Korean Job Discussion Forums

son of j · Joined: 06 Jun 2005 Location: South Korea

my co-worker seems to believe that the govt. is matching our pension payments each month, so that when you get your refund you are actually getting double the amount that was deducated from from paychecks.

i think he's full of it.
can someone PLEASE prove me wrong....! Laughing

rmparent · Joined: 11 Dec 2005 Location: Gangnam

It's not the government that is suppose to match your pension contribution. The school you are working at is suppose to contribute the same amount that you put into the fund. I think that the going rate for pension tax is 4.5% so the school should match that with another 4.5%. So yes, you will receive 9% of your income back even though you only paid 4.5% into it.

peppermint · Posted: Mon Mar 27, 2006 11:29 pm Post subject:

a couple of qualifiers there.

IF your employer actually pays into the pension ( both yours and his contributions) and

IF you're from North America( ie, your govt has a treaty with Korea),

then you get the pension back.

I've heard rumors that Brits don't have to pay pension any more but I don't know if there's any truth to them