Korean Job Discussion Forums

[Mikejelai]

I'm not talking about the National Pension (which most of you are probably enrolled in), but rather the KTP, which most private schools/universities subscribe to.

My understanding is that it takes more than 5 years employment before the school has to contribute any matching monthly contributions. But most schools (all??) cut you loose before this magical 5 year mark, thereby allowing the school not to have to ever pay any pension money to you. In other words, there is no pension for teachers at private schools/universities.

[Unposter]

You do not have to be at the same school for more than five years to have your Korean Private School Pension vest. It vests after 20 full years of work is completed, reagardless of the number of years at any one school.

For the record, I am now on the 10th consecutive contract at the univesity I work for, so it is possible to stay longer than five years, but from my experience it is not that common.

My understanding is that, yes, after 5 years most schools match pension contributions.

The KPSP has its own website and you can sign-up. Once you get your password, you can check your accounts anytime you want, 24/7.

One of the nice functions of this website is you can project exactly how much you will get, though they do warn you it is unofficial. From what I can tell, the lump sum part of the pension, over time, is definitely much better than severance pay, but the monthly stipend isn't all that much.

According to the sites projections, I would only get about a million a month till death if I work 20 years. The more you work the higher your monthly pension can grow. I think it is over 3 million a month after 40 years of work. (Could you imagine? - 40 years that is).

Also, I don't think you can start receiving a monthly pension until your 61 or 62, but you can get the lump sum payment anytime.

Anyway, like anyplace, your Korean pension may supplement your retirement income but I would not depend on it as your sole retirement fund.

One last thing, from my personal experience, the KPSP, while very friendly, is a beauracracy, and I would keep a record of contracts/paystubs/ID numbers in case of problems. One problem that I had was that one of my former schools both wrote my name and my ID number wrong. (I still do not know how they could get my ID number so terribly wrong?!?!) Fortunately, I had all sorts of paper to prove I was that person. The KPSP fund told my wife that they regularly have problems with foreign names, so I really would keep careful records.

[loyfriend]

Is this a different type of pension that teachers can put money in to? Or is this the one all teachers get? I am confused? If it is a second one, how do you sign up?

[SeoulMan6]

UNPOSTER - Thanks for all the info. I got signed up on their site but I still don't fully understand the system.

I've only been in this pension since March. They are taking 6.3% out of my salary, which is confirmed on my account on the website. But first, the salary they list is 1 million lower than my contracted salary so I'm actually paying less into the pension. I (my wife actually) found the 6.3% number explained on the website but I (she) didn't really understand it.

In addition, on the English site they have info about 8.5%, 5%, and 3.5%. What is all that about if mine is 6.3%

Do you (or anyone) know what the rate should be?

Again, thanks for explaining it so well.

[SeoulMan6]

I think (which is dangerous) that the English information is old. I think the law changed and the new number is 6.3%, with "corporate" (university) matching at 3.7% and government at 2.6%. But from what you people say, it sounds like the matching only happens after 5 years.

So basically for 5 years you get nothing extra, but then you get a 6.3% "raise" that goes straight into your pension.

I may be right. I may be wrong. I may be crazy.