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Pension deductions
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dominic



Joined: 10 Mar 2003
Location: Seoul
PostPosted: Sat Feb 14, 2004 8:09 am    Post subject: :( Reply with quote
my boss doesnt even take pension after i begged him to he still didnt
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Mr. Pink



Joined: 21 Oct 2003
Location: China
PostPosted: Sat Feb 14, 2004 3:16 pm    Post subject: Reply with quote
weatherman wrote:
Mr. Pink wrote:
I've paid 120,000 a month for the past couple years. My salary goes up but the school doesnt seem to adjust the pension...


You have a good school. At my school, a private university, the longer you stay the more you pay out in a deduction, but at the same time my pay hasn't increased. I am at 2.0 a month. When I started, I paid out about 95,000 as the deduction, but now it is 140,000.... So the longer I stay, the less I make.... Question Mad


Actually the longer you stay the MORE you make...if your university is matching that 140,000, that means when you quit and take your pension back you get more Smile

That's the way I see it: manditory savings.
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kangnamdragon



Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
PostPosted: Sat Feb 14, 2004 5:12 pm    Post subject: Reply with quote
I agree, you should try to pay as much pension as possible. It is like putting money in the bank and earning 100% interest.
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weatherman



Joined: 14 Jan 2003
Location: Korea
PostPosted: Sat Feb 14, 2004 7:04 pm    Post subject: Reply with quote
Mr. Pink wrote:
weatherman wrote:
Mr. Pink wrote:
I've paid 120,000 a month for the past couple years. My salary goes up but the school doesnt seem to adjust the pension...


You have a good school. At my school, a private university, the longer you stay the more you pay out in a deduction, but at the same time my pay hasn't increased. I am at 2.0 a month. When I started, I paid out about 95,000 as the deduction, but now it is 140,000.... So the longer I stay, the less I make.... Question Mad


Actually the longer you stay the MORE you make...if your university is matching that 140,000, that means when you quit and take your pension back you get more Smile

That's the way I see it: manditory savings.


Not at my school. From all the other teachers who have left, what you get is your money back, plus a little in interest. The school doesn't match it at all. Are you at a private university? Seems like they have a choice of paying you the private pension or the severance pay. Here we get what we put back into till, but with no extra........ ohters have fought this and lost.... seems the law plus the contract work against one at this univeristy....
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kangnamdragon



Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
PostPosted: Sun Feb 15, 2004 3:19 am    Post subject: Reply with quote
I believe according to Korean law, they must give you severence pay and pension. If not, something is wrong.
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Medic



Joined: 11 Mar 2003
PostPosted: Sun Feb 15, 2004 6:22 pm    Post subject: Reply with quote
Thanks for the input and the information.

Regarding severance : There was a landmark case in the Korean courts for illegal migrant workers, and now because of it , they get severance with or without legal work documents .

So there is no way in hell any hogwon owner can withhold your severance. They only way they can do it legally is iff you sign a contract for less than 52 weeks. I was in the original EPIK programe and we all unknowingly had to sign an addendum to our contracts saying it was a 50 week and not a 52 week contract. We unwittingly gave them legal resource to not paye our severance. How is that for a government outfit, and the education department at that.

The landmark legal case for migrant workers is well documented, so if anyone is feeling insecure about approaching some swindling hogwon owner try and get hold of the details and read up on it. You'll then feel a lot more confidant when you have your altercation.

I'm not sure, but iff you stay on for more than a year at an institute I think you are entitled to partial or full payement of your severance for any part of or extra year that you work.

Last edited by Medic on Tue Feb 17, 2004 4:54 am; edited 1 time in total
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weatherman



Joined: 14 Jan 2003
Location: Korea
PostPosted: Mon Feb 16, 2004 3:07 am    Post subject: Reply with quote
kangnamdragon wrote:
I believe according to Korean law, they must give you severence pay and pension. If not, something is wrong.


The private universities have a different law. Really I am not making this up. They don't pay into the government pension, but have their own private pension, and the law says they can pay you one or the other. That is what I know..... Anybody have more information?
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canukteacher



Joined: 21 Jan 2003
Location: Seoul, Korea
PostPosted: Mon Feb 16, 2004 3:37 am    Post subject: Reply with quote
My university used to have the private pension scheme, and did away with it a couple of years ago. Apparently, (not sure if this is right or not) it became illegal (change in laws) to have a private pension plan in place, and pay severance. They moved us over to the National Pension Plan, and we get out severance every year.

Like I say, I don't know all the ins and outs. This is how it was explained to me.

CT
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aussie col



Joined: 31 Jan 2004
PostPosted: Tue Feb 17, 2004 12:51 pm    Post subject: Reply with quote
My boss never took pension OR tax out of my pay. I was going to ask him about it but figured that I was on a good deal Very Happy . Once I got a letter from the pension place (name?) asking me to pay a few hundred thou Won. Moved apartment a few weeks later so threw the letter away and never paid a cent the whole year.

I'm Australian so would never get it back even if i tried.
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paquebot



Joined: 20 Jun 2007
Location: Northern Gyeonggi-do
PostPosted: Fri Jul 20, 2007 6:39 am    Post subject: Reply with quote
Does anyone have the web address of a government site that explicitly states that a school (hagwon) must pay into the National Pension Scheme?

I've had a few schools tell me that they're confused by this. Most of the time it's no big deal because the rest of the contract is rubbish, but I may have found a good school with a good contract that's only missing a part about pension. Mentioning the Totalization Agreement between Korea and the United States helps ("I have social security deductions in the US and will need to have pension deductions in Korea to avoid legal trouble"), but it would be great if I could just throw out a go.kr website as evidence.

Thanks to anyone who can help out.
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