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keseki
Joined: 22 Mar 2007
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 Posted: Thu Apr 24, 2008 11:35 pm Post subject: pension and medical increase? |
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so i just received my pay stub from my school, and the pay was lower than usual. my manager said that pension and health insurance have increased. is this true, or is he trying to pull a fast one on me?
thanks! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 25, 2008 2:28 am Post subject: Re: pension and medical increase? |
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| keseki wrote: |
so i just received my pay stub from my school, and the pay was lower than usual. my manager said that pension and health insurance have increased. is this true, or is he trying to pull a fast one on me?
thanks! |
Pension is still ~4.5%.
Medical went up from 4.85 to 5.08% (you paying 1/2).
Unless you got a massive raise that put you into another tax and pension bracket the total in increases would amount to less than 5k won per month (assuming you earn less than 2.5mil.)
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keseki
Joined: 22 Mar 2007
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| Posted: Fri Apr 25, 2008 5:48 am Post subject: |
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so, on a salary of 2.3 mil i should be paying roughly
103,500won for pension (4.5%) and about 58,000 won for medical (2.5%).
is this correct? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 25, 2008 6:24 am Post subject: |
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| keseki wrote: |
so, on a salary of 2.3 mil i should be paying roughly
103,500won for pension (4.5%) and about 58,000 won for medical (2.5%).
is this correct? |
yes |
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keseki
Joined: 22 Mar 2007
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| Posted: Fri Apr 25, 2008 7:14 am Post subject: |
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| hmmm seems as though i am paying the full 100% of my medical... |
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KoreanAmbition
Joined: 03 Feb 2008
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| Posted: Fri Apr 25, 2008 9:37 pm Post subject: |
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ttompatz,
What salary would someone have to earn in order to get bumped into the higher tax bracket.
For the Canadian Government I read the website for the Department of Foreign Affairs, and it clearly says that for my job at a university I will not have to pay any taxes in Canada if I pay them in South Korea. That applies for the first 2 years of work.
So can you tell me what my tax rate will be for a certain income, and when that tax rate will increase.
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 25, 2008 9:51 pm Post subject: |
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| KoreanAmbition wrote: |
ttompatz,
What salary would someone have to earn in order to get bumped into the higher tax bracket.
For the Canadian Government I read the website for the Department of Foreign Affairs, and it clearly says that for my job at a university I will not have to pay any taxes in Canada if I pay them in South Korea. That applies for the first 2 years of work.
So can you tell me what my tax rate will be for a certain income, and when that tax rate will increase.
Thanks |
Details are on the NTS website. It is a sliding scale based on income and deductions (like in Canada - just much lower).
http://www.nts.go.kr/eng/help/help_52.asp?top_code=H001&sub_code=HS05&ssub_code=HSE2
main page at: http://www.nts.go.kr/eng/index.asp
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KoreanAmbition
Joined: 03 Feb 2008
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| Posted: Fri Apr 25, 2008 10:06 pm Post subject: |
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wow,
Those tax rates really increase quickly. |
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