Korean Job Discussion Forums

legalquestions · Joined: 25 Mar 2007

I know that the Korean law no longer requires private schools (universities, mom and pop hagwons, chain language schools, etc.) to contribute any money to the forced pension contribution we are required to make every month unless we stay with that employer for more than five years (the five year vesting period).

Of course, most (if not all) of these private schools now have three year (maximum) discriminatory caps on employment, thereby effectively precluding us from being eligible to receive a pension for our years of service to Korea.

It seems to me that this law was written to serve as a de facto private school owners pension relief act, since the owners aren't required to pay pension contributions any longer. What other rational explanation is there for this five year vesting period?

We deserve better treatment than this, and the powers that be who instituted this discriminatory law should be ashamed of themselves. Actions such as this one have earned Korea a very negative image, both in Korea and abroad, and it is no wonder that they are so well known throughout the world for exploiting others.

Has anyone been successful in argument (to the appropriate authorities) that the five year vesting rule should take into account employment at successive private schools? For example, that we should/would qualify for employer pension contributions if we were to work for three years at a private school and then 2-3 years at another private school (ie, for a total of more than five years).

MikeNelson · Joined: 16 Aug 2006

This is the first I have heard of the 5 year rule on pension. As far as I know, all places have to pay pension and health insurance.

Corky · Joined: 06 Jan 2004

I believe you're talking about the teacher's pension plan (unless there are others)
Private pension:
http://www.ktpf.or.kr/website/english/en_sub04.jsp

This is not to be confused with the national pension:
http://www.nps.or.kr/

I just transferred my ktpf to my new university. I wasn't sure I could do it. If anyone is in a similar situation, ESPECIALLY if you're going to one of those three-year maximum renewal schools, then by all means, transfer your pension. Don't go back to square one.