Korean Job Discussion Forums

[afsjesse]

Trying to figure out my pension amount and am confused as to whether or not the total payment per month is based on the contractual amount or the total amount you recieve.

On my contract is says I get 2.1m won, but everymonth I make 2.4 after allowances. So which would it be?

[Ramen]

[afsjesse]

National Pension

[4seasons]

Just visit one of their offices and you can get a statement. You would probably also find there someone who speaks English who can explain the process to you. There is a pension office in almost every major area here.

[ontheway]

After you get your Alien Registration Card, your employer can sign you up for the National Pension. Your employer will report your base salary to the Pension office. Your pension is calculated at approximately 9% of your base salary with the employee and employer paying equal shares. It is based on pay ranges, so the actual pension amount you will pay is not a flat 4.5%. Overtime, bonuses and allowances that you mentioned are not used in calculating your pension amount. The monthly pension payment is an unchanging fixed amount per month. The pension office will bill your employer monthly for the payment.


According to your post, your employer has used the "allowance" trick in your pay package. You have a lower base salary which is used to calculate taxes, health insurance, pension and other salary related items. The lower base will lower these costs for both you and your employer. However, your savings from paying lower income taxes and a lower health insurance payment will be less than what you lose by getting back a smaller employer contribution when you collect your pension refund.

[Otherside]