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le-paul
Joined: 07 Apr 2009
Location: dans la chambre
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 Posted: Tue May 20, 2014 10:50 pm Post subject: alternative pension scheme? |
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I heard through a co-teacher (last year) that it is possible to pay into Korean pension scheme - other than the national pension scheme.
Does anyone know if there is any truth in this, and if so, what is the name of it? (Im asking as a person holding a UK passport so I know I have no alternative to paying into something - Im trying to find out if theres a cheaper alternative).
Thank you |
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Lucas
Joined: 11 Sep 2012
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| Posted: Tue May 20, 2014 10:55 pm Post subject: |
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Can you really trust anyone with pension schemes?
I'd be super suspicious of any UK one, let alone a Korean one when you're here on an E-2 VISA!
Get out of Korea ASAP, move back to the UK and re-train a field with prospects and save as much $ as you can! |
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SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
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| Posted: Tue May 20, 2014 11:56 pm Post subject: |
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Still required to pay into the national one
There are tons of retirement plans out there to supplement the national one, don't know why you would invest in a Korean one though if you are planning on going home at some point. |
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le-paul
Joined: 07 Apr 2009
Location: dans la chambre
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| Posted: Thu May 22, 2014 7:20 pm Post subject: |
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| SeoulNate wrote: |
Still required to pay into the national one
There are tons of retirement plans out there to supplement the national one, don't know why you would invest in a Korean one though if you are planning on going home at some point. |
Hi, sorry for the late response (been a bit busy...).
Thats what I was wondering about - that no matter what, we are still required to pay into the national one.
Me and my boss were talking the other day and we both agreed that that we'd rather not each pay the 50 percent, I was trying to find out if there was a cheaper way for us both.
Thanks |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Fri May 23, 2014 10:20 am Post subject: Re: alternative pension scheme? |
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| le-paul wrote: |
I heard through a co-teacher (last year) that it is possible to pay into Korean pension scheme - other than the national pension scheme.
Does anyone know if there is any truth in this, and if so, what is the name of it? (Im asking as a person holding a UK passport so I know I have no alternative to paying into something - Im trying to find out if theres a cheaper alternative).
Thank you |
There are some legally accepted alternatives for certain industrial and professional categories where that alternate plan has been approved - for example, some university professors have an alternate plan and are exempt from the National Pension. The Penson form lists some of the alternatives on the back.
As an E2 hogwan or public school teacher, however, there are none that I've heard of. If you are an employee you will have to pay half with your employer paying the other half. If you are an IC you will have to pay 100%. If you are from a country such as the US or Canada with an agreement with Korea you can get 100% of your payments - including your employer's share - refunded to you when you leave Korea. |
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