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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Thu Mar 27, 2008 8:19 am Post subject: How much pension should a 1st year hagwon teacher get? |
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How much pension should a hagwon teacher get after their first year?
I've got a neighbor who works for a hagwon (and he hasn't been entered into the pension or tax system). His coworker's suing the school (and it sounds like she's winning, thanks in part to her rich Korean boyfriend) for cheating on various payments, including pension. So now my buddy is curious what he should expect to get at the end of the year. He is supposed to be getting 2.1, but they hand him about 1.9 in cash every month and claim they are paying his taxes. They don't have pay stubs. His co-worker asked for those now that she's suing, but they provided her with a bunch of bogus after-the-fact documents which don't add up.
His boss gave him 500,000 won in cash and claimed that was part of his pension. I know (and his coworker told him) that's not pension.
How much pension should he get after 1 year? |
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expat2001
Joined: 28 Jan 2006
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| Posted: Thu Mar 27, 2008 11:10 am Post subject: Re: How much pension should a 1st year hagwon teacher get? |
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| bassexpander wrote: |
How much pension should a hagwon teacher get after their first year?
I've got a neighbor who works for a hagwon (and he hasn't been entered into the pension or tax system). His coworker's suing the school (and it sounds like she's winning, thanks in part to her rich Korean boyfriend) for cheating on various payments, including pension. So now my buddy is curious what he should expect to get at the end of the year. He is supposed to be getting 2.1, but they hand him about 1.9 in cash every month and claim they are paying his taxes. They don't have pay stubs. His co-worker asked for those now that she's suing, but they provided her with a bunch of bogus after-the-fact documents which don't add up.
His boss gave him 500,000 won in cash and claimed that was part of his pension. I know (and his coworker told him) that's not pension.
How much pension should he get after 1 year? |
It should be equal to ( or almost ) to one years salary |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 27, 2008 3:17 pm Post subject: Re: How much pension should a 1st year hagwon teacher get? |
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| bassexpander wrote: |
How much pension should a hagwon teacher get after their first year?
I've got a neighbor who works for a hagwon (and he hasn't been entered into the pension or tax system). His coworker's suing the school (and it sounds like she's winning, thanks in part to her rich Korean boyfriend) for cheating on various payments, including pension. So now my buddy is curious what he should expect to get at the end of the year. He is supposed to be getting 2.1, but they hand him about 1.9 in cash every month and claim they are paying his taxes. They don't have pay stubs. His co-worker asked for those now that she's suing, but they provided her with a bunch of bogus after-the-fact documents which don't add up.
His boss gave him 500,000 won in cash and claimed that was part of his pension. I know (and his coworker told him) that's not pension.
How much pension should he get after 1 year? |
After one year he is entitled to 1 months salary as severance.
The pension refund, assuming he is from a country that is allowed a pension refund, is 9% of your gross annual salary. On a salary of 2.1 million it should be about 2.268 million won (before tax).
Deductions on a salary of 2.1 mil are:
TAX deduction is: 35,660 won.
Medical deduction is: 52500.
pension deduction is: 94500. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Mar 27, 2008 5:59 pm Post subject: |
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| Canadians get a pension refund? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 27, 2008 6:43 pm Post subject: |
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| bassexpander wrote: |
| Canadians get a pension refund? |
YES, they are entitled to a refund of their (and their employer's) contributions to their pension fund when they leave Korea. |
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