Korean Job Discussion Forums

[xtchr]

Hi there,

the following is an article from the EL Gazette (Issue NR 310 October 2005 page 4)


Teacher pension protest

English Teachers from Australia, New Zealand, South Africa and the UK plan on resorting to direct action to stop Korean pension deductions coming out of their wages by staging a sit-in at the offices of the National Pension Corporation in Seoul.
Organisers of the protest plan on around thirty teachers occupying the corporation's headquarters demanding that the government brings an end to compulsory pension deductions for citizens of countries yet to negotiate totalization agreements with the Korean government.
'It's a racket' said Australian David Hartley, who will be attending the sit-in. 'Basically we're losing about a $180 US a month for the pleasure of seeing American and Canadian teachers walk away with our cash...Hopefully by protesting, we'll bring some attention to our plight.'
Rob Dickey writes on the EFL Law website that lump-sum refunds may only be paid to non-Korean nationals if they are nationals of countries with social security systems that pay corresponding contribution refunds to Korean nationals or if provided for by an agreement.
To date, totalization agreements have been signed with Canada, Germany and the United States, enabling nationals to obtain a lump sum refund when they permanently leave Korea for their home country or a third country.
The UK has negotiated a contributions-only deal that eliminates dual coverage for its citizens but does not allow for lump sum refunds. Countries such as Australia, New Zealand and South Africa have no agreements whatsoever.



So, does anyone have anymore information about this protest? Where exactly, and when is it?
What other ideas for trying to get a pension refund (if not currently entitled) do you suggest?

Any information, ideas etc, much appreciated.
Thanks

[Gamecock]

This is asinine. How is it exactly we Americans and Canadians are walking away with their cash??? We pay in, our employers pay in, and we get the money we paid in back. I'm not getting a cent from a Brit, Kiwi, or Aussie.

The truth is they need to go protest their own governments. If their nations worked out a recipricol agreement with the Korean government, they wouldn't lose that money.

[Paji eh Wong]

Anybody mention to these Nobel laureates that pension refunds are based on reciprocal agreements? They're protesting the wrong people.

Go to your own embassies.

[crazylemongirl]

It's times like this I'm glad I have a Canadian passport. Stupid buggers.

[lastat06513]

You can get it back.....after age 65

It is only those countries who have a reciprocal agreement because the US takes it out for SSI and medicare and give it back after the worker leaves the US.

But if a person stays until 65 or comes back to Korea at age 65, you get your money back.

Every September, I get a statement from the NPO telling me how much I put into it each month and at the bottom of my statement, they pro-rated how much they would pay out as a retirement check.

[canukteacher]

I have said this many times before. Do yourself a favor, and read the National Pension Plan website. You will find information on the site telling citizens of those countries who do not have a tax treaty with Korea how they can legally opt out of the plan.

Canadians and Americans are taking nothing away from anybody. Our countries have reciprocal agreements with Korea, and we get back only what has been contributed by us personally and our employer. We are not taking anyone's money, but our own.

CT

[Zark]

Uh, double ditto what everyone above wrote.

If you live and work overseas you need to pay attention to these details.

[Homer]

Protest the Korean government?

Wrong target.

You need to talk to your own governments who did not come to reciprocal deals with Korea concerning foreign workers paying into a pension fund.

[fidel]

[just because]

I'm having a chuckle over this...

All I do is tell my boss not to pay into the pension plan and they have all been more than happy with this set-up...I am losing out to you north americans but I am not throwing my money away, it is the same as flushing it down the toilet for me

[Homer]

Yeah just because except if your boss gets busted for not paying into the pension scheme...

[just because]

[sadsac]

Five years here, three employers, never paid a penny in pensions. Never been a complaint by my bosses and certainly not by me. Australia did have a reciprocal agreement and South Korea withdrew, reason: undisclosed.

[TheUrbanMyth]

[Homer]

Right on just because...good on ya.

If you could not get it back..better off doing what you are doing!