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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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 Posted: Wed Jan 05, 2011 6:05 am Post subject: Re: Would you accept a job that doesn't pay pension? |
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| Smudger wrote: |
| Does this mean if your school hasn't been regularly contributing pension (i.e. mine) that the Pension Board will give you what you should be owed when you cash out and then chase the school down for it? |
As long as you're not an "independent contractor", yep. |
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willtrimble
Joined: 28 Oct 2010
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| Posted: Thu Jan 13, 2011 2:26 am Post subject: |
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| Great thread...not to beat a dead horse but I am in the same boat. I went to my boss and asked why I wasn't paying into the pension and he said "we don't do that" so I am only two months into my contract Im not sure I want to alienate myself at work by running to the pension office....should I just wait till the end of my contract and nail them for it? (i would get the back pay as long as i aid my dues first) seems kinda....ok seems really underhanded but i feel like im being screwed and if i peruse it now i might get fired....i just want what is mine nothing more nothing less. any opinions? |
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Globutron
Joined: 13 Feb 2010
Location: England/Anyang
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| Posted: Thu Jan 13, 2011 2:27 am Post subject: |
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| British citizens like myself don't even get the pension back. You just pay it into a black hole and that's that. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Thu Jan 13, 2011 2:34 am Post subject: |
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| Globutron wrote: |
| British citizens like myself don't even get the pension back. You just pay it into a black hole and that's that. |
Not exactly true. You may not get the lumpsum refunds, but you do get the money back eventually... transfer it to your British pension fund. I've got friends who've done it before they returned to the UK. (don't bother asking me how they did it, I never asked). |
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Globutron
Joined: 13 Feb 2010
Location: England/Anyang
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| Posted: Thu Jan 13, 2011 2:50 am Post subject: |
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| Young FRANKenstein wrote: |
| Globutron wrote: |
| British citizens like myself don't even get the pension back. You just pay it into a black hole and that's that. |
Not exactly true. You may not get the lumpsum refunds, but you do get the money back eventually... transfer it to your British pension fund. I've got friends who've done it before they returned to the UK. (don't bother asking me how they did it, I never asked). |
Makes no sense. But then, I barely know what tax is. I'll look it up, cheers *rubs chin* |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Jan 13, 2011 3:25 am Post subject: |
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| Young FRANKenstein wrote: |
| Globutron wrote: |
| British citizens like myself don't even get the pension back. You just pay it into a black hole and that's that. |
Not exactly true. You may not get the lumpsum refunds, but you do get the money back eventually... transfer it to your British pension fund. I've got friends who've done it before they returned to the UK. (don't bother asking me how they did it, I never asked). |
Without evidence, this returns to the myth basket. |
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southernman
Joined: 15 Jan 2010
Location: On the mainland again
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| Posted: Thu Jan 13, 2011 10:07 pm Post subject: |
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| schwa wrote: |
| Young FRANKenstein wrote: |
| Globutron wrote: |
| British citizens like myself don't even get the pension back. You just pay it into a black hole and that's that. |
Not exactly true. You may not get the lumpsum refunds, but you do get the money back eventually... transfer it to your British pension fund. I've got friends who've done it before they returned to the UK. (don't bother asking me how they did it, I never asked). |
Without evidence, this returns to the myth basket. |
Yup, unfortunately.
I'm from NZ and until my country signs the required agreement with Korea I'm never going to see the 3 Mil + and counting, I've put in.
When I was at my previous Hagwon I was offered the choice by my boss, Pension or more in Salary (illegal I know, we both knew it was illegal). I took the extra money. I had medical insurance etc and everything else was entirely cosher.
Caveat:- I knew my boss and his family well, I wouldn't accept it if it was for a Hagwon I hadn't worked for before or from a Hawon Director I didn't know
I would do the same thing again probably, under the same circumstances.
Its annoying to say the least to see 100+K disappearing down the drain each month. |
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jrwhite82
Joined: 22 May 2010
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| Posted: Thu Jan 13, 2011 10:23 pm Post subject: |
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| Let's say that NZ or the UK signs an agreement years from now. Will you be able to get that money that you put in prior to the agreement? Would you be able to get it if you left Korea for good? |
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southernman
Joined: 15 Jan 2010
Location: On the mainland again
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| Posted: Thu Jan 13, 2011 11:16 pm Post subject: |
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| jrwhite82 wrote: |
| Let's say that NZ or the UK signs an agreement years from now. Will you be able to get that money that you put in prior to the agreement? Would you be able to get it if you left Korea for good? |
I hope so, often when such agreements are made they are backdated or you are allowed to withdraw the money that you put into it if you can prove your payments.
I got a letter stating the money and other deails relating to me that I had put into the superannuation fund in November. I'm holding onto that letter in case I need it for the future. |
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CentralCali
Joined: 17 May 2007
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| Posted: Fri Jan 14, 2011 12:00 am Post subject: Re: Would you accept a job that doesn't pay pension? |
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| Quote: |
| As long as you're not an "independent contractor", yep. |
Besides falling into the trap of no pension or no medical insurance, please don't fall into the trap of being listed by your employer as an independent contractor. |
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Andyc24_uk
Joined: 21 May 2007
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| Posted: Sat Jan 15, 2011 6:15 am Post subject: |
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If you're American or Canadian and can get your pension back at the end, No, don't go for the job.
If you're British/Kiwi/anyone else who can't reclaim their pension, then yes, without a doubt I'd say go for the job. If you're not going to see your pension at the end of your contract* then it's essentially W100k a month for both you and your boss thrown down the drain. Obvious benefits for you in that - but also, if you have a smart boss, ask them to make damn sure they get a proper healthcare plan sorted for you - it'll cost significantly less than the 1.2million your boss will be saving by not paying pension, so they still end up better off. If your boss isn't smart enough to see the benefits in saving money plus having a healthy, happy employee, that would be more of a reason to reject the job than simply not wanting to pay into a redundant pension scheme, IMHO.
* Yes, I believe it is possible to get it transferred into your home pension fund when you leave - but look at the recent financial chaos, google 'pensions black hole', and then ask yourself whether that pension fund will still exist and be worth anything in 30-40 years, when you come to retire...) |
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