Korean Job Discussion Forums

[poet13]

I was reading up on pension and survivor benefits, but I couldn't figure out what it was saying about survivors.

This is from "http://www.pacificbridge.com/publication.asp?id=16"


"National Social Insurance System
Employees may receive old age, disability, and survivor benefits if they are insured under the social insurance system. Participants must be residents of South Korea between the ages of 18 � 59. In most cases, insured individuals and their employers each contribute 4.5% of salary, though different rules apply for public employees, military personnel, private school teachers, farmers, fishermen, and the self-employed.

Pensions . Pension awards (the Basic Pension Amount, or BPA) consist of the employee�s average monthly salary of the preceding year and the entire insured period multiplied by 1.8. If the employee has been insured for over 20 years, the award is increased by 5%.

Disability Benefits. Blah blah blah...

Survivor Benefits. Upon the death of an insured member of the program, survivors may be eligible to receive one of three types of benefits. The maximum benefit awarded is four times the deceased�s insured monthly salary. Survivor benefits are outlined below.

Survivor Pension
People with the following types of relationships with the deceased may receive survivor benefits:
Spouse
Children under 18 and/or with 2 nd degree of disability
Parents, if over 60 years with 2 nd degree of disability of greater
Parents of spouse, if over 60 years with 2 nd degree of disability of greater
Grandparents, if over 60 years with 2 nd degree of disability of greater
Awards:
If insured for 20 years of more, survivors may receive 60% of the deceased�s pension.
If insured 10 - 20 years, survivors receive 50% of pension.
If insured 9 years or less, survivors receive 40% of pension.
Lump-Sum Refund
Recipients are the same as those listed above.
Award consists of the employer and the employee contributions, including interest. It may usually be paid to survivors in the following cases in which the deceased:
Had been insured for less than 10 years;
Was not eligible for a pension;
Did not live in Korea; or
Was not a Korean citizen.
Lump-Sum Death Benefit
Recipient is a dependent survivor who is ineligible for the above survivor benefits.
Award consists of the employer and the employee contributions, including interest."

So it sounds like it's saying that my wife would get 50% of my pension for a year.
Because...
At 10 years I would receive 50% of 60% (30% total). 60% being "of my wages", and 50% being for 10 years paying in. It goes up 5% for every year after until 21 years.
So, 4 times the deceased's monthly salary. It sounds like they're saying that's a maximum cap on payment.

Does anyone know what survivors benefits really are? Would my wife receive 50% of my pension for the rest of her life? Or for a fixed period?