| View previous topic :: View next topic |
| Author |
Message |
Miles Rationis
Joined: 08 May 2007
Location: Just Say No To Korea!
|
 Posted: Thu Apr 10, 2008 4:00 am Post subject: Is Mr. Kim (hagwon boss) obligated to pay into your pension |
 |
|
fund if you are paying into it every month?
I have my doubts that this is taking place as the pay sheets show no indication of this other than what I pay into the pension...
Should it be it indicated on the pay sheet?
It sounds like something fishy is going on, so once again does my boss have (as in legally bound according to labour law) to pay into my pension fund?
Cheers...  |
|
| Back to top |
|
 |
kprrok
Joined: 06 Apr 2004
Location: KC
|
| Posted: Thu Apr 10, 2008 4:34 am Post subject: |
|
|
Why would his payment into the fund be shown on YOUR payslip? Your payslip only shows what you make and what is deducted, not any other payments made to the gov't that do not involve your pay.
To answer your main question, yes, it is mandatory. Just search for "Pension" and you'll find a wealth of threads where the link to the law is.
KPRROK |
|
| Back to top |
|
|
Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
|
| Posted: Thu Apr 10, 2008 5:12 am Post subject: |
|
|
| kprrok wrote: |
| To answer your main question, yes, it is mandatory. |
Only for those people working 80 hours per month or more. Doesn't matter if you are part-time or full-time, Korean or foreign, on NHIC or private pension... if you work 80 hours/month, they MUST enroll you in one pension fund or another. |
|
| Back to top |
|
|
Miles Rationis
Joined: 08 May 2007
Location: Just Say No To Korea!
|
| Posted: Thu Apr 10, 2008 5:58 am Post subject: |
|
|
| Young FRANKenstein wrote: |
| kprrok wrote: |
| To answer your main question, yes, it is mandatory. |
Only for those people working 80 hours per month or more. Doesn't matter if you are part-time or full-time, Korean or foreign, on NHIC or private pension... if you work 80 hours/month, they MUST enroll you in one pension fund or another. |
I earn 2.1 million a month gross; how much should I be paying into it and how much should he be paying into it? Where can I find this information? |
|
| Back to top |
|
|
denverdeath
Joined: 21 May 2005
Location: Boo-sahn
|
| Posted: Thu Apr 10, 2008 6:17 am Post subject: |
|
|
| Miles Rationis wrote: |
| Young FRANKenstein wrote: |
| kprrok wrote: |
| To answer your main question, yes, it is mandatory. |
Only for those people working 80 hours per month or more. Doesn't matter if you are part-time or full-time, Korean or foreign, on NHIC or private pension... if you work 80 hours/month, they MUST enroll you in one pension fund or another. |
I earn 2.1 million a month gross; how much should I be paying into it and how much should he be paying into it? Where can I find this information? |
It's 4.5% of your gross for both you and your employer.
http://www.nps.or.kr/
| Quote: |
| The contribution rate was set low at the initial stage of the Scheme and has been gradually increased for the purpose of alleviating the financial burden on the insured persons and employers, with consideration of its effects on the national economy. Also, the maximum limit of contribution rate will remain in the region of 9% until 2009 and will be adjusted afterward according to the financial recalculation planned to be conducted every five years |
.
Go to the English site--->Nat'l Pension(top left of page)--->Nat'l Pension Scheme--->Contributions.
It'll show the 4.5% for each of you lower down on the page.
So, you have to contribute 94,500 and you boss must too. Getting a lump-sum refund when you leave will also depend on which country you're from. |
|
| Back to top |
|
|
Miles Rationis
Joined: 08 May 2007
Location: Just Say No To Korea!
|
| Posted: Thu Apr 10, 2008 6:29 am Post subject: |
|
|
| denverdeath wrote: |
| Miles Rationis wrote: |
| Young FRANKenstein wrote: |
| kprrok wrote: |
| To answer your main question, yes, it is mandatory. |
Only for those people working 80 hours per month or more. Doesn't matter if you are part-time or full-time, Korean or foreign, on NHIC or private pension... if you work 80 hours/month, they MUST enroll you in one pension fund or another. |
I earn 2.1 million a month gross; how much should I be paying into it and how much should he be paying into it? Where can I find this information? |
It's 4.5% of your gross for both you and your employer.
http://www.nps.or.kr/
| Quote: |
| The contribution rate was set low at the initial stage of the Scheme and has been gradually increased for the purpose of alleviating the financial burden on the insured persons and employers, with consideration of its effects on the national economy. Also, the maximum limit of contribution rate will remain in the region of 9% until 2009 and will be adjusted afterward according to the financial recalculation planned to be conducted every five years |
.
Go to the English site--->Nat'l Pension(top left of page)--->Nat'l Pension Scheme--->Contributions.
It'll show the 4.5% for each of you lower down on the page.
