Korean Job Discussion Forums

[newyorker]

I am leaving Korea.

So I went to the local pension office to fill out the paper work to have my pension refunded to me after I leave Korea. Everything was going well until I saw the amount that I was owed. It was much less than I had thought. I know that I pay 4.5% and the uni pays 4.5% every month.

The problem is the amount that the university is paying the 4.5 % on.

The woman at the pension office printed out a piece of paper which showed the amount that the uni pays 4.5 % pension on. I told her that the amount on the paper is 600,000 won less each month than I earn. She told me that the university can 'deduct things' from my pay....well at least on paper, because I have never seen any of these said deductions. The short of it is that I am owed appx. 1.300 000 won more than I will be getting because the university declared less.

I would like to know if this has happened to anyone else before I take the head off of my director.

[ttompatz]

If it is your first year there, go head ripping.

IF you have been there MORE THAN 1 YEAR then the lady at the pension office is correct, your pensionable earnings are about 30% less than your actual earnings (and the contributions are lower as well).

[poet13]

Make sure though that if the employer is legitimately paying 30% less, that you are too. Pension deductions are calculated the same way for both of you.

[newyorker]

The problem is, for the first seven months everything is ok. After that the 4.5% is taken off a salary that is 600,000 won less. I have been here for two years, but the first year is not calculated correctly, nor is the second year. Even considering the 30%, it doesn't add up.

I asked the director today and they said that something doesn't look right. I am waiting back to here what the deal is.