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bnrockin
Joined: 27 Feb 2006
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 Posted: Mon Jan 07, 2008 2:46 am Post subject: once again...no pension paid. |
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Ok so I admit it, I do remain woefully ignorant of pension and the money I am getting paid. I was dumb enough to trust my manager that they had everything under control. I am getting paid what I am supposed to, but not all things are being paid. I'm paying the 3.3% tax rate and 50,000 won a month for apartment fee's.
I just found out today that my boss is not paying pension for me. I honestly am a bit ignorant in this field. Do I benefit at all from my work paying the pension? My boss said "oh you don't have to do that with foreigners." I heard that I can get the money that I contribute and they contribute when I leave.
Please explain the benefits of me paying pension. |
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zizi
Joined: 01 Dec 2007
Location: Korea
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| Posted: Mon Jan 07, 2008 3:28 am Post subject: |
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| If your from a country that has an agreement with Korea you get back what you paid plus what your boss paid after you leave. Your boss just doesn't want to pay if he canget away with it. What country are you from? |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Mon Jan 07, 2008 3:33 am Post subject: Re: once again...no pension paid. |
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| Your boss is full of shit. |
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bnrockin
Joined: 27 Feb 2006
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| Posted: Mon Jan 07, 2008 3:56 am Post subject: |
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| U.S. |
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MrsSeoul
Joined: 31 May 2007
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| Posted: Mon Jan 07, 2008 3:57 am Post subject: |
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Then you are getting screwed. |
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buster brown
Joined: 26 Aug 2005
Location: Seoul
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| Posted: Mon Jan 07, 2008 4:21 am Post subject: |
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Take your monthly salary and multiply it times 12. Then take that number and multiply it by 0.045 (your employer's 4.5% matching contribution). That's the amount of money that your boss is effectively stealing from you over the course of a year.
Here's the math for a monthly salary of 2,000,000 Won:
2,000,000 x 12 = 24,000,000 ==> 24,000,000 x 0.045 = 1,080,000 Won
If your boss took a 1 million Won deduction from you at one time, don't you think you'd be up in arms over it? Get yourself educated about your rights and don't let anyone steal from you. Yes, you'll probably have a fight on your hands from your boss, but you're effectively getting a 100% return on your investment of 4.5% of your salary. That's a pretty nice chunk of change. |
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Snowkr
Joined: 03 Jun 2005
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| Posted: Mon Jan 07, 2008 5:29 pm Post subject: |
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bnrockin...
Take it from someone who has been through this...
Enrol in pension ASAP!
The U.S. and Korea have a an agreement and if you pay into Korean pension, you will get it back. If you don't, you will pay U.S. social security tax on your Korean income.
The foreign income exclusion does NOT apply to soc. security and if you're stuck paying U.S. S.S. tax on your income here, it could be very expensive!!!
I paid over $3000 in social security on my one year of income here because my hogwan also didn't pay into pension and I was ignorant of the situation. |
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reactionary
Joined: 22 Oct 2006
Location: korreia
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| Posted: Mon Jan 07, 2008 10:04 pm Post subject: |
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| ^ How'd that happen, did the IRS audit you or something? |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Tue Jan 08, 2008 12:57 am Post subject: |
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| georgewallas wrote: |
I've sent a PM regards this, but for the benefit of all.
Do you know what the legal recourse is as far as the pension office is concerned? |
If in doubt, go to the head office in Jamsil.
If your local branch office is giving you bad info, go to the head office in Jamsil.
If your local branch office refuses to uphold the pension laws, go to the head office in Jamsil.
This information is echoed on their website: If you work more than 80 hours a month, the school MUST enroll you in National Pension--unless it is participating in a private pension, like some universities, in which case they must enroll you in the private plan. One way or the other, if you work 80 hours a month, you get pension
When I first complained (to my local branch office), they too told me I had no case and to go away. I knew they were wrong and went over their heads. The guys in Jamsil ORDERED them to do their job. I got my money within a few weeks of paying my half of the contributions.
Directions to the Jamsil NPS office:
- Jamsil subway station, exit 8
- straight ahead and take the first left
- straight to the end of the street, directly in front of you is the NPS building
- go to the International Relations office on the 6th floor.
- out the elevators, turn left and left again
- talk to Mr. Lee, Sung-won (or one of his officemates) They all speak English
To file a complaint with them, the complaint letter must include:
name, ARC #, contract dates, current address, your signature, copies of contracts, and a short complaint outlining the problem
A separate Statement of Facts should be submitted along with the complaint and should include:
dates and times (of meetings, requests for pension), any supporting evidence (such as class schedules), the names of people involved. times and dates of meetings and threats and such, supporting emails (you better believe I saved everything) :
Once everything is filed, they will assign a caseworker to you from your local branch. The caseworker will oversee your payment of your 4.5% contributions to the school. Once you pay the school, the caseworker will go after the school directly for the full 9%. Once they have the money, they wire it to you (if you're leaving) or they deposit it into your current pension account (if you're staying) |
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