So, you have to contribute 94,500 and you boss must too. Getting a lump-sum refund when you leave will also depend on which country you're from. |
I am only paying 50,850 won...something is rotten eh?  |
|
| Back to top |
|
|
Adventurer
Joined: 28 Jan 2006
|
| Posted: Thu Apr 10, 2008 6:40 am Post subject: |
|
|
Go to the pension office at the Jamsil Station (exit  . Walk 100 meters and go to the left. They will tell you how much you are contributing and bring your contract and stubs. They can straighten him out. Some of those pension people do their job and are good people and some don't want to do anything. Anyway, if you are making 2.1 million you would be paying 94,500 won and that should be shown on your stub. That would be a grand total of 189,000 if you add both of your contributions. Pension can force him to pay the right amount. Take your contract in and make him a good law abiding citizen.
Thank you for keeping Korean hagwons clean... I do my part, do yours and help clean up the industry and increase your pension... I just helped my friend take her former employer to task... |
|
| Back to top |
|
|
I-am-me
Joined: 21 Feb 2006
Location: Hermit Kingdom
|
| Posted: Thu Apr 10, 2008 6:53 am Post subject: |
|
|
| Does it have to be stated in your contract or is it just a legal requirement that they have to pay into your pension? |
|
| Back to top |
|
|
Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
|
| Posted: Thu Apr 10, 2008 7:18 am Post subject: |
|
|
| I-am-me wrote: |
| Does it have to be stated in your contract or is it just a legal requirement that they have to pay into your pension? |
It is a legal requirement as outlined in the Pension Act. |
|
| Back to top |
|
|
Adventurer
Joined: 28 Jan 2006
|
| Posted: Thu Apr 10, 2008 7:21 am Post subject: |
|
|
| I-am-me wrote: |
| Does it have to be stated in your contract or is it just a legal requirement that they have to pay into your pension? |
Think of the pension like social security in the US or social insurance in Canada. In those countries it is obligatory, and it is obligatory in Korea. Unless, you are a subcontractor, but we are technically not allowed to be one, but sometimes people are falsely registered as such. Bosses sometimes try to fool you, as a foreigner, and tell you they don't have to pay it, because it is not in the contract. It is still an obligation. If you consult the government website regarding pension, it will clearly state it is obligatory; not optional. It doesn't mention whether it is in the contract or not. One pension officer falsely told a friend of mine that if it wasn't in the contract, he may not have to pay it. Frankly, some government officials don't know their job, but many do. If your boss is not paying it, go to the pension office that will do something about it.
"You've got to fight for your right to have your pension!"
Yes, newbie, it doesn't matter if it is in your contract or not. However, it should be mentioned in it. I wouldn't work for someone who doesn't mention in it in the contract. I would worry about them being shady. |
|
| Back to top |
|
|
Miles Rationis
Joined: 08 May 2007
Location: Just Say No To Korea!
|
| Posted: Thu Apr 10, 2008 7:40 am Post subject: |
|
|
Now I am thinking about this whole tax refund thing; I don't really get it. I am slow when it comes to financial stuff so can someone lay it our nice and easy  for me?
How do I do the calculations? |
|
| Back to top |
|
|
Flash Ipanema
Joined: 29 Sep 2006
Location: Seoul
|
| Posted: Thu Apr 10, 2008 8:05 am Post subject: |
|
|
| Young FRANKenstein wrote: |
| I-am-me wrote: |
| Does it have to be stated in your contract or is it just a legal requirement that they have to pay into your pension? |
It is a legal requirement as outlined in the Pension Act. |
True, but having it specifically spelled out in the contract makes it harder for corrupt bosses to deny they have to pay. |
|
| Back to top |
|
|
Adventurer
Joined: 28 Jan 2006
|
| Posted: Thu Apr 10, 2008 8:49 am Post subject: |
|
|
| Miles Rationis wrote: |
Now I am thinking about this whole tax refund thing; I don't really get it. I am slow when it comes to financial stuff so can someone lay it our nice and easy for me?
How do I do the calculations? |
http://www.nts.go.kr/eng/
The tax information you seek in on the links to the help desk.
tax with-holding calculator is in the quick viewer service sub menu:
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
You can also call them at: 02-397-1440
If you go to the website and punch in your salary of 2.1 million
in this fashion as 2,100 and hit the enter button it will give you the amount of taxes you are supposed to pay, Miles. It will calculate it for you... Ttompaz sent me this... |
|
| Back to top |
|
|
Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
|
| Posted: Thu Apr 10, 2008 3:38 pm Post subject: |
|
|
| Flash Ipanema wrote: |
| Young FRANKenstein wrote: |
| I-am-me wrote: |
| Does it have to be stated in your contract or is it just a legal requirement that they have to pay into your pension? |
It is a legal requirement as outlined in the Pension Act. |
True, but having it specifically spelled out in the contract makes it harder for corrupt bosses to deny they have to pay. |
That goes without saying, but even if they deny it there are avenues to take that will force the issue anyway. They can't get away with it these days. The pension office has teeth and they do enforce the pension laws. |
|
| Back to top |
|
|
Miles Rationis
Joined: 08 May 2007
Location: Just Say No To Korea!
|
| Posted: Thu Apr 10, 2008 4:16 pm Post subject: |
|
|
The tax links...something is wrong with them. I punch my numbers in and get nothing.
Another question I have is: who files for your tax refunds, you or the employer? Is he obligated to do so? |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
