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Midge
Joined: 27 Jan 2016
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 Posted: Thu May 12, 2016 6:43 pm Post subject: SMOE paychecks: deductions and take-home pay?? |
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Hello all,
I've applied to EPIK and am hoping for a SMOE position. I know they don't pay a lot compared to other EPIK locations: I'd qualify for a salary of 2.0 million won per month.
I'm wondering if any SMOE folks out there would be willing to share a rough estimate of what is deducted from each paycheck, and what amount might truly be my "take-home" amount?
I'm just worried this might not be a lot to live on, or I won't be able to save up money over time.
(If you don't want to post specifics here, private messages are welcome!!)
Thank you for any and all insight you can lend!  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri May 13, 2016 10:43 pm Post subject: Re: SMOE paychecks: deductions and take-home pay?? |
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| Midge wrote: |
Hello all,
I've applied to EPIK and am hoping for a SMOE position. I know they don't pay a lot compared to other EPIK locations: I'd qualify for a salary of 2.0 million won per month.
I'm wondering if any SMOE folks out there would be willing to share a rough estimate of what is deducted from each paycheck, and what amount might truly be my "take-home" amount?
I'm just worried this might not be a lot to live on, or I won't be able to save up money over time.
(If you don't want to post specifics here, private messages are welcome!!)
Thank you for any and all insight you can lend! |
Roughly you can expect about:
2% for income tax
3% for medical insurance
4.5% for pension (matched by employer and refunded cash as 9% of your salary by the NPS when you leave).
There should be no other dedications.
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Sat May 14, 2016 5:10 pm Post subject: Re: SMOE paychecks: deductions and take-home pay?? |
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| Midge wrote: |
Hello all,
I've applied to EPIK and am hoping for a SMOE position. I know they don't pay a lot compared to other EPIK locations: I'd qualify for a salary of 2.0 million won per month.
I'm wondering if any SMOE folks out there would be willing to share a rough estimate of what is deducted from each paycheck, and what amount might truly be my "take-home" amount?
I'm just worried this might not be a lot to live on, or I won't be able to save up money over time.
(If you don't want to post specifics here, private messages are welcome!!)
Thank you for any and all insight you can lend! |
2.0 a month...what a horrid salary for Seoul. |
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candy bar
Joined: 03 Dec 2012
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| Posted: Sun May 15, 2016 12:50 am Post subject: Re: SMOE paychecks: deductions and take-home pay?? |
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| trueblue wrote: |
| Midge wrote: |
Hello all,
I've applied to EPIK and am hoping for a SMOE position. I know they don't pay a lot compared to other EPIK locations: I'd qualify for a salary of 2.0 million won per month.
I'm wondering if any SMOE folks out there would be willing to share a rough estimate of what is deducted from each paycheck, and what amount might truly be my "take-home" amount?
I'm just worried this might not be a lot to live on, or I won't be able to save up money over time.
(If you don't want to post specifics here, private messages are welcome!!)
Thank you for any and all insight you can lend! |
2.0 a month...what a horrid salary for Seoul. |
2.0! Hope that's a typo. |
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Sun May 15, 2016 1:32 am Post subject: Re: SMOE paychecks: deductions and take-home pay?? |
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| candy bar wrote: |
| trueblue wrote: |
| Midge wrote: |
Hello all,
I've applied to EPIK and am hoping for a SMOE position. I know they don't pay a lot compared to other EPIK locations: I'd qualify for a salary of 2.0 million won per month.
I'm wondering if any SMOE folks out there would be willing to share a rough estimate of what is deducted from each paycheck, and what amount might truly be my "take-home" amount?
I'm just worried this might not be a lot to live on, or I won't be able to save up money over time.
(If you don't want to post specifics here, private messages are welcome!!)
Thank you for any and all insight you can lend! |
2.0 a month...what a horrid salary for Seoul. |
2.0! Hope that's a typo. |
You should have an understanding of what it means... |
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Midge
Joined: 27 Jan 2016
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| Posted: Sat May 21, 2016 12:57 pm Post subject: |
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ttompatz,
Thank you for the breakdown of the paycheck deductions!
To to the others: Yes, I know 2.0 is quite small... It's less than what I currently make as a teacher in the US.
But I'd be living rent-free, with no debts to pay off back home, and I'm not a big partier and have little desire to travel outside of Korea. Do you think it might be a livable wage in that case? |
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candy bar
Joined: 03 Dec 2012
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| Posted: Sat May 21, 2016 3:49 pm Post subject: |
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| Midge wrote: |
ttompatz,
Thank you for the breakdown of the paycheck deductions!
To to the others: Yes, I know 2.0 is quite small... It's less than what I currently make as a teacher in the US.
But I'd be living rent-free, with no debts to pay off back home, and I'm not a big partier and have little desire to travel outside of Korea. Do you think it might be a livable wage in that case? |
In that case, it is easily livable. You can live comfortably and save .6 million won, $500 every month.
Come on over. All will be fine. |
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Sat May 21, 2016 5:26 pm Post subject: |
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| Midge wrote: |
ttompatz,
Thank you for the breakdown of the paycheck deductions!
To to the others: Yes, I know 2.0 is quite small... It's less than what I currently make as a teacher in the US.
But I'd be living rent-free, with no debts to pay off back home, and I'm not a big partier and have little desire to travel outside of Korea. Do you think it might be a livable wage in that case? |
Fort the first three months, will you have a housing deposit taken out?
Count on roughly, around 200,000 won taken out for taxes, health and pension. So, for three months, you will be making 1.5 million won a month. You won't even be making $1300 U.S. a month, at the current exchange rate.
After the housing deposit is taken out (after three months), at the current exchange rate, you will be making, at most, roughly $1500 U.S. a month (after deductions).
Seoul is NOT cheap. Granted, you are not into partying or traveling outside of Korea (you say that now) and yes, it is rent free.
Ah heck with it...do what you want to do. |
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Midge
Joined: 27 Jan 2016
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| Posted: Tue May 24, 2016 4:12 pm Post subject: |
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Trueblue and candy bar,
Thank you for your insight. I'm definitely nervous about this (in fact I have my EPIK interview this evening), but I'll weigh all the factors to see if I'm up for this adventure. I'm interested in this because I love Korea, not because I wanna save a TON of money.... But.... It is important for me to be able to save a reasonable amount of money, you know?
If you have any other advice or concerns, please share them. I appreciate your thoughts very much! |
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