Korean Job Discussion Forums

gotokorea · Joined: 18 Oct 2005

I recently foud out from a friend that if you have health insurance, the government automatically takes out an additional amount of money for pension that you receive when your contract finishes. Also, I found out that the school has to match whatever you pay into the pension. ... Problem is that I have had health insurance, however the pay stub I have been getting shows no evidence that they are taking money out for my pension as well as the school is not paying anything into it? Does anyone know anything about this, or a website where I can find evidence before I bring it up to my supervison? Any help is appreciated. Thanks,

Dave

Novernae · Joined: 02 Mar 2005

Do you have National Health Insurance? or private insurance?

gotokorea · Joined: 18 Oct 2005

National

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

gotokorea · Joined: 18 Oct 2005

Okay, I looked into the NSP website and basically says that you automatically get pension taken out and that the employeer has to match it.... it also sait the private school teachers are exempt from this because the school has it's own programs set up. So question,
1. Does any other ESL teacher out there working for a private school have a pension program set up by the government?
2. Should my school legally have to have their own pension program set up if not using the government mandated one?

gotokorea · Joined: 18 Oct 2005

Okay, I read that I will receive a lump-sum refund of the Korean contributions. Does this mean I will receive my contribution as well as my employers?
Point is, they are trying to hide the program from me completely by not putting it on my pay stub that they create from Mocrosoft Word. I'm thinking that since it's mandatory to pay into it, they are paying my amount out of their own pocket as well as the schools mandated contribution... then I leave the country at end of year and they just collect it all back thinking I never knew the program existed.... thus they get the money back and neither gain nor lose any money trying to save a few bucks. What do u guys think? Help me figure this out so I can see my boss today! Thanks

Big Mac · Joined: 17 Sep 2005

If you work for a private school and are not getting the pension, you are getting screwed.

Here's how it works. You are supposed to have medical insurance with the National Health Insurance Corporation. Your employer is supposed to deduct 2.2 per cent of your monthly salary for this. Your employer also has to match that amount and forward all the money to the Corporation. You should have a medical insurance card if you have this plan.

Usually when your employer signs you up for national health insurance, they also notify the National Pension Corporation. It is mandatory for every foreign teacher to pay into this. If you are from Canada or the United States you are eligible for a lump-sum refund of all of the money that both you and your employer put into the plan. You can make the application at the pension office when you leave Korea.

For pension, your employer should be deducting 4.5 per cent of your monthly salary. Just like with health insurance, they have to match that amount and forward it to the pension office.

It is common for employers to hide this information from employees. They are hoping you won't notice, because they don't want to pay out all this money....especially the pension. A lot of times what will happen is that the employer will offer you private medical insurance to avoid having the authorities automatically register you in the pension plan.

I hope that helps you.