Korean Job Discussion Forums

[Grotto]

unless it went up recently health is 3.6%
1.8 for you and 1.8 for your employer

[thaitom]

Bullshit! Health is not compulsory

[thaitom]

The contribution of insured employees is based on the gross salary or wage of the insured. And the contribution rate of the employee insured is 4.21% for employees in private sector and for government and private school employees as well.

The contribution of the employee insured is borne by both employee and employer. For employees in private sector, the employer pays 50% of the contribution and the employee pays the other 50%. For government employees, the government, as their legal employer pays 50% of the contribution, and the public servant pays the other 50%. For private school employees, however, the owner of the private school pays only 30%, the government subsidizes 20% of the contribution and the employee pays the remaining 50%.

[denverdeath]

OP, if your total deductions are only 100,000, you should ask a few questions of yourself and your employer. As you mentioned, maybe ask for a better break-down. Seems like it should be about 90,000 for pension, 30,000 for income and resident taxes, and 40,000 for health. Do you have a National Health Card, or some other health plan's card? Is you boss overcharging you for taxes but not have you registered for the national pension program? Is he required by law to cover you under the plan? Regardless, the numbers don't sound right. If you're Cdn or American and your workplace has more than five full-time employees and your boss didn't get you registered under the plan, you're essentially kissing a little over a million(you and your boss contribute 4.5% each month - the million that you're kissing good-bye is your boss' contributions) good-bye that you are legally entitled to. Or, if your employer is underpaying on your taxes(or you) and you decide to stay on another year, you will be required to make up the difference(underpayment) next year. Best to try and clear things up ASAP.

[prairieboy]

It is compulsory as of January 1st, 2006. We used to have private insurance but then we received official notice from the government that all employees must be covered under the National Health Insurance plan as of January 1st. The rate stated was 4.8% total (2.4% employee and 2.4% employer).

[paperbag princess]

i just realised that i've paid almost 400,000 too much this year. i'm going to my public school recruiter to sort this out as soon as possible.

[jacl]

[thaitom]

That's what I want to know and nobody here had a answer for me. I want to know if I will be forced to sign up if my contract is dated before Jan.1st. and will it be retroactive to the date I started and have to make damn back payments.

[jacl]

Yeah, what the hell is this mandatory health insurance. I've been "hearing" about it.

[Big Mac]

This is what my pay stub said for 2 million Won. I believe it is the correct amount for that pay. 1.6 per cent for tax, 4.5 per cent for pension and 2.4 per cent for health.

Tax: 31,845
Pension: 88,650
Health: 42,660

If your employer lumped pension and health together into one sum, then you're not paying enough. If he didn't, then you're paying WAY too much tax.

[Grotto]

OMG!!! Big Mac your numbers match mine how did that happen actually they are a little lower than mine

Dont worry someone will be along shortly to say how you are committing tax fraud and how the actual rate is much higher

Do what I do...ignore the dumbass when he does post

[Real Reality]

Who is correct? What is the correct answer? Big Mac has some nice numbers but are they correct?

Income Tax (based on 2,000,000 won/month pay): 28,950
국세청 / 국세정보서비스 / 조회와계산
http://www.nts.go.kr/front/service/refer_cal/gani/refer_gani.asp
Pension
국민연금관리공단
http://www.nps4u.or.kr/info/info07.html?code=2_7_4.html
Health Insurance
국민건강보험공단
http://www.nhic.or.kr/wbh/wbhb/wbhb_01/02/955_index.html
표준보수월액
http://www.nhic.or.kr/upload/seosik/excel/dunggup_pyojunbosu.xls

Taxes
http://efl-law.com/tax.html

Foreigners Experience Difficulties in Living in Korea
by Jae-Dong Yu and Soo-Jung Shin, Donga.com (July 4, 2004)
http://english.donga.com/srv/service.php3?biid=2004070522448

[Wrench]

[Big Mac]

[bulgogiboy]

Now I'm paying 3.3% in Gwangju, in Pohang it was 5% and in Gyeongju it was 2%. It varies from city to city.

But 29,000app for 2mil seems a little low. 100,000 is definitely a rip-off.