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iRock
Joined: 08 Nov 2010
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 Posted: Tue Jul 17, 2012 1:38 am Post subject: Severance Question |
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| Is pension and health insurance deducted for severance? I ask, because I work at a hagwon and I just got it and the regular deductions were made, and I was under the impression that only tax was supposed to be taken out. I like this school, and renewed, so is it worth it for 200k if nearly everything else is done right? |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Jul 17, 2012 3:09 am Post subject: |
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| Is pension and health insurance deducted for severance? |
I don't know what that means. You get pension, which means you pay some money each month and then the school matches it. Together, you get that when you leave Korea (supposedly for good). Severance is usually equal to one month salary and given at the end of one year. If you continue with the same school, you can carry it over to the next year and not collect on it right after 1 year. This means, if you work 1 year and 2 months, you get 1 and 1/6 of your salary. If you get your 1 year at the end of the first year, you restart and have to complete the second year. Is this clear? They are 2 very different things. Nothing is deducted for the other. The worst case, you are deducted for 50% of your pension share, but you get it later.
Health insurance is like a phone bill, you don't get any of that back. |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Tue Jul 17, 2012 3:36 am Post subject: |
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| When I got my severance money at my public school, it was only taxed. Health insurance and pension only came out of regular salaried months. |
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iRock
Joined: 08 Nov 2010
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| Posted: Tue Jul 17, 2012 3:42 am Post subject: |
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I know what pension is and how it works. I didn't want to reset the money for my second year because hagwons sometimes don't like to pay that kind of money and I felt safer having it done this year so I don't get doubly screwed next year when I leave and am owed severance, airfare and last month's salary all in one go.
My question is if health insurance and pension deductions apply to severance pay.
It's only 200,000 and I like my job, but I had budgeted for a trip with that money in mind.
NYCGAL said she wasn't charged. Does anyone else know? |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Jul 17, 2012 9:17 am Post subject: |
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| iRock wrote: |
My question is if health insurance and pension deductions apply to severance pay.
NYCGAL said she wasn't charged. Does anyone else know? |
No, it wouldn't.
If you are planning on using that money for a trip, you would have to wait a month though. Keep that in mind. You don't get your pension money immediately, and your hagwon has some time before they have to give you severance. Talk to them about when you will get it.
Credit cards can help. |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Tue Jul 17, 2012 1:23 pm Post subject: |
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| YTMND wrote: |
| iRock wrote: |
My question is if health insurance and pension deductions apply to severance pay.
NYCGAL said she wasn't charged. Does anyone else know? |
No, it wouldn't.
If you are planning on using that money for a trip, you would have to wait a month though. Keep that in mind. You don't get your pension money immediately, and your hagwon has some time before they have to give you severance. Talk to them about when you will get it.
Credit cards can help. |
1. The OP is talking about severance, not pension.
2. The OP already has the severance money, as stated in the first post. Deductions were made. |
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iRock
Joined: 08 Nov 2010
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| Posted: Tue Jul 17, 2012 2:38 pm Post subject: |
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I already got the severance money but my boss took out the same amount of money that is usually taken out for pension, health insurance and tax.
I like my job a lot and am glad that I was even paid this money because I hear a lot of horror stories but should I talk to my boss about the deductions?
YTMND I have credit cards. That has nothing to do with the fact that I'd still be spending 200k more out of pocket. |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Jul 17, 2012 7:54 pm Post subject: |
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| Quote: |
1. The OP is talking about severance, not pension.
2. The OP already has the severance money, as stated in the first post. Deductions were made. |
Yes, I understand that. I am addressing each variable.
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| YTMND I have credit cards. That has nothing to do with the fact that I'd still be spending 200k more out of pocket. |
It's probably a glitch. Did you simply talk to them about this? What did they say? Are they willing to give you the 200,000 back? Did you go to the pension office and ask them if this is supposed to happen? Does the pension office have all they need to start the process of giving you the pension money after 1 month? Have you received your final month's pay? |
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iRock
Joined: 08 Nov 2010
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| Posted: Tue Jul 17, 2012 8:04 pm Post subject: |
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I haven't talked to them because I wanted everyone here's advice first. NYCGAL said that she didn't have to pay. I'd like more than just one person's experience.
