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james_baldrey
Joined: 09 Dec 2004
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 Posted: Mon Apr 04, 2005 10:51 pm Post subject: Pensions- Unfair deal for Brits?? |
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I have just started working at a university in Korea, and after getting my first salary i was informed that they deduct a certain amount each month for the pension. I have been talking to soem Americans, who say that when they finish their contratc, they get their pension money back, but British people DO NOT!! Is this true? I worked out that the amount of money after a year is a hell of a lot! Is this true, and if so, is there anyway to get the money back??
Any advice or experience would be most welcome! |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon Apr 04, 2005 11:11 pm Post subject: |
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Which countries has Korea concluded social security agreements with?
United Kingdom: Contributions-only
Inland Revenue see http://www.inlandrevenue.gov.uk
The agreements are divided into totalization agreements and contributions-only agreements. The totalization agreements Korea has concluded with countries, such as Canada, the United States and Germany, include provisions on the totalization of periods of coverage, as well as the elimination of dual coverage. However, the contributions-only agreements Korea has concluded with countries, such as the United Kingdom, China and The Netherlands, only provide for the elimination of dual coverage.
Therefore, under the totalization agreement, nationals from one contracting country who are employed or self-employed in the other contracting country may enjoy rights regarding exemption from dual coverage, totalization of periods of coverage and equal treatment with nationals from the other contracting country. Meanwhile, under the contributions-only agreement, nationals from one contracting country who are employed or self-employed in the other contracting country may benefit from the elimination of dual coverage, but may not enjoy the right to totalization of periods of coverage.
go to http://www.npc.or.kr/social/index_en.html
Is the lump-sum benefit payable to the national whose country has concluded a social security agreement with Korea when they leave Korea ?
Lump-sum benefits are payable to the nationals of countries with which Korea has concluded a Totalization Agreement (U.S., Canada, Germany as of October, 2003) when they permanently leave Korea for their home country or a third country.
Social Security Agreement
http://www.npc.or.kr/social/index_en.html |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Tue Apr 05, 2005 7:00 pm Post subject: Re: Pensions- Unfair deal for Brits?? |
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| james_baldrey wrote: |
I have just started working at a university in Korea, and after getting my first salary i was informed that they deduct a certain amount each month for the pension. I have been talking to soem Americans, who say that when they finish their contratc, they get their pension money back, but British people DO NOT!! Is this true? I worked out that the amount of money after a year is a hell of a lot! Is this true, and if so, is there anyway to get the money back??
Any advice or experience would be most welcome! |
I'm afraid so. I'm a UK citizen and have been working in Korea for 4 years. So far I've paid over 4 million won into Korean Social Security (aka pension) and have not got a penny back nor do I expect to. I've done a bit of research and sent a few e-mails. A couple of my bosses here in Korea have tried on my behalf also.
As posted above, the upside is that your national insurance contributions due in UK are covered when you work in Korea. |
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rok_the-boat
Joined: 24 Jan 2004
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| Posted: Tue Apr 05, 2005 10:15 pm Post subject: |
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| Are you 100% sure the UK NI contributions are covered? Can you point me to a link that says so? |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Tue Apr 05, 2005 10:52 pm Post subject: |
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| rok_the-boat wrote: |
| Are you 100% sure the UK NI contributions are covered? Can you point me to a link that says so? |
I'm not really sure as I haven't been home in UK long enough to check it out but I've never received any mail to my UK address saying my contributions are short. I'm not really sure what the term dual-coverage means in RR's post but it has something to do with this. |
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eddiebaby
Joined: 13 May 2005
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| Posted: Mon Jun 06, 2005 8:42 am Post subject: |
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does anybody know if this might change in the near future 'cause this sucks  |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Mon Jun 06, 2005 3:50 pm Post subject: |
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| aussies and kiwis don't get the money back either. |
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plato's republic
Joined: 07 Dec 2004
Location: Ancient Greece
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| Posted: Mon Jun 06, 2005 7:47 pm Post subject: |
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Is there any way of avoiding having to pay pension contributions? or would that be illegal?
