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hockeyguy109
Joined: 22 Dec 2008
Location: Daegu
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 Posted: Tue Mar 02, 2010 8:16 pm Post subject: Pension Check Question |
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| I was told I need to bring a check to the Pension office. I have no checks from my Korean or American bank accounts. I'm wondering if I just bring my bank information - address, routing number, account number, etc if that will be good enough. Anybody know? |
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Ramen
Joined: 15 Apr 2008
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| Posted: Tue Mar 02, 2010 8:26 pm Post subject: |
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| Yes, that should do. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Tue Mar 02, 2010 9:03 pm Post subject: |
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You can also open an account with KEB and transfer the funds online. This way you can wait till the exchange rate gets better.
I am not sure the exact steps. If anyone knows, feel free to share. |
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hockeyguy109
Joined: 22 Dec 2008
Location: Daegu
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| Posted: Tue Mar 02, 2010 10:01 pm Post subject: |
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So whats the deal with the pension for GEPIK?
My co-worker just got his pension. He was making 2.1 million won a month for 12 months. Only got a pension of 1.6 million won. Aren't we supposed to get that 9 percent matched? Shouldn't it have been 2.5 million or something?
On a side note: The pension office said he only earned 1.4 million won a month. wtf? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Tue Mar 02, 2010 10:40 pm Post subject: |
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| hockeyguy109 wrote: |
So whats the deal with the pension for GEPIK?
My co-worker just got his pension. He was making 2.1 million won a month for 12 months. Only got a pension of 1.6 million won. Aren't we supposed to get that 9 percent matched? Shouldn't it have been 2.5 million or something?
On a side note: The pension office said he only earned 1.4 million won a month. wtf? |
You get an certain percentage excepted from taxes as a foreigner. Some places only calculate the non-exempt percentage of your pay and base the pension on that.
Don't know about the 1.4 million thing though...I'd have showed the office my pay slips and asked what was going on. |
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hockeyguy109
Joined: 22 Dec 2008
Location: Daegu
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| Posted: Tue Mar 02, 2010 10:50 pm Post subject: |
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| All the weird financial stuff aside, question for people who have collected their pension. Does 1.6 million won for 1 year of work at 2.1 a month seem about right? |
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tired of LA
Joined: 06 Nov 2006
Location: Seoul
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| Posted: Tue Mar 02, 2010 10:56 pm Post subject: |
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| hockeyguy109 wrote: |
So whats the deal with the pension for GEPIK?
My co-worker just got his pension. He was making 2.1 million won a month for 12 months. Only got a pension of 1.6 million won. Aren't we supposed to get that 9 percent matched? Shouldn't it have been 2.5 million or something?
On a side note: The pension office said he only earned 1.4 million won a month. wtf? |
It seems like they only paid the pension on 70% of his salary because of the 30% tax exemption. 70% of his 2.1 million would be about 1.5 million. Then he would pay 4.5% for pension, and the school matched his 4.5% for about 130,000 won per month for 12 months would be about 1.6 million. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Tue Mar 02, 2010 11:26 pm Post subject: |
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| hockeyguy109 wrote: |
| All the weird financial stuff aside, question for people who have collected their pension. Does 1.6 million won for 1 year of work at 2.1 a month seem about right? |
Sounds about right. |
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tokkibunni8
Joined: 13 Nov 2009
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| Posted: Tue Mar 02, 2010 11:47 pm Post subject: |
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I'm posting for a friend who will be leaving soon and have no need to make an username just for a pension question. He will finish his contract by mid March but plans to extend is stay in Korea until the end of March.
He wants to know if it's possible to recieve his pension some time after his contract expires but before he leaves Korea having it deposited into his Korean account? Or is it pretty much a rule that you get it when you leave the country where the money will be deposited into your home country bank account regardless of the contract expiration date?
He's a little skeptical and wants his money before he leaves.
Btw, 1.6 mill in one year seems alittle low... Your school is suppose to match what you put in. When i got my statement at the end of my first year, i remember it was close to 2.2mill. |
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hockeyguy109
Joined: 22 Dec 2008
Location: Daegu
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| Posted: Wed Mar 03, 2010 12:12 am Post subject: |
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| tokkibunni8 wrote: |
I'm posting for a friend who will be leaving soon and have no need to make an username just for a pension question. He will finish his contract by mid March but plans to extend is stay in Korea until the end of March.
He wants to know if it's possible to recieve his pension some time after his contract expires but before he leaves Korea having it deposited into his Korean account? Or is it pretty much a rule that you get it when you leave the country where the money will be deposited into your home country bank account regardless of the contract expiration date?
He's a little skeptical and wants his money before he leaves.
Btw, 1.6 mill in one year seems alittle low... Your school is suppose to match what you put in. When i got my statement at the end of my first year, i remember it was close to 2.2mill. |
To answer your question, yes he can just have it put into his Korean bank account. They told me either one is fine, doesn't matter.
I know what you mean about it being low and curious as to why everyone is getting this low amount (from what I hear). I dont think anyone is trying to jip me, there must be some reason.
School keeps telling me to ask pension office why its so low. Pension office says talk to the school. Ah, bureaucracy. |
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tokkibunni8
Joined: 13 Nov 2009
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| Posted: Wed Mar 03, 2010 12:37 am Post subject: |
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| hockeyguy109 wrote: |
| tokkibunni8 wrote: |
I'm posting for a friend who will be leaving soon and have no need to make an username just for a pension question. He will finish his contract by mid March but plans to extend is stay in Korea until the end of March.
He wants to know if it's possible to recieve his pension some time after his contract expires but before he leaves Korea having it deposited into his Korean account? Or is it pretty much a rule that you get it when you leave the country where the money will be deposited into your home country bank account regardless of the contract expiration date?
He's a little skeptical and wants his money before he leaves.
Btw, 1.6 mill in one year seems alittle low... Your school is suppose to match what you put in. When i got my statement at the end of my first year, i remember it was close to 2.2mill. |
To answer your question, yes he can just have it put into his Korean bank account. They told me either one is fine, doesn't matter.
I know what you mean about it being low and curious as to why everyone is getting this low amount (from what I hear). I dont think anyone is trying to jip me, there must be some reason.
School keeps telling me to ask pension office why its so low. Pension office says talk to the school. Ah, bureaucracy. |
He and I both know that you can get it deposited into his Korean account. The question is can he get it done before he leaves Korea. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Wed Mar 03, 2010 3:32 am Post subject: Re: Pension Check Question |
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| hockeyguy109 wrote: |
| I was told I need to bring a check to the Pension office. I have no checks from my Korean or American bank accounts. I'm wondering if I just bring my bank information - address, routing number, account number, etc if that will be good enough. Anybody know? |
It's possible the person you talked to made a mistake and meant for you to bring your plane ticket. That was a rule at one time. |
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