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Bada_Bing
Joined: 25 May 2011
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 Posted: Mon Apr 30, 2012 5:16 pm Post subject: Health Insurance & Pension? |
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| I was told that the two are combined, but the pension is a waste of money for me apparently (UK) so I'd rather not...waste my money. But I'd like to get health insurance naturally and I dislike my boss (hagwon) getting a free-ride, so how can I do it? |
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Wildbore
Joined: 17 Jun 2009
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| Posted: Mon Apr 30, 2012 8:00 pm Post subject: Re: Health Insurance & Pension? |
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| Bada_Bing wrote: |
| I was told that the two are combined, but the pension is a waste of money for me apparently (UK) so I'd rather not...waste my money. But I'd like to get health insurance naturally and I dislike my boss (hagwon) getting a free-ride, so how can I do it? |
You don't get the lump-sum refund, but I believe you can still transfer your contributions + employer match into the UK pension fund. It is not a waste of money at all. |
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Bada_Bing
Joined: 25 May 2011
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| Posted: Mon Apr 30, 2012 9:06 pm Post subject: Re: Health Insurance & Pension? |
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| Wildbore wrote: |
| You don't get the lump-sum refund, but I believe you can still transfer your contributions + employer match into the UK pension fund. It is not a waste of money at all. |
Ah. Thanks for pointing that out. I need to find out how this works properly.  |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue May 01, 2012 7:43 am Post subject: Re: Health Insurance & Pension? |
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| Bada_Bing wrote: |
| Wildbore wrote: |
| You don't get the lump-sum refund, but I believe you can still transfer your contributions + employer match into the UK pension fund. It is not a waste of money at all. |
Ah. Thanks for pointing that out. I need to find out how this works properly. |
You are legally required under most circumstances to be registered for both National Pension and National Health Insurance if you are working here in Korea.
If you are an employee, your employer should register you for both and you each pay half of both.
If you are an IC you have to register yourself and you pay 100% of both. Although your boss can assist you with the paperwork, it is up to you as an IC to register and make the payments.
If you sign up for one and not the other, they will eventually find out and you will be required to enroll in the other and to pay retroactively.
Some people are exempt from National Pension: over 60 years, South Africans, people with a recognized alternative retirement program, for example. This means probably not you. |
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Bada_Bing
Joined: 25 May 2011
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| Posted: Mon May 07, 2012 5:02 pm Post subject: |
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| Thanks for the info. What's an IC? |
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CentralCali
Joined: 17 May 2007
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| Posted: Mon May 07, 2012 5:04 pm Post subject: |
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| Independent Contractor. |
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cincynate
Joined: 07 Jul 2009
Location: Jeju-do, South Korea
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| Posted: Mon May 07, 2012 6:46 pm Post subject: |
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| If you are working at a Hakwon, you should not be an independent contractor.. Especially if you are making in the 2.2~2.4 mil range. Do not sign a contract that lists you as an independent contractor. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Mon May 07, 2012 7:57 pm Post subject: Re: Health Insurance & Pension? |
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| Wildbore wrote: |
| ...but I believe you can still transfer your contributions + employer match into the UK pension fund. |
This, as far as I can tell, is a myth thats been floating around for years. I've yet to hear of anyone actually accomplishing this. |
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