YTMND, I just renewed, so don't know why you're talking about applying for my pension return and final pay. Please reread my first post.
It's 200k. I like this job. I have a nice schedule and the environment is nice but I don't want to piss off my boss over it. Do you think that it's worth it considering that I actually received my severance and renewal money?
Anyone else? |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Jul 17, 2012 9:01 pm Post subject: |
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| I'd like more than just one person's experience. |
I stated I didn't have to either, and with several schools.
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| YTMND, I just renewed, so don't know why you're talking about applying for my pension return and final pay. Please reread my first post. |
Please don't be snippy with me. I am trying to help you. I did read your post. I do clearly understand what is going on. You have the option to still collect if you show a ticket out of the country. You stated you needed the money, so I assumed you would want the pension money for your travels. Again, I am trying to help you.
There is nothing wrong with collecting pension money and returning. I highly suggest you talk with the pension office first to find out if they received all the contributions. Then, with that knowledge I would go to the school and see what they say. Most likely, it seems like a glitch, but having a balance with the pension office at the end of one year and things straightened out before you travel is a not a bad idea.
By final pay, I didn't mean your last pay with the school entirely. I just meant your last pay from the 1st contract period.
| Quote: |
| Do you think that it's worth it considering that I actually received my severance and renewal money? |
Renewal money, you mean airfare? Was this in the old contract or something for the new contract? If it wasn't, then the school might try to weasel out of the 200,000. Did you expect renewal money when you started working?
I still think you should check with the pension office to check your balance to make sure they paid into it. |
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iRock
Joined: 08 Nov 2010
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| Posted: Tue Jul 17, 2012 9:34 pm Post subject: |
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I checked with the pension office today, and my full balance was paid into it as of last month. My boss pays into it every 3 months.
You don't have an option to collect pension when you have a round trip ticket. Also, I'm coming back in a few weeks.
I don't need the money, but I was counting on having it. It would have been a little extra spending money that would have paid for a nice dinner with a friend or some extra shopping. I'm still going to do all of these things, but it does stink that I'll have less play money.
I've decided to let it go because I work at a hagwon that actually pays pension, health insurance, severance, and renewal (also often called flight) money. I think that EPIK pays 2.0 million won for that. I got 2.3, so I think it balances out. |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Tue Jul 17, 2012 9:39 pm Post subject: |
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So, they have 13 pension contributions? Good. I would just use a credit card. No need to cause a stink over 200,000 if you already got it in savings.
You can address it to them like a glitch or misunderstanding. There is a chance the accounting office might look at it and say, "Oh, yea, we should have given you it and not taken it out." It's likely they treated it as just another regular month. |
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iRock
Joined: 08 Nov 2010
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| Posted: Tue Jul 17, 2012 10:08 pm Post subject: |
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No, they have 12 so far because my severance was paid in the 13th month. There is no accounting office. It's a really small school and my boss handles all of that stuff. If there were an accounting office I'd consider it, but I'm not going to cause a stink with my boss because I've been treated really well. Even if they just skimmed the 200k I still have a good situation which is why I renewed. I was just curious if it was supposed to be deducted. It wasn't. Oh well. I'm not going to ask about getting it because it's not worth changing the friendly vibe in this school. Sorry I was snippy.
It's silly. Back home I'd have complained, but here I consider myself lucky that I get most of what's in my contract. |
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NYC_Gal 2.0
Joined: 10 Dec 2010
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| Posted: Tue Jul 17, 2012 10:19 pm Post subject: |
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Yeah, it's probably not worth it, if you're getting all of those other things that many hagwon teachers have to fight to get. It sucks, but such is life as an English teacher in Korea.
I'm in a similar situation. My hagwon pays everything, but doesn't match my pension. My deductions go in, but it just isn't matched. I'm allowed to choose when I take summer and winter vacations, though, and get health insurance too. I choose my battles, and matching pension just isn't worth it.
Enjoy your trip, and maybe there will be some good sales that balance out the loss! |
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