Korean Job Discussion Forums

st02wy · Joined: 25 Jul 2007 Location: Seoul

So I went to my pension office after 18 months (12 months I was making 2,200,000 and the past 6 months I've been making 2,400,000). They told me I'm entitled as of today to 1,757,000 or something like that.

By law, and according to my boss (saying he's paid his 4.5%), I've made approx 3,672,000 in pension payments/deductions of my pay stubs.

What percentage of your deductions are you entitled when you get your pension back? I'm missing out on nearly 2,000,000 won....Is that correct? Or is my boss actually not paying his share, as it would appear to be so.

I leave next week. Please someone help me out with this.

Thanks guys!

Ramen · Joined: 15 Apr 2008

You should be getting 3,672,000 won. That's 9% of your total gross salary for 18 months.

kprrok · Joined: 06 Apr 2004 Location: KC

Take your pay stubs showing the deductions and go to the office. Show the worker there, they can look on their little computer and see what's going on. It sounds to me as if boss-man either wasn't paying his share, was under-reporting your salary by 1/2 which meant you were paying the whole thing, or didn't pay for several months.

bobbybigfoot · Joined: 05 May 2007 Location: Seoul

Your boss has most likely reported your salary as being half of what it really is. He'll likely argue that your "base salary" is 1.2 million and the other 1.2 million is for "expenses". Bottom line, your boss appears to be, yet another, crooked hagwon owner. This happens far more frequently than it should.

I read in the Korean Harold last week that Korea ranks 40th out of 180 countries for "corruption in government." Granted Korea is no African nation, but it's also no first world country either (39 less corrupt governments out there). Unless a miracle occurs, your cash is as good as gone.

Case in point: my school has been charging 6% income tax for god knows how many years now. Multiple complaints have been lodged with the Tax Department and the Labour Board. Nothing gets done. Quite simply they don't care. Or, they've been bribed.

LESSON FOR ALL FOREIGNERS: check with the pension office every few months to make sure your account is in good standing. Otherwise, you risk the same kind of nasty surprise....