Korean Job Discussion Forums

[sallymonster]

At my current job, I have NHIC government health insurance (I have the card), but no pension. It is possible.

[meangradin]

I know of a large franchise that offers NET's the choice of a pension or a bonus, but not both.

[proverbs]

how about the back pay issue? if i were to work at another school after my contract, and that school offered the pension+NHIC, i would have to back pay for the last 12 months?

and sallymonster, did you have to sign up for the NHIC on your own, or is that the plan your school offered you?

[proverbs]

So, I calculated everything, and found that I will be receiving more money without the pension. It seems this is a much better option for me.

- I get 200k more than the other position that offers pension
- I receive the 'extra' money every month and don't have to wait until I leave Korea to take out my money

Pension is really only 4.5%, because the other 4.5% you are paying with YOUR OWN money. I'd rather have that 4.5% in my pocket, rather than having to wait for it.

I will not be receiving medical from the NHIC; however, I am receiving coverage from a private insurance company. This doesn't bother me because after doing research, the insurance company is legit and offers very similar coverage at the same rate.

So, am I missing something here? I'd feel like any teacher would rather choose the 'cash now' option over the pension. And as I said before, I spoke with the teachers at the school and they gave very positive reviews.

[sojusucks]

[proverbs]

Well, the information that I've gathered from this post...

There is nothing wrong with being hired as an independent contractor, as it depends on your preferences.
It is not illegal for the school to hire you as an independent contractor if you are an English teacher.
The no pension option that was provided to me by the school is much better for me than receiving the pension.

What I don't understand...
Skippy and BigBuds said that I am legally required to have NHIC. But what if I am insured through a private insurance company in Korea? Why am I required to have the NHIC?
I have spoken to many of my friends (foreigners and Korean) the past week and most of them don't have a pension. Does this mean their company is doing something illegal?
Skippy also said that I am legally required to register in the pension program. Is this also true?

I guess the bottom line is, if the school and myself aren't doing anything illegal, then it is a no brainer that I take the money now instead of putting it in a pension.