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Pension Plan - (Do hagwons have to do it??)
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nrvs



Joined: 30 Jun 2004
Location: standing upright on a curve
PostPosted: Wed Nov 24, 2004 9:32 am    Post subject: Reply with quote
theSeeker wrote:
in any case, you mentioned that you didnt care for the pension anyway. but that can potentially be 1,000,000 WON in matching funds by the end of a 1 year contract. why does that not matter to you?

It doesn't matter because my job is much better than most hogwan positions in terms of job description, pay, working hours, and paper-pushing responsibilities. I'm living in a huge one bedroom apartment a five-minute walk from the school. My coworkers are great and management stays out of my life when I'm not at work.

For that, I'm not going to complain about a million won.

But the health insurance is essential. The temporary international policy I bought before I left home runs out at the end of December. I need to find something else before xmas. Even without their 50% contribution, the NHIC plan is way cheaper than similar coverage in America. And the peace of mind that comes with that little national insurance card is worth a lot to me.

I just need to figure out how to get it.
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Grotto



Joined: 21 Mar 2004
PostPosted: Wed Nov 24, 2004 3:48 pm    Post subject: hmm Reply with quote
I believe that if you sign up for the national health coverage you pretty much are automatically also enrolled in the pension coverage.

Am I wrong?
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.
PostPosted: Wed Nov 24, 2004 4:10 pm    Post subject: Reply with quote
Grotto wrote:
I believe that if you sign up for the national health coverage you pretty much are automatically also enrolled in the pension coverage.

Am I wrong?


You are basically right. NHIC will inform the National Pension Corp and then the NPC will send a letter and bill to your school/hagwon. If the letter is ignored and the bill isn't paid then eventually the NPC will threaten to sue the school, which usually makes the school pay up what they owe.

You can apply for the NPC all on your own too. However, if your school/hagwon does not have 5 or more full-time employees, then the school does not have to match your contribution of 4.5%.

The NPC will proceed on the basis that your hagwon has 5 or more full-time employees and will bill them the full 9% of your pay, 4.5% they are expected to cover. If the school refuses they must provide proof to the NPC that there are fewer than 5 full-time employees to get out of matching your contribution.

By the way, a full-time employee does not mean a full-time foreign employee or a full-time Korean employee; there is no racial basis for determining the number of full-time employees. There is only part-time and full-time.

Cheers and good luck.

PS There's lots of info on NPC on this board if you search for it.
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Sage Monkey



Joined: 01 Nov 2004
PostPosted: Wed Nov 24, 2004 9:04 pm    Post subject: Reply with quote


Last edited by Sage Monkey on Thu Mar 29, 2007 9:55 am; edited 3 times in total
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theSeeker



Joined: 18 Jun 2004
PostPosted: Wed Nov 24, 2004 9:30 pm    Post subject: Reply with quote
thanks sage monkey,

what do the rest of you think about what sage monkey said? do you all think it is better to not deal with the pension thing at all, and have money in pocket now? do you agree that most hagwons wouldn't pay into it anyway, therefore i would really not have anything to look forward to except my own money? in any case, if the job sucks, and i decide to bale out and leave the country (which i am not planning to do), i would lose all that money right?

what do you all think if this issue???

thanks everyone for your input.
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Wisco Kid



Joined: 07 Sep 2004
Location: Changwon
PostPosted: Thu Nov 25, 2004 5:40 am    Post subject: Reply with quote
I disagree with sage monkey. true you get to keep more of your paycheck now, but if you are enrolled in the pension plan, you end up getting an extra 4.5% of your total salary in the end.

It is pretty easy to check if your employer is paying into it by visiting your local pension office. As long as you are signed up, the employer has to pay. The pension office will get the money from them. If you show that you know the law and aren't into getting screwed over it will be easier to do. It also helps if your director isn't an asshole.
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Sage Monkey



Joined: 01 Nov 2004
PostPosted: Thu Nov 25, 2004 6:00 am    Post subject: Reply with quote


Last edited by Sage Monkey on Thu Mar 29, 2007 9:48 am; edited 2 times in total
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nrvs



Joined: 30 Jun 2004
Location: standing upright on a curve
PostPosted: Thu Nov 25, 2004 7:23 am    Post subject: Reply with quote
Sage Monkey wrote:
I would think that you would be more concerned about ensuring that your E2 and health insurance would be processed expeditiously.

But wait: isn't the NHIC plan directly tied to the pension?

How will theSeeker's health insurance -- if it's the national scheme -- be sorted if he doesn't make an issue of the pension?
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Sage Monkey



Joined: 01 Nov 2004
PostPosted: Thu Nov 25, 2004 8:42 am    Post subject: Reply with quote


Last edited by Sage Monkey on Thu Mar 29, 2007 9:51 am; edited 2 times in total
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nrvs



Joined: 30 Jun 2004
Location: standing upright on a curve
PostPosted: Thu Nov 25, 2004 9:24 am    Post subject: Reply with quote
Sage Monkey wrote:
I've never paid a won into pension and I have had NHIC for years.

Not trying to be flippant, but is prairieboy totally wrong?

prairieboy wrote:
You are basically right. NHIC will inform the National Pension Corp and then the NPC will send a letter and bill to your school/hagwon. If the letter is ignored and the bill isn't paid then eventually the NPC will threaten to sue the school, which usually makes the school pay up what they owe.

I'm only asking because I don't want my hogwan to learn about my upcoming NHIC adventures with a letter from the NPC. I do want NHIC coverage, but I don't want to rock the boat at my otherwise decent hogwan job.
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Grotto



Joined: 21 Mar 2004
PostPosted: Thu Nov 25, 2004 1:54 pm    Post subject: Reply with quote
prairie boy is correct enrollment in the NHIC will automatically get the ball rolling on the pension plan. The pension plan is a good thing in my books. It helps me to save more of my salary upfront and when I leave Korea I get it all back + interest.

Salary 2.0 + 2.0 severance + 2.16 pension=6.16.