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jacl
Joined: 31 Oct 2005
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 Posted: Tue May 16, 2006 2:16 am Post subject: Tip of the Day |
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Thought I'd start a thread on tips anyone might have for contracts or anything else do with salary, pension, etc.
My tip of the day (for Americans and Candians):
When signing a contract, don't worry about pension being mentioned. If you negotiate 2.2 million or whatever, and start working, bring up the pension after you've settled and/or if it hasn't been deducted from your first pay. This way, you're sure to get an extra 100,000 a month. If you mention it beforehand then your boss will think of that as a higher salary and maybe offer you less money or not hire you at all.
Tip of the day has been brought to you by Kelloggs. |
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the eye
Joined: 29 Jan 2004
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| Posted: Tue May 16, 2006 2:26 am Post subject: |
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| Um, pension is mandatory now. A director not keeping that in mind while negotiating with you would indicate he's an idiot. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Tue May 16, 2006 2:32 am Post subject: |
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| I wouldn't neccessarily say he's an idiot, he may be, but many are just ignorant of the law. |
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jacl
Joined: 31 Oct 2005
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| Posted: Tue May 16, 2006 4:43 am Post subject: |
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| the eye wrote: |
| Um, pension is mandatory now. A director not keeping that in mind while negotiating with you would indicate he's an idiot. |
It's been mandatory for a loooooooong time. Still doesn't stop the ones who avoid it. And it seems they get no recourse if the teacher lets it slide. The employer would rather not lose the money. The state of things dictates that if the employer doesn't pay, the pension office doesn't necessarily go after said party for back payment. They deal with things in a reactionary mode meaning that they'll pay up when their backs are against the wall. Maybe the pension office does or will go after the ower, but it's after the teacher has already taken off.
I'm just saying that say you sign a contract for 2.4 million. You start the job and then "Oh!", you notice that pension hasn't been deducted. Obviously the employer is avoiding this. You inquire about this and demand that it be deducted. Just like that, your earnings have increase over 100,000 Won/month and you're salting away close to 10% of your salary.
Pension need not be mentioned in your contract. Same goes for medical and taxes. These are givens. It's just nice to be informed about them. If they are in contracts, only "according to Korean Law" should be stated. No percentages since these can change at any given moment. |
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LarrytheGiraffee
Joined: 12 Feb 2006
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| Posted: Tue May 16, 2006 5:04 am Post subject: |
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It actually hasnt been manditory for a LOOOONG time. It has been phased in to apply for smaller establishments over the last year. Last month was the final phase in.
He is the catch, if you read the laws carefully concerning pension, the portion your employer pays can be deducted from you severence pay at the end of your contract. So if you arent getting it taken out and everything else is going well at your school, it might be one of those things you dont argue about. |
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jacl
Joined: 31 Oct 2005
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| Posted: Tue May 16, 2006 5:14 am Post subject: |
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| jessokelly wrote: |
It actually hasnt been manditory for a LOOOONG time. It has been phased in to apply for smaller establishments over the last year. Last month was the final phase in.
He is the catch, if you read the laws carefully concerning pension, the portion your employer pays can be deducted from you severence pay at the end of your contract. So if you arent getting it taken out and everything else is going well at your school, it might be one of those things you dont argue about. |
You have obviously been misinformed. It's been mandatory since 1999. No matter the size of the business. "Phased in" is just that: phased in. It's still in a phase-in state as are many things. That pretty much backs up why I gave the above tip.
They can't deduct pension from your severence. The pension is just that: pension. Canadians and Americans get the full 9% back upon leaving Korea. What you say doesn't make any sense. Sounds like you were cheated by your boss and you're in denial about the truth. |
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princess
Joined: 16 Jan 2003
Location: soul of Asia
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| Posted: Tue May 16, 2006 3:11 pm Post subject: |
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| the eye wrote: |
| Um, pension is mandatory now. A director not keeping that in mind while negotiating with you would indicate he's an idiot. |
True. I had a job offer last month from a director who didn't mention pension in my contract and when I mentioned it to him he said he didn't know anything about pension for foreigners. He also didn't mention a tax percentage. Instead he told me in an email that 60,000 won per month would be my tax. And....he wasn't willing to write that into the contract. He said his school was in central Seoul. I said where in central Seoul. He said central Seoul....duh!!!! But what is the EXACT address of my job and apartment? I love it when they play dumb like that!!!
By the way...my tip of the day is:
Don't take a job with roommates!!! I've tried it both ways...with and without roommates. No roommates is waaaaaaaay better. Who wants to have to live with the folks you work with...and strangers at that? |
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PRagic
Joined: 24 Feb 2006
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| Posted: Tue May 16, 2006 6:15 pm Post subject: |
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Tip of the Day:
Don't throw white board markers in university classrooms. Erasers are much more accurate.
I did once hear of an infamous chair chucker, but I think she moved out of country. She has been linked with chair chucking at universities in at least three S.E. Asian countries. |
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Tommy
Joined: 24 Aug 2005
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| Posted: Wed May 17, 2006 7:18 am Post subject: |
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| Usually if I demand that pension be deducted it gets deducted. ie, my earnings don't increase 100,000.. they decrease. I don't get what you're saying.. is this 100,000 hush money?? |
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jacl
Joined: 31 Oct 2005
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| Posted: Wed May 17, 2006 7:22 am Post subject: |
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| Tommy wrote: |
| Usually if I demand that pension be deducted it gets deducted. ie, my earnings don't increase 100,000.. they decrease. I don't get what you're saying.. is this 100,000 hush money?? |
Pension goes into your pension account. The boss has to match your contributions. If you're Canadian or American, you get both contributions back when you leave Korea. You save 100,000 and you make 100,000. |
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Tommy
Joined: 24 Aug 2005
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| Posted: Wed May 17, 2006 7:57 am Post subject: |
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Ahhh.. I didn't know I got my employers portion too! Sweet...
Thanks for clearing that up, jacl. |
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jacl
Joined: 31 Oct 2005
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| Posted: Wed May 17, 2006 8:24 am Post subject: |
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| Tommy wrote: |
Ahhh.. I didn't know I got my employers portion too! Sweet...
Thanks for clearing that up, jacl. |
If you're Canadian or American.
Call the pension office at 02-2240-1083 to make sure your employer has been depositing both of your contributions. When the operator/agent answers, just tell them that you'd like to check your account. They'll prompt you for your account number which is simply your ARC number. If you've received four paychecks, let's say, and you've been deducted apx. 100,000 each pay then you should have apx. 800,000 in your account. If there are discrpencies i.e. nothing or not enough in your account, go directly to your boss and say, "Hey! What's going on?" |
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