Korean Job Discussion Forums

[thewhat]

Is "pension" your 13th monthly payment, or do you get that and a pension.
This maybe a dumb question but I really dont understand.

12months pay+1 extra+ (pension)=total

or is the extra month what people call pension/severance/bonus???????????

[peppermint]

no. What you're thinking of is severance pay.

Every month, your boss should deduct 4.5% of you pay, and contribute the same amount to the national pension fund in your name. Assuming you're from North America ( don't think it's available for others) you contact the pension office before you plan to leave Korea permanently and apply for a lump sum refund, which can be deposited in your account in 4-6 weeks.


This is the fifteenth thread about pensions in the last two weeks- what's up with that?

[thewhat]

Yeah, I get that.

So I get 2M every month for 12 months

plus an extra 2M bonus/severance/10 different names

is that 13th 2M my severance or is that additional to my 13th payment and my responsibility to collect.

I have no idea what is deducted or payed as taxes for me. I get no statement or stub, just cash.

I wonder if the school is making it simple or not telling me something so they can get it when I leave?

Know what Im saying?

Thanks for your help

Whoa I just read your response again, your saying I get pension and severance?

I worry that the school doesnt pay taxes for me, but I do have an ID card and all that.

I dont want to go and ask about a pension and get a huge tax bill.

[denverdeath]

How much cash do you get? That subtracted from 2mil equals what? It might give you a bit of an idea. Most places deduct income tax, resident tax, pension(if you've been registered), and health care(if you have it). Go to the pension office. Give them your alien registration card and nothing else and see if they have you on file. You will not have to pay them a year's worth of missed contributions. It's just an enquiry. The thing is if you are not on file and your workplace is supposed to be contributing as well as you, you are out about a mil from your workplace. What does your contract say? Look at it too. Most places give you regular pay, severance, and airfare/return ticket at the end of the contract. If you and your workplace have been paying into the pension scheme, then you should apply for it before you leave as Peppermint said. If everything's legit, you get a total of about 7mil(minus the mil you paid into your pension yourself) at the end of your contract or soon after. The "bonus" you mentioned is your severance. I guess the "13th" payment you referred to is your bonus/severance and should be given to you automatically. The application for pension is more your responsibility, but I would hope that your wprkplace would help you a bit with it.

[joe_doufu]

I wouldn't be surprised if the hagwon owner intends to withdraw my pension money and present it to me as severance pay. That would be pretty clever on her part, actually, I didn't even think of it until now.

[denverdeath]

Maybe clever, maybe criminal. I've learned that it's best to either go with them or go by yourself to do things that are important. Keeps 'em on their toes. joe_doufu, she might be able to do that, but I don't think it would be that easy. Even if she wanted to do it, she probably wouldn't plan enough in advance and f*ck it up.

[thewhat]

I get the whole 2mill in an paper bag and thats it, all I pay are my elec, cable etc.

At the start, getting payed was a problem so I yelled and screamed that there will be no deductions or 100,000 won a month bill deposits etc, just my money or I leave. Ever since I get my 2M cash and say thanks.

Thats why I wonder whats going on, i dont want to know if its not good for me.

I do have an alien card I am north american, does that mean my hagwon is paying all my taxes/contributions for me?

WHOA did that say the pension is 7 million won, is that a typo???


PLEASE HELP ME, i live an our and a half away from Seoul, no one speaks English, and I dont know shit.

[thewhat]

By the way , I dont have a Korean Bank Account. I have an account with Korea exchange bank of canada.

Is the pension office in Seoul only for residents of Seoul?

[TheUrbanMyth]

[Pyongshin Sangja]

You aren't paying taxes.

You are therefore neither entitled to pension nor health care.

Stop getting paid in cash. Demand automatic deposits so you get a paper record, itemised deductions for pension, tax and health care, and get your medical in order.

If you aren't paying taxes, you aren't entitled to health care. You are also legally compromised regarding your severance; you are evading tax law and are therefore not entitled to legal representation from the Labour Board should your boss decide not to give you severance.

If you don't get this in order you may get nothing at all after 12 months.

It is your intransigent attitude that started all this. Start paying attention to details or you are not likely to last long here.

Didn't you think bags of money was a little fishy in 2005?

[denverdeath]

[denverdeath]

[astroboyfan]

Lots of trolls around lately dont you think?? Opps wrong post

[billinkorea]

Am i right in thinking i get zip being from the uk?
If so im glad my boss isnt paying it, otherwise ill be due to get angry sometime soon!