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egrog1717
Joined: 12 Mar 2008
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 Posted: Tue Aug 03, 2010 2:44 am Post subject: Check My Math Pretty Please? (PS Pension Error?) |
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Think my public school has screwed up my pension...
Facts:
Sept 2008 - August 2009: 1.8 million per month... 4.5% = 81k x 2 x 12
Sept 2009 - August 2010: 2.0 million per month... 4.5% = 90k x 2 x 12
Figures: (Should be)
Sept 2008 - August 2009: Total = 1 944 000
Sept 2009 - August 2010: Total = 2 160 000
Total = 4 104 000
Figures: (Actual)
Sept 2008 - Currently showing as "0" dollars deposited... What's up with that? Have my handler asking, but any ideas? Arrived Sept. 5th (visa delay), but even with pro-rated pay it should be something no?
Oct 2008 - June 2009 = 1 458 000 (81k x 10 months, A-Okay!)
July 2009 - June 2010 = 1 869 360 (ERROR? 81x2x2 + 90x2x10 should be 2 124 000 no?... Only way the current number works is 81x2x2 + 77268x10, which means even though my pay went UP 200k a month, my pension contributions dropped by just under 4k a month...)
July and August have not been deposited yet, but if 77268x2x2 holds, my total comes to 3 616 402, which is -487 598 of what I think I should be getting... Someone mind checking my math for me pretty please? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Aug 03, 2010 3:07 am Post subject: |
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Just a quick note: there is no contribution for partial months of employment so there won't be anything for Sept '08.
You should find a similar event (no contribution for a partial month) for Sept '10 (if that is when you are leaving).
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egrog1717
Joined: 12 Mar 2008
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| Posted: Tue Aug 03, 2010 3:18 am Post subject: |
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| ttompatz wrote: |
Just a quick note: there is no contribution for partial months of employment so there won't be anything for Sept '08.
You should find a similar event (no contribution for a partial month) for Sept '10 (if that is when you are leaving).
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That was my hunch as well, thanks for confirming that.
Still wondering why my contributions decreased in my 2nd year though... |
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eac02
Joined: 23 Jan 2008
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| Posted: Tue Aug 03, 2010 4:03 am Post subject: |
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prob because of this
http://www.eslgateway.com/2009/09/09/pension/
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It goes like this, the school under reports your salary so your employer can pay less pension money. The minimum contribution to your pension is 4.5% of your earnings. If your employer writes that you earn less, they can pay less toward your pension. Without even realizing it you can be losing wads of cash each month, only to realize it at the end of your contract when you take out your pension. Many ESL teachers are now waking up to this ugly truth:
�The school�s administration said this is because the government is no longer considering your full income when taking out pension. This is a new rule that just went into affect in July and it�s affecting all teachers, Korean and foreign alike.�
�Many schools are trying this now and the pension office is backing them up. It�s because we get a 30% reduction in our taxable income (for tax purposes) so they are trying to apply it to everything � and nobody (the tax office) will tell them they can�t. There�s nothing in any legislation that says it applies across the board, but the standard reply from everyone is: �It�s Korean law.� Just ask them to show you and watch the stammering begin.� |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Tue Aug 03, 2010 5:01 am Post subject: |
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| eac02 wrote: |
prob because of this
http://www.eslgateway.com/2009/09/09/pension/
| Quote: |
It goes like this, the school under reports your salary so your employer can pay less pension money. The minimum contribution to your pension is 4.5% of your earnings. If your employer writes that you earn less, they can pay less toward your pension. Without even realizing it you can be losing wads of cash each month, only to realize it at the end of your contract when you take out your pension. Many ESL teachers are now waking up to this ugly truth:
�The school�s administration said this is because the government is no longer considering your full income when taking out pension. This is a new rule that just went into affect in July and it�s affecting all teachers, Korean and foreign alike.�
�Many schools are trying this now and the pension office is backing them up. It�s because we get a 30% reduction in our taxable income (for tax purposes) so they are trying to apply it to everything � and nobody (the tax office) will tell them they can�t. There�s nothing in any legislation that says it applies across the board, but the standard reply from everyone is: �It�s Korean law.� Just ask them to show you and watch the stammering begin.� |
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4.5% of 70% of 2.0 million won is less than the 77k I've been getting though (Had seen that before, but I couldn't get the numbers to add up in my case...) |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Tue Aug 03, 2010 7:58 am Post subject: |
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The 30% income reduction for taxes (and sometimes pension scam) has been discontinued since Jan. 1, 2010. Any months in 2010 should have had the full 4.5% of your gross unaltered income deducted and matched.
Some places also deduct monthly, but only submit quarterly. You can call the pension office and they will tell you which months have been submitted and if others havent. 1355 is the pension number.
The only other things I can think of is that maybe youre getting, and including in your calculations, a multiple school or rural allowance and your school is not counting that as a part of your salary. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Tue Aug 03, 2010 2:40 pm Post subject: |
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| OculisOrbis wrote: |
The 30% income reduction for taxes (and sometimes pension scam) has been discontinued since Jan. 1, 2010. Any months in 2010 should have had the full 4.5% of your gross unaltered income deducted and matched.
Some places also deduct monthly, but only submit quarterly. You can call the pension office and they will tell you which months have been submitted and if others havent. 1355 is the pension number.
The only other things I can think of is that maybe youre getting, and including in your calculations, a multiple school or rural allowance and your school is not counting that as a part of your salary. |
Shouldn't be, standard 2.0 mil SMOE contract working for a school well inside the city |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Tue Aug 03, 2010 8:56 pm Post subject: |
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| Get your coteacher to take you to the school accountant and have them show you, step-by-step, how they calculated each deduction. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Tue Aug 03, 2010 9:56 pm Post subject: |
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Message from my KT:
"Your pension does not depend on your raise, it depends on year-end tax adjustment. You made a ceclaration of your spend, 22 274 500 so national tax service decided how much money you could receive so there's no error in this" [Sic]
What the hell does THAT mean? lol...
I thought pension was calculated by contracted salary? |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Wed Aug 04, 2010 6:18 am Post subject: |
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| Okay... Being told that someone at the school declared my "spending" at 22.7 million won for the fiscal year, and as such my pension contributions were somehow based on that... How and why I have no idea still... |
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dirving
Joined: 19 Nov 2009
Location: South Korea
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| Posted: Wed Aug 04, 2010 8:39 am Post subject: |
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| ttompatz wrote: |
Just a quick note: there is no contribution for partial months of employment so there won't be anything for Sept '08.
You should find a similar event (no contribution for a partial month) for Sept '10 (if that is when you are leaving).
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Yeah, thanks Ttompatz. This occured to me as last November when I worked only 4 days out of the month. Got taken for non-existant lunches as well. Ahh, the joys of a rural EPIC job. |
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