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deessell
Joined: 08 Jun 2005
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 Posted: Fri Jun 24, 2005 12:22 am Post subject: My first EPIK rant..and it's about money |
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Ok folks here I go.....Got my first pay today after 5 weeks in the EPIK programme. Hmmm deductions of 295,000 won. I thought this was a little high so I asked for a breakdown. It seems that MOE's bright idea was to have the new crop of teachers start one week before the 25th (payday). I thought this seemed a good idea...until now!!!
Korean law dictates that even though I have only worked for one week I must pay the whole months pension and medical insurance. I can's even get my pension money back at the end.
Is this correct. Or should the deduction be on the amount earned for the month (one weeks salary). They have deducted the percentage based on a full months salary. |
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Paddycakes
Joined: 05 May 2003
Location: Seoul
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| Posted: Fri Jun 24, 2005 12:46 am Post subject: |
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As a former EPIK person, and now thankfully out of ESL and on to much better things, the Pension deduction may not be bad.
If you're a Canadian you will get "double" your pension money back at the end of your contract.
Not sure about Kiwi's or Yanks... |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Jun 24, 2005 2:27 am Post subject: |
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The medical insurance is dated from the start date on your ARC, and is not related to when you actually start teaching. You were covered for that time, so it is fair you paid for it.
Why won't you get your pension back? |
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deessell
Joined: 08 Jun 2005
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| Posted: Fri Jun 24, 2005 2:37 am Post subject: |
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| Because I'm a Kiwi. |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Fri Jun 24, 2005 3:23 am Post subject: |
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| yeah kiwis don't get their pension back |
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astroboyfan
Joined: 19 Apr 2005
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| Posted: Fri Jun 24, 2005 3:31 am Post subject: |
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| deessell wrote: |
| Because I'm a Kiwi. |
Hehe, guess you were born in the wrong English colony |
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deessell
Joined: 08 Jun 2005
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| Posted: Fri Jun 24, 2005 3:32 am Post subject: |
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I realize it will be a long time before we all retire, but who knows what happens to our contributions. Do we receive any money? Or do we have to pay in for a certain amount of time? I am thinking about having the money transferred into my australian pension, what do you think?
I have also checked the EFL -law site but there is nothing regarding that. |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Fri Jun 24, 2005 4:14 am Post subject: |
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| deessell wrote: |
I realize it will be a long time before we all retire, but who knows what happens to our contributions. Do we receive any money? Or do we have to pay in for a certain amount of time? I am thinking about having the money transferred into my australian pension, what do you think?
I have also checked the EFL -law site but there is nothing regarding that. |
Australians don't get their pension back either. |
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keithinkorea
Joined: 17 Mar 2004
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| Posted: Fri Jun 24, 2005 8:58 pm Post subject: |
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The pension thing is a real humdinger that's for sure.
Apparently US, Canadians and Germans (maybe others) can get it back as a lump sums. Some people can't get it back at all (NZ folks) and British people get it back but only in the form of NI contributions, so you'll qualify for a proper pension rather than having to live on just .
I think there should be a sticky about pension stuff as it is a pretty complicated business. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Fri Jun 24, 2005 10:17 pm Post subject: |
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| keithinkorea wrote: |
The pension thing is a real humdinger that's for sure.
Apparently US, Canadians and Germans (maybe others) can get it back as a lump sums. Some people can't get it back at all (NZ folks) and British people get it back but only in the form of NI contributions, so you'll qualify for a proper pension rather than having to live on just .
I think there should be a sticky about pension stuff as it is a pretty complicated business. |
Youve summed it up pretty well.
Complain to your govt but dont hold your breath. |
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