Korean Job Discussion Forums

Adventurer · Joined: 28 Jan 2006

I wanted to know if the pension is still 4.5% of your salary per month, and your workplace contributes another 4.5%.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

Armin_Tamzarian · Joined: 28 Jun 2011

How is it calculated? If I earn overtime, will it be 4.5% off the gross pay with overtime included or is it just your base salary? My first year, my monthly salary was 2.3 million and my second year I made 2.4 million, so would year one be 2.3 million * 4.5% per month and year two be 2.4 million * 4.5% per month? Also do they deduct pension from your annual completion bonuses as well?

Adventurer · Joined: 28 Jan 2006

big_fella1 · Joined: 08 Dec 2005

@Armin_Tamzarian it is 4.5% of your declared base wage. You shouldn't have it deducted from overtime or your severance payment.

@Adventurer for the universities private pension fund is 6.3% is deducted.

Armin_Tamzarian · Joined: 28 Jun 2011

hagwonnewbie · Joined: 09 Feb 2007 Location: Asia

At my first hagwon, my salary was 2.1 million won per month. However, the academy reported to NPS that I was making 1.8

Of course I caught them on their scam and made a complaint at the office.

They finally paid and my pension was adjusted correctly almost a year after I completed my contract there. The owner's excuse was that it was the same thing all the other academies did.