Mar 2008
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| Posted: Tue Dec 16, 2008 2:04 am Post subject: |
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| yingwenlaoshi wrote: |
Doesn't matter what's put in your contract. Had no business being there in the first place. It's the law. By law you're supposed to pay taxes and contribute to the health plan and pension.
If you don't want to get in bad with the boss now, just go to the pension office after you've finished with this school and make your claim. Just be prepared to have enough money for your part of the contributions. You'll get them back along with your boss's eventually. |
And how much should I be looking to be paying... And how "eventual" am I looking? I mean I can leave and come back on a tourist visa and crash in Korea at a friends house if I have to... but I'd rather not do that since I have business to attend to back home. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Tue Dec 16, 2008 2:16 am Post subject: |
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| joshuahirtle27 wrote: |
| yingwenlaoshi wrote: |
Doesn't matter what's put in your contract. Had no business being there in the first place. It's the law. By law you're supposed to pay taxes and contribute to the health plan and pension.
If you don't want to get in bad with the boss now, just go to the pension office after you've finished with this school and make your claim. Just be prepared to have enough money for your part of the contributions. You'll get them back along with your boss's eventually. |
And how much should I be looking to be paying... And how "eventual" am I looking? I mean I can leave and come back on a tourist visa and crash in Korea at a friends house if I have to... but I'd rather not do that since I have business to attend to back home. |
Make your claim before you leave Korea. Pension is 9% of your salary. You and your boss contribute 4.5% each. Depending on your salary, the exact percentage varies. There are brackets that make it a little above, exact or a little over. Anyway, that's neither here nor there.
You will be refunded the whole 9%, but you'll need to fork over your part of the contributions before they go after your boss for his share. If you do that and leave the country, no problem. The pension office will deposit it into whatever bank account you give them.
So if you want it, your boss is SOL. |
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ManintheMiddle
Joined: 20 Oct 2008
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| Posted: Tue Dec 16, 2008 2:22 am Post subject: |
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| Paying into the pension plan is mandatory. If your boss is shrugging it off, a little red siren should go off in your head. Portent of things to come and all that. |
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joshuahirtle27
Joined: 23 Mar 2008
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| Posted: Tue Dec 16, 2008 2:26 am Post subject: |
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| Well my portion is 1.1M if I wait until the end of my contract to bring it up. I can handle that if I get it all back in the end. How long would it take though? I don't want to wait 6 months for this stupid money to come through. |
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maingman
Joined: 26 Jan 2008
Location: left Korea
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| Posted: Tue Dec 16, 2008 2:57 am Post subject: , |
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hey josh..
I received this about three months ago from a recruiter, as i needed some support :
Some hagwons joined Pension plan but some didn�t. If your hagwon joined Pension plan, they will deduct 4.5 % of your gross income each month.
g luck ! |
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QbertP
Joined: 02 Feb 2007
Location: Seoul
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| Posted: Tue Dec 16, 2008 6:12 pm Post subject: |
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| As has been stated, the pension plan is mandatory by law, there is no choice in whether or not to join it. If you are in this country on an E-2 visa your boss is obligated to pay into pension and health care. If he says you are a private contractor he is trying to scam you because you could not have an E-2 visa and be a private contractor. Contact the pension office and good luck. |
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