Korean Job Discussion Forums

[bobohawke]

Hi guys i am new to the forum,

my question is what way does the pension, health insurance work, my boss is in the middle of organising things at the moment. She seems like a good sort.

Does anyone know how much you pay per month for these ?

How much do you get back lets say after a year ?

Any basic info would be a help...

My salary is 2 mil a month with the usual free rent, pay own bills etc.

[denverdeath]

If your boss is doing things the way they're supposed to be done, your salary should look sth like this:

2,000,000
-28,950(income tax)
-2,895(resident's tax)
-90,000(pension - 4.5% from you, matched by the same from her)
-44,800(health)
1,833,355 (approximate take-home pay)

At the end, you should be able to apply for about 2,160,000(maybe a little more with interest) for your pension. Apply for it before leaving. It'll take a month to three months to be deposited into your acct back home. You could possibly get a bit of an income tax return depending on what your boss takes out during the year as long as she files for you in the new year and if you made an overpayment. You don't really get anything back from the health insurance payments, but they, along with the pension payments(and other things like credit card purchases, health expenses, etc) are considered on your tax forms. With your last pay, you should get your regular salary, one month's severance pay, and your plane ticket(if that's the arrangement in your contract).

[bobohawke]

Thanks thats just the info i needed...