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Patrique
Joined: 04 Oct 2007
Location: Sajik-dong, Busan
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 Posted: Mon Jun 09, 2008 1:50 am Post subject: Trying to get compensated for pension money before I leave |
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I'm quitting my job at the six-month point (gave early notice). My boss hasn't been paying my medical benefits or my pension, instead opting to pay me my salary in cash every month. I know this is sketchy, but I had such a hassle trying to get them to change it I eventually adopted a bit of a defeatist attitude.
A new friend of mine encouraged me to pursue getting my pension money before I left, since it is worth a few hundred by now.
I wrote to my recruiter and got this in reply:
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You pay 4.5% of pension, 2.5% of medical, and 3.3% of income tax and they have to pay 2.5% of medical and 4.5% of pension for you right? but, medical is not refunded.
so you were supposed to pay 10,3% from ur salary each month but, you will get it back 9% returns ( 4.5% of pension money and the director's 4.5% ) so that means you pay 10.3% and get return 9% but, you didn't pay anything so actually u didn't lose any money. In my person opinions, if they want to do properly they have to take 10.3% of ur salary and u get 9% back but, as u get 9% of pension back the peniosn office will deduct some portion of the tax out of ur pension money back as well.
My personal opnion, let it be as it was since u will be leaving soon cause if u want to fix things right actually, you have to pay more money than what you get refunded.
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My recruiter has been great to me so far but I'm not sure if this is correct. Do you think my recruiter is right about this? Or should I pursue the money? What recourse do I have through the pension office if my boss refuses to pay, seeing as how nothing has been paid into my account and I get my last paycheque next Tuesday?
Any advice would be greatly appreciated.
I guess I'm yet another cautionary tale for everyone out there - to read up on Korean law far ahead of time. I'm getting sick of being treated like a thief by my boss, just for wanting what's in my contract to be honored. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jun 09, 2008 1:56 am Post subject: |
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IF you didn't pay tax or any other deductions from your salary, he is almost correct.. (taxes aren't 3.3% unless you are getting paid more than 2.5 mil)
BUT
Unless you leave the country and either don't return OR get a new visa to return you WILL BE LIABLE for the unpaid taxes, pension and medical.
If you leave and get a new visa (if you decide to return) the count starts at "0" again.
Do NOT transfer your visa to another employer or you would be stuck holding the bag for the entire balance of unpaid taxes, 100% of the medical premiums and 50% of the pension contributions.
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Patrique
Joined: 04 Oct 2007
Location: Sajik-dong, Busan
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| Posted: Mon Jun 09, 2008 2:04 am Post subject: |
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| ttompatz wrote: |
IF you didn't pay tax or any other deductions from your salary, he is almost correct.. (taxes aren't 3.3% unless you are getting paid more than 2.5 mil)
[...]
Do NOT transfer your visa to another employer or you would be stuck holding the bag for the entire balance of unpaid taxes, 100% of the medical premiums and 50% of the pension contributions.
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I'm only making 2.1 - does the tax argument still apply?
I'm leaving the country and heading home, so no worries there. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jun 09, 2008 3:48 am Post subject: |
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| Patrique wrote: |
| ttompatz wrote: |
IF you didn't pay tax or any other deductions from your salary, he is almost correct.. (taxes aren't 3.3% unless you are getting paid more than 2.5 mil)
[...]
Do NOT transfer your visa to another employer or you would be stuck holding the bag for the entire balance of unpaid taxes, 100% of the medical premiums and 50% of the pension contributions.
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I'm only making 2.1 - does the tax argument still apply?
I'm leaving the country and heading home, so no worries there. |
Tax would be ~1.7% so you would end up about even (8.7% out and 9% refunded) minus the trouble of the fight for it.
(actually you would be ahead about 37k won) at the end of the day (minus the cab fare and time to get back and forth to the tax, NHIC and Pension offices.)
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Patrique
Joined: 04 Oct 2007
Location: Sajik-dong, Busan
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| Posted: Mon Jun 09, 2008 5:35 am Post subject: |
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| I actually feel a bit relieved to hear that it's not worth my time. I was sort of dreading a nasty office battle. Thanks for your advice. |
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