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Korean Job Discussion Forums
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schwa
Joined: 18 Jan 2003
Location: Yap
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 Posted: Thu Dec 04, 2014 2:32 am Post subject: Re: Pensions System: 24 years here I get 1,292,000 won. |
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& also, from the first post:
| Tomtomclub wrote: |
| Basically I took in my almost a hundred pages of contracts and my old passports in. |
This would be meaningless in terms of how the system works. The NPS guys can only calculate from what they have officially on their files.
As to the suggestion that its actually 1.29 mil per month, forget it. Given the dodgy background info, that amount isnt feasible.
Theres still a chance theres some cash to be got from university pension schemes, if you contributed. But not through the NPS who have nothing to do with those. |
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bmaw01
Joined: 13 May 2013
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| Posted: Thu Dec 04, 2014 7:01 pm Post subject: |
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You worked at hagwons for 24 years? Are you still teaching in South Korea, and are you still at a Hagwon?
He might be possibly telling the truth. I worked at a hagwon for a little over two years and my director didn't pay into my pension. I think many hagwons do this, and if you don't ask they will not tell you. |
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bmaw01
Joined: 13 May 2013
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| Posted: Thu Dec 04, 2014 7:10 pm Post subject: |
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| Died By Bear wrote: |
All those years and you didn't keep up with your pension stats? Wow. This isn't just a couple of years - it's a quarter of a century guy.
Hope you invested something, otherwise you'll be retiring in the Philippines. Do you even rate any social security (assuming you're American, if not then good luck). |
I doubt he would get much in social security if he's been in South Korea for 24 years.
You people act like it's the end of the world for this guy. The OP must be late 40s, early 50s. My uncle didn't start putting money away for retirement until he was in his early 50s. He retired at 70 and lived decently for another 7 years before he expired. It can be done OP. You're just going to need to buckle down. If you have no children you could possibly save enough to retire between 65-70.
You need to check out "Start Late, Finish Rich" by David Bach. This book turned my uncle's life around.
Finally, what's wrong with retiring in the Philippines, Thailand, or even Vietnam? These countries are becoming hotbeds for older foreigners because the quality of life has gotten much better. I'm currently living in NJ and it's expensive to live here. Making $60k a year just doesn't go far, especially after taxes. In Vietnam you could live like a king. People who speak poorly on other countries are just ignorant. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Fri Dec 05, 2014 3:43 am Post subject: |
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| schwa wrote: |
| As to the suggestion that its actually 1.29 mil per month, forget it. Given the dodgy background info, that amount isnt feasible. |
Could be. I just got a pension update today in the mail. Shows me how much I've put in and what my estimated monthly payouts will be if I retire at 63 (twenty *cough* something years from now). Estimate is only about ₩500,000/mo. I need to check that again. Maybe it presumes a cutoff at 10 years? (I'm not there yet.)
| bmaw01 wrote: |
| You people act like it's the end of the world for this guy. |
I'm not. I said pension is a small amount relative to what he could have saved on his own. But it's nothing to sneeze at. Certainly not arguing against your suggestions, though. I'm considering the idea if retiring in SE Asia.
Anyway, OP still hasn't come back to respond to any suggestions. |
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Seon-bee
Joined: 24 Jan 2003
Location: ROK
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| Posted: Fri Dec 05, 2014 9:59 pm Post subject: |
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| A quick check of Tom's resume found online states that his teaching career is 10-12 years, with time spent in countries including Korea, Japan, Taiwan, and the U.S. |
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basic69isokay
Joined: 28 Sep 2014
Location: korea
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| Posted: Sat Dec 06, 2014 2:20 am Post subject: |
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| Seon-bee wrote: |
| A quick check of Tom's resume found online states that his teaching career is 10-12 years, with time spent in countries including Korea, Japan, Taiwan, and the U.S. |
welp, that explains a lot. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Sat Dec 06, 2014 5:44 am Post subject: |
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| Seon-bee wrote: |
| A quick check of Tom's resume found online states that his teaching career is 10-12 years, with time spent in countries including Korea, Japan, Taiwan, and the U.S. |
? How'd you come by that? And how do you know it's his resume? He put his Dave's username on it? |
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Seon-bee
Joined: 24 Jan 2003
Location: ROK
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| Posted: Sun Dec 07, 2014 6:59 am Post subject: |
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My friend Google told me. Tom left behind some biodata that quickly and easily led to a few online job portals, where his extensive career and credentials in TEFL were highlighted.
No big deal. Everybody does it. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Dec 15, 2014 5:16 pm Post subject: |
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| EZE wrote: |
Hey Tommy,
I have some bad news and I have some good news. It sounds like you haven't had much good news in a while, so I'll give the good news first. Today, I called the NPS to find out more about the backpayments, when it's all due, accepted payment methods, etc. They told me that I don't don't have to pay it, that Nicky's Hagwon a.k.a. Wonderland in Anyang has to pay 100% of the 1,512,000 in backpayments. So I don't think they're going to charge you with 50,000,000 in backpayments.
Now for the bad news. I reminded them that Nicky's Hagwon, a.k.a. Wonderland in Anyang had been told in October 2013 that they had one month to pay the amount and never did. I asked them what, if anything, was being done. As usual, they told me NHIC handles the enforcement of pension payments and told me to call them. So I called NHIC and here's the bad news I've been telling you I have: they told me that it's totally voluntary for schools to pay into pension. They told me that I should go to the nearest branch office and see if the manager of the NHIC branch office could lean on Nicky's Hagwon to pay it. I told her, "But if it's voluntary, it's not like they're going to pay." She agreed and added that a lot of foreigners call in with the same problem, but it is completely voluntary for employers of foreign workers to pay into the pension of the employees. |
It's not the law that pension and health don't have to be paid? I had always thought it was and that they would go after the employer. Now, it isn't? Can the labor board make them pay? |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Thu Dec 18, 2014 2:38 pm Post subject: |
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| I don't understand how someone could be so naive after 24 years in Korea. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Dec 18, 2014 6:01 pm Post subject: |
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| I just spoke to someone in a university environment and thay said 20 years in and get a million won a month at age 65. Their system seems more generous than the public pension, but it is a seperate system from the government one. So, contact the university pension system. You may have more pension waiting for you. |
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