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t-rock
Joined: 03 Jan 2008
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 Posted: Sat Jan 17, 2009 7:59 pm Post subject: Pension Payments |
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| I have been working here 7.5 months. I went to pension office other day and only 3 months of my pension has been paid. Is it common or standard for employers to pay pension quarterly? I thought pension was to be paid monthly? |
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seethetraffic
Joined: 22 Nov 2005
Location: Seoul
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| Posted: Sat Jan 17, 2009 10:26 pm Post subject: |
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Yes, it is standard. It has been that way at all of my workplaces
here in Korea. I believe your employer needs to wait for your
ARC number from immigration before they start collecting/paying
into your pension. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Sun Jan 18, 2009 2:07 am Post subject: Re: Pension Payments |
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| t-rock wrote: |
| I have been working here 7.5 months. I went to pension office other day and only 3 months of my pension has been paid. Is it common or standard for employers to pay pension quarterly? I thought pension was to be paid monthly? |
Your pension is a flat amount based on your regular monthly pay. There is no additional amount for overtime. The amount is approximately 9% per month in total with half paid by you and half by your employer. Thus, your share is approximately 4.5%. The actual amount is by brackets, so only the midpoint of the bracket is exactly 4.5%. It is billed monthly and should be paid monthly.
Your first month may be exempt from pension, but if your employer withheld pension for the first month, then it should either be paid in or refunded to you. (Many people used to object to paying the full amount for partial first and last months, so now, the first month is exempt.)
So, you should have at least 6 months of pension due to your pension account. Five months should have been paid in by now. The sixth month (covering your seventh month of work) might not be due yet as the bill generally follows your pay date. One month of pension, your first month of working, could be exempt and you are in your eighth month now.
Income taxes are paid in twice a year for most small employers. Large employers might have to pay in quarterly or monthly or even after each pay date.
Health insurance is generally billed monthly and should be paid monthly. There is one option some employers use for health insurance that requires quarterly payments. This requires quarterly payments in advance, however. Employers used to prefer this option as it was easier to sign up for, and it was easier to be insured under this plan (even though it is part of the Korean National Health Insurance) and still not pay into the pension fund without being caught. |
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