Would the authorities be right on your back if you weren't paying your share?
I really don't see the point in paying pension especially if you're not going to stay in korea long term.....couldn't those bright sparks in the korean government do something about this issue? |
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prosodic
Joined: 21 Jun 2004
Location: ����
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| Posted: Tue Jun 07, 2005 7:22 am Post subject: |
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| plato's republic wrote: |
| Is there any way of avoiding having to pay pension contributions? or would that be illegal? |
I don't generally approve of this, but there is a way around it. Talk with your boss about drafting and signing a revised contract that says that you teach seventeen or fewer hours per week. The pension requirement begins at eighteen hours per week, so there is no pension requirement if your "official" compensated hours are under eighteen. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Tue Jun 07, 2005 4:46 pm Post subject: |
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| prosodic wrote: |
| plato's republic wrote: |
| Is there any way of avoiding having to pay pension contributions? or would that be illegal? |
I don't generally approve of this, but there is a way around it. Talk with your boss about drafting and signing a revised contract that says that you teach seventeen or fewer hours per week. The pension requirement begins at eighteen hours per week, so there is no pension requirement if your "official" compensated hours are under eighteen. |
A good idea, but doesn't seventeen hours a week make you a part-timer which will make your E-2 invalid? I thought you needed to be full-time to get the E-2. |
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prosodic
Joined: 21 Jun 2004
Location: ����
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| Posted: Tue Jun 07, 2005 5:00 pm Post subject: |
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| eamo wrote: |
| prosodic wrote: |
| plato's republic wrote: |
| Is there any way of avoiding having to pay pension contributions? or would that be illegal? |
I don't generally approve of this, but there is a way around it. Talk with your boss about drafting and signing a revised contract that says that you teach seventeen or fewer hours per week. The pension requirement begins at eighteen hours per week, so there is no pension requirement if your "official" compensated hours are under eighteen. |
A good idea, but doesn't seventeen hours a week make you a part-timer which will make your E-2 invalid? I thought you needed to be full-time to get the E-2. |
It's complicated. According to the Ministry of Labor, part-time is less than fifteen hours. According to the Pension Office, part time is less than eighteen hours. I don't know exactly what Immigration says, but they tend not to read the contracts carefully and probably wouldn't even notice the number of hours before approving the E2.
If you want to know the name of a sleazy institute that successfully avoided pension (for North Americans as well) by using this strategy, then you can pm me. |
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Homer
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| Posted: Tue Jun 07, 2005 6:00 pm Post subject: |
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| Quote: |
| I have been talking to soem Americans, who say that when they finish their contratc, they get their pension money back, but British people DO NOT!! Is this true? |
You will get your money back if and only if your government has made a deal with South Korea so that Koreans working in the UK get their pension deductions back.
If not, you are out of luck. |
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pegpig
Joined: 10 May 2005
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| Posted: Tue Jun 07, 2005 6:02 pm Post subject: |
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| prosodic wrote: |
I don't generally approve of this, but there is a way around it. Talk with your boss about drafting and signing a revised contract that says that you teach seventeen or fewer hours per week. The pension requirement begins at eighteen hours per week, so there is no pension requirement if your "official" compensated hours are under eighteen. |
Another dangerous thing about this scheme might be that if you were deemed pt by the right department of crooks you might not qualify for your severance at the end of your contract.
Just something else to think about. |
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Homer
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| Posted: Tue Jun 07, 2005 6:09 pm Post subject: |
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| Not to mention that with the current crackdown this is just asking for it. |
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kelly
Joined: 31 Jan 2003
Location: Seoul
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| Posted: Thu Jun 09, 2005 4:33 am Post subject: |
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Well some places actually pay the whole pension amount if you cant get it reimbursed when you leave...like my university, they pay everything so I don't loose out....guess it depends on the place. I'm happy  |
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