Korean Job Discussion Forums

[kateinkorea]

Below is a quote from the Labor Standards Act. This is what is confusing to me. It sounds from reading this that they are suggesting that the lump sum payment we would receive would be linked to what is said in paragraph 1 which stipulates that you must work one full year to qualify.

As for my earlier comments. I am not trying to sound ungrateful for peoples responses I am only trying to be sure since there is close to $3000 Canadian involved, that someone is sure of their information and not just offering a guess. If someone has actually worked for less than a year and received the pension back when they left they would "know" that this was possible.

Thanks
Kate


Law No. 5309, Mar. 13, 1997.- Labor Standards Act

Article 34 (Retirement Allowances System)
• (1)An employer shall establish a retirement allowance system whereby an average wage of more than 30 days shall be paid for each year of consecutive years employed as a retirement allowance to a retired worker; however, if the worker was employed for less than one year, this shall not apply.
• (2)In establishing the retirement allowance system stipulated in paragraph (1), a differential retirement allowance system shall not be permitted within one business.
• (3)An employer may, at the request of workers, pay retirement allowances in advance for the period of continuous employment of the worker concerned by adjusting the balances of remunerations before his retirement, irrespective of the provisions of paragraph (1). In this case, the number of years of continuous employment for the computation of retirement allowances shall be counted anew from the moment the latest adjustment of balances has been made.
• (4)In cases where an employer has enrolled in pension insurance program for retirees or its equivalents(hereinafter referred to as "pension insurance for retirees") for workers, whereby workers receive lump sum payment at the time of retirement, or draw their pensions, it shall be deemed that the employer has set up a retirement allowance scheme in accordance with paragraph (1). The amount of lump sum by pension insurance, however, shall not be smaller than that of retirement allowances pursuant to paragraph (1).

[fidel]

[J.B. Clamence]

[No L]

I can't answer your original question, but it seems to me that the section of the labour code (#4 of Article 34) that you quoted doesn't apply to the National Pension scheme or your question. I understand it to be talking about a pension/insurance plan that would help out an employer when it came to a severance payment/retirement plan. The National Pension would seem to be separate. Otherwise, all employers would be jumping to pay into National Pension because it would save them money - they wouldn't be paying out as much money for severance.

How you looked into the process of how to claim back your money when you leave? Maybe you would find a definite answer there.

[Derrek]

I am now on the Pension plan. My school signed me up nearly 9 months late after I brought up the issue. I got a certificate card as proof that I'm on it.

My job is paid by Kyonngi-do. My coworkers are paid by the school.

I told two of my co-workers (a married couple) to sign up and do the same thing. The school won't pay theirs. They say that since they are "school employees" and not Kyonggi-do employees, they can't do it -- no money was budgeted for their pension.

I told them that's bull and they should make a stink. We're in the process of signing contracts now.

One of them is completing her second year, and never was put on the pension plan.

[kitkat]

just curious: did you (or anyone) ever resolve this issue? i'm about to try to claim my pension but i've only paid in for 5 months. is there a 12-month minimum? has anyone actually received money having worked here less than 12 months? thanks in advance!

[Derrek]

Heck, give it a try and let us know.

[littlelisa]

So.. did anybody ever find out if there's a limit to how many months you work before you can collect pension?