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madtownhustl
Joined: 04 Jun 2009
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 Posted: Tue Feb 23, 2010 8:33 pm Post subject: Contract ending-Money Questions |
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My contract is up in May. I am probably going to Re-sign on for another year. I have paid a monthly pension fee of 90k every month since I arrived. Questions...
Does everyone pay 90k a month? Have you heard of doing this? Will I get that pension back in May or when I finally leave Korea...?
Can I get my 1 month severance between contracts as well?
I could ask my school, but its vacation and no one is really here, and I kind of want to know asap... |
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Ramen
Joined: 15 Apr 2008
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| Posted: Tue Feb 23, 2010 8:42 pm Post subject: |
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Wow! You must be making 4 million a month.
Your share of pension is 4.5% of your gross salary. Your employer pays the other 4.5% making the total pension contribution of 9%.
A month before you finish your contract and after purchasing one way ticket home, you can apply for the lump sum pension refund at NPS office. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Tue Feb 23, 2010 8:44 pm Post subject: |
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| Ramen wrote: |
Wow! You must be making 4 million a month.
Your share of pension is 4.5% of your gross salary. |
Math FAIL! 90k is 4.5% of 2,000,000. Yes, that is correct, or rather close enough. It's not exactly 4.5% but that's close enough for almost everyone.
OP, you will get your pension back (if your home nation has an agreement) at the end of your stay in Korea, not between contracts. You CAN get your severance if you want or wait if you trust your boss. |
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madtownhustl
Joined: 04 Jun 2009
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| Posted: Tue Feb 23, 2010 8:47 pm Post subject: |
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Standard GEPIK first year amount. 2.0mil
I'm lookin at my paycheck receipt numbers and it says 90k is deducted...
So only until I leave I can get my pension....
kp, is it worth the hassle gettin it between contracts? I'm at a public school with good people.
Last edited by madtownhustl on Tue Feb 23, 2010 8:48 pm; edited 1 time in total |
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Ramen
Joined: 15 Apr 2008
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| Posted: Tue Feb 23, 2010 8:48 pm Post subject: |
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| kprrok wrote: |
| Ramen wrote: |
Wow! You must be making 4 million a month.
Your share of pension is 4.5% of your gross salary. |
Math FAIL! 90k is 4.5% of 2,000,000. Yes, that is correct, or rather close enough. It's not exactly 4.5% but that's close enough for almost everyone.
OP, you will get your pension back (if your home nation has an agreement) at the end of your stay in Korea, not between contracts. You CAN get your severance if you want or wait if you trust your boss. |
I'm assuming the employer is deducting 90K from the OP each month. |
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madtownhustl
Joined: 04 Jun 2009
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| Posted: Tue Feb 23, 2010 8:50 pm Post subject: |
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| Ramen wrote: |
| kprrok wrote: |
| Ramen wrote: |
Wow! You must be making 4 million a month.
Your share of pension is 4.5% of your gross salary. |
Math FAIL! 90k is 4.5% of 2,000,000. Yes, that is correct, or rather close enough. It's not exactly 4.5% but that's close enough for almost everyone.
OP, you will get your pension back (if your home nation has an agreement) at the end of your stay in Korea, not between contracts. You CAN get your severance if you want or wait if you trust your boss. |
I'm assuming the employer is deducting 90K from the OP each month. |
Correct. I was told in the beginning I could not pay, or pay the 90k and I'd get it back. I chose to pay the 90k for a nice lump sum at the end... |
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Ramen
Joined: 15 Apr 2008
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| Posted: Tue Feb 23, 2010 8:55 pm Post subject: |
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| 90K is correct deduction for 2 million. My mistake. |
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tokkibunni8
Joined: 13 Nov 2009
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| Posted: Tue Feb 23, 2010 11:23 pm Post subject: |
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You can only get it back if your home country has an agreement with Korea. I pay about 120k a month and my school matches that. I wish they would take more out and match it. It would mean a bigger fat lump sum when I leave, but no, they can only do 4.5% 
You get your severance shortly after your contract ends. You get your pension when you leave Korea. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Wed Feb 24, 2010 1:28 am Post subject: |
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If you re-sign for a second year, you can take the severance (retirement) benefit after the first year if your school wants to pay it then or wait til the end of the second year. It's basically up to your employer.
Your pension refund can not be taken if you are re-signing. You can only apply for your pension refund when your employment is ending and you are leaving Korea (that doesnt mean you can't come back and get a new job, but it wont be refunded when you re-sign). Pension refunds have nothing to do with your school. You have to go to the regional pension office with your out going plane ticket and bank info and make the application with them. |
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