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ds_fan
Joined: 07 Apr 2008
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Posted: Wed May 07, 2008 9:12 pm Post subject: money (pay) advice |
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ok, my contract is for 2.2million per month. Iv just got my 1st ammount of pay put into my bank account. The amount of money put in is 1934,840 - under 2million. All the staff at my place speak korean- no english at all bar 1 who is off work today. They said that the money for my medical test would be taken off my pay, but that was 57k, is this normal? Would the missing money be tax? Pension?
Advice please, bare in mind im on my own here with no english speakers to help. |
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Cornfed
Joined: 14 Mar 2008
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Posted: Wed May 07, 2008 9:17 pm Post subject: |
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I would think the deduction could be a number of things such as security deposit, apartment maintainence fees, canteen fees, taxes & health insurance etc. |
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Scouse Mouse
Joined: 07 Jan 2007 Location: Cloud #9
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Posted: Wed May 07, 2008 9:19 pm Post subject: |
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That sounds about right - tax pension and insurance are also deducted. |
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ds_fan
Joined: 07 Apr 2008
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Posted: Wed May 07, 2008 9:20 pm Post subject: |
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canteen fees? bastards. i thought all these things were free. i havnt arranged a pension, dont have a baldy about this, also tax is ment to be 4percent. the pay here is shite, i was earning nearly the same in a call cerntre, and some people swan around thinking they are in a high powered important job at their hagwon.... |
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ds_fan
Joined: 07 Apr 2008
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Posted: Wed May 07, 2008 9:22 pm Post subject: |
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i assume the value of the won falls and drops on an almost daily basis then? Seems to be worth jack all today, its not very stable, any brits out there- take it you just view 2000won as being equal to 1pound? |
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Scouse Mouse
Joined: 07 Jan 2007 Location: Cloud #9
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Posted: Wed May 07, 2008 9:25 pm Post subject: |
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ds_fan wrote: |
canteen fees? bastards. i thought all these things were free. i havnt arranged a pension, dont have a baldy about this, also tax is ment to be 4percent. the pay here is shite, i was earning nearly the same in a call cerntre, and some people swan around thinking they are in a high powered important job at their hagwon.... |
Pension is a madatory deduction. You pay 2.5(sih)% and your employer matches it. Tax is under 3%. I'm not sure what the medical insurance is, but it is tiny!
Canteen fees depend on where you work. At a PS they are usually taken, but are very small.
The pay here may be shite, but I am sure you knew how much it would be before getting on the plane! |
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ds_fan
Joined: 07 Apr 2008
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Posted: Wed May 07, 2008 9:29 pm Post subject: |
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i knew, just didnt expect them to rape me so much for all these extras, will they just have taken health insurance? I never asked for it. I asssume i can claim back taxes and/or pension at a later date?
might become a tight bastard if they are charging me for canteen fees- ill it on my own with my jam sandwich and water.
doesnt seem like its easy to party all the time if you want to save any money here, not such a cheap country really...... |
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harryh

Joined: 16 Jan 2003 Location: south of Seoul
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Posted: Wed May 07, 2008 9:48 pm Post subject: |
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Pension at around 9% (50/50 with employer, so 4.5% for you), National Insurance at just under 5% (again, it goes 50/50). Tax seems to vary from place to place. Some say 1.8%, many say 3.3%, some bosses say 5% So, your deductions seem fair. As a Brit you won't get pension contributions back, but can get the value transferred to your UK's NI.
For everyday living expenses, I'd consider supermarket prices and brand clothing prices to be more expensive here than the UK. Imported goods are expensive here.
Transport costs and most importantly accommodation here is cheaper than where I'm from (Middlesex).
Overall my standard of living is a little better here than it was in the UK. Back in 2000 I was paying 650 quid for a studio flat. That was over half of my take home pay in those days!
Here, I've put down a deposit of 5 million won and pay 450,000 won in rent (about 225 quid). Once I've paid my taxes, insurance, rent, bills etc.. I have more money in my pocket. |
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Cornfed
Joined: 14 Mar 2008
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Posted: Wed May 07, 2008 10:28 pm Post subject: |
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ds_fan wrote: |
might become a tight bastard if they are charging me for canteen fees- ill it on my own with my jam sandwich and water |
I considered doing that, but on reflection the 50k a month I pay isn't that bad considering the food is reasonably good. |
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Ramen
Joined: 15 Apr 2008
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Posted: Wed May 07, 2008 10:33 pm Post subject: |
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Just be glad that they didn't tax you on the air you breath.  |
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Wed May 07, 2008 11:21 pm Post subject: Re: money (pay) advice |
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ds_fan wrote: |
ok, my contract is for 2.2million per month. Iv just got my 1st ammount of pay put into my bank account. The amount of money put in is 1934,840 - under 2million. All the staff at my place speak korean- no english at all bar 1 who is off work today. They said that the money for my medical test would be taken off my pay, but that was 57k, is this normal? Would the missing money be tax? Pension?
Advice please, bare in mind im on my own here with no english speakers to help. |
Are you at a public school or hakwon? |
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ds_fan
Joined: 07 Apr 2008
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Posted: Wed May 07, 2008 11:25 pm Post subject: |
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hagwon- kindergarten hagwon,  |
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Wed May 07, 2008 11:41 pm Post subject: |
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ds_fan wrote: |
hagwon- kindergarten hagwon,  |
The ONLY legal deductions they are allowed to make (unless you contractually agreed to a deposit of some kind) are:
(on a salary of 2.2 mil)
TAX as per the NTS calculator (w39,930 )
Pension 4.5% (w99000)
NHIC medical 2.54% (w55,880)
total deductions = 194,810
@ 265,160 sounds like you are being overtaxed at about ~5% instead of the required 1.8% IF you are paying medical and pension....
OR
IF you are not paying into medical or pension yet .....
Your excess deduction would be about 225,230 ... so .... I hate to be the bearer of bad news..... but.... it appears as though you are getting ROYALLY SCREWED. |
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chickyabroad

Joined: 24 Jul 2006 Location: Seoul
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Posted: Thu May 08, 2008 6:10 am Post subject: |
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Shouldn't you get something written by the school that shows how much was deposited and what the deductions were? My director used to give me just a hand written paper showing this, but at least it let me compare the deductions every month. He did forget every once in awhile, but I would just stress that I really needed at least something to do my taxes at home and he'd get it to me the next day.
And is it possible that your utility bills (gas, electric, etc) are being taken out of your paycheck? Again, this is what happened to me, but I was fine with it since it made life easier for me and the bills were delivered to my apartment, so I could compare those to what was taken out of my pay. |
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Draz

Joined: 27 Jun 2007 Location: Land of Morning Clam
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Posted: Thu May 08, 2008 1:49 pm Post subject: |
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ttompatz wrote: |
ds_fan wrote: |
hagwon- kindergarten hagwon,  |
The ONLY legal deductions they are allowed to make (unless you contractually agreed to a deposit of some kind) are:
(on a salary of 2.2 mil)
TAX as per the NTS calculator (w39,930 )
Pension 4.5% (w99000)
NHIC medical 2.54% (w55,880)
total deductions = 194,810
@ 265,160 sounds like you are being overtaxed at about ~5% instead of the required 1.8% IF you are paying medical and pension....
OR
IF you are not paying into medical or pension yet .....
Your excess deduction would be about 225,230 ... so .... I hate to be the bearer of bad news..... but.... it appears as though you are getting ROYALLY SCREWED. |
He also said the school said they'd charge him for the health check. (Which is bullshit, but accounts for most of the difference.) He should find out exactly what's going on before flying off the handle. |
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