Korean Job Discussion Forums

[Mikejelai]

My understanding is that you need to be at a private university for more than 5 years before the university and the government have to match you monthly pension contributions. Anyone made it to the magical five + years point yet (and gotten the matching funds after leaving?)

[Young FRANKenstein]

[Mikejelai]

Is that 5 years at one univ or can it be a total of 5 years from different univ's? I couldn't get a clear answer from the pension office

[Young FRANKenstein]

[naturegirl321]

I get pension now, but after five years, the contributions go up.

[Mikejelai]

You mean the univ and the government are matching your monthly contributions (deductions) already??

[naturegirl321]

[Mikejelai]

Naturegirl, regarding the five year rule: have you been at that same univ for all those years, or at different univs for a total of five years? Also, once you get to the magic five year point, do they then match your contributions retroactively or just from that point onward?

[Mikejelai]

Naturegirl, another question: how does your univ calculate your monthly base salary for purposes of determining the monthly pension deduction/contribution? I know that the Korea Teachers Pension Fund (KTPF) law says that the school should deduct 8.5% of your monthly salary, but my monthly pension deduction comes out to only about 5-6% of my monthly salary. This, of course, neans that I will ultimately get much less money from my pension when I retire.

[naturegirl321]

Just started this year. As for the monthly salary, it's afixed amount, but we get more for extra classes, extra work, etc.

They deduct .085 from my salary and then the uni and govt contributes an amount.

As for the magic five year mark, STARTING then, they increase the LUMP sum payment at the end. Not really sure how that works.