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big_fella1
Joined: 08 Dec 2005
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 Posted: Tue Jul 28, 2009 11:40 pm Post subject: Independent contractors and Pension |
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I have just received a letter from the NPS wanting me to declare my income for pension purposes.
It seems that if your employer is not making pension contributions, you must make the whole 9% payment yourself. Is anyone familar with this?
I know that I will get a lump sum back or a Korean pension in 30 years but it certainly makes me reconsider the minimum hourly rate I will work for. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Tue Jul 28, 2009 11:56 pm Post subject: |
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tell them youre an employee and you'll only have to submit 4.5% and they'll go after your employer to submit their share. if you can convince them youre an employee, you can avoid having to make the other compulsory payments, as well. you'll also have to submit your own taxes (3.3%) and all of the health insurance premiums (about 5.2%) as an independent contractor.
just another reason to never sign a contract that tries to make you an independent contractor.......... |
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I-am-me
Joined: 21 Feb 2006
Location: Hermit Kingdom
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| Posted: Wed Jul 29, 2009 5:20 am Post subject: |
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| If you are sponsored, you cannot be indepent contractor. What visa are you on? |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Wed Jul 29, 2009 6:16 am Post subject: |
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| I-am-me wrote: |
| If you are sponsored, you cannot be indepent contractor. What visa are you on? |
F2 visa holder, so I don't mind paying pension 9% when I am getting more than w60,000 per hour on contract jobs. I also don't mind the 3.3% tax PROVIDED it is actually remitted as I will get most of it back next May when I file my return.
I however lose interest in jobs offering w30,000 with no pension/health. |
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