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money (pay) advice

 
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ds_fan



Joined: 07 Apr 2008

PostPosted: Wed May 07, 2008 9:12 pm    Post subject: money (pay) advice Reply with quote

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

PostPosted: Wed May 07, 2008 9:17 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 9:19 pm    Post subject: Reply with quote

That sounds about right - tax pension and insurance are also deducted.
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ds_fan



Joined: 07 Apr 2008

PostPosted: Wed May 07, 2008 9:20 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 9:22 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 9:25 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 9:29 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 9:48 pm    Post subject: Reply with quote

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% Very Happy 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

PostPosted: Wed May 07, 2008 10:28 pm    Post subject: Reply with quote

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

PostPosted: Wed May 07, 2008 10:33 pm    Post subject: Reply with quote

Just be glad that they didn't tax you on the air you breath. Laughing
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed May 07, 2008 11:21 pm    Post subject: Re: money (pay) advice Reply with quote

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

PostPosted: Wed May 07, 2008 11:25 pm    Post subject: Reply with quote

hagwon- kindergarten hagwon, Evil or Very Mad
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed May 07, 2008 11:41 pm    Post subject: Reply with quote

ds_fan wrote:
hagwon- kindergarten hagwon, Evil or Very Mad



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

PostPosted: Thu May 08, 2008 6:10 am    Post subject: Reply with quote

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

PostPosted: Thu May 08, 2008 1:49 pm    Post subject: Reply with quote

ttompatz wrote:
ds_fan wrote:
hagwon- kindergarten hagwon, Evil or Very Mad



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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