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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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 Posted: Sat May 24, 2003 8:57 am Post subject: |
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| Come on you two, one of the mods is going to lock this thread. Now kiss and make up. Back on topic. I would too would like to know more about serverance at unis v.s the pension scheme. Anyone else feel free to throw in your experiences |
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canukteacher
Joined: 21 Jan 2003
Location: Seoul, Korea
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| Posted: Sat May 24, 2003 4:31 pm Post subject: Pension |
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| rudyflyer wrote: |
regarding the 5 univ. remember this is my 3rd tour here (mid 96-end 97, 99-01 and last year) so we had to start over at new schools. This is our 2nd yeat at our present univ and we'll likely do a 3rd year if all goes well.
Does anybody at a univ now get severance? I think for most of us its this pension scheme now |
I work at a private universtiy. We are paid severance at the end of each contract year (nobody has ever had a problem collecting). We now pay into the National Pension Scheme. This changed last year. Prior to this the uni had a private plan. That has been collapsed.......and all teachers received all contributions back, including the uni's contribution. Apparently they did this because the government has made it illegal for private universities to have private pension plans and pay severence. I am not sure how true this is, but think about it.........it does make sense. The government obviously prefers all employers belong to their plan.....more money for their coffers.
Anyway, if you are Canadian or American you get your contributions (including your employers contribution) when you leave Korea. That can add up to a nice piece of change.
CT |
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Canadian Teacher
Joined: 22 Jan 2003
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| Posted: Sat May 24, 2003 5:55 pm Post subject: |
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I am not sure if it is illegal for private unis to have private pension plans....mine does.
I paid into the national pension for five years. When I leave Korea, I will get it and the employer's contribution back. That will be a nice chunk of cash. All you need to do is fill out he papers.
I have not heard of problems getting pension money back from a private uni. |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Sat May 24, 2003 6:29 pm Post subject: |
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| TheUrbanMyth wrote: |
| Come on you two, one of the mods is going to lock this thread. Now kiss and make up. Back on topic. I would too would like to know more about serverance at unis v.s the pension scheme. Anyone else feel free to throw in your experiences |
It's completely legal. I'm not sure why some people are calling it shady. If your private university is paying into a private pension plan they need not pay severance. However, the pension payments should be 60/40. In other words, the university should be paying 40% of the plan contributions.
For those of you at universities, does your university itemize your pay stub? My university has divided my pay up into all sorts of categories. For example, they have a food allowance, travel allowance and a couple of others. In the end, my actual salary (which they pay tax on and which is used to calculate pension contributions) is only about 1 million won a month. Tricky little buggers aren't they?  |
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rudyflyer
Joined: 26 Feb 2003
Location: pacing the cage
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| Posted: Sat May 24, 2003 6:44 pm Post subject: |
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yeah dutchman my uni does the same thing though my pension deduction is around 90-100k/month which is 4.5% of my overall base. Also pay about the same in Korean Income Tax as my medical insurance which would be around 1.5%
nice thing no deductions are taken out of my OT which I get on the first Fri of the month |
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Pyongshin Sangja
Joined: 20 Apr 2003
Location: I love baby!
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| Posted: Sun May 25, 2003 6:12 am Post subject: |
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| So, I guess that is a no. I am not going to be at a private uni, it is a national. Guess I will go cap in hand and see what happens. |
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