Korean Job Discussion Forums

[OBwannabe]

Hey all,
My current contract is coming to an end and I've been getting excited about cashing out my pension refund. I started looking through some of my old pays stubs to calculate exactly how much I should get back and noticed something unsettling.
After the completion of each contract I recieved a 200,000 won bump up in pay as I stayed with the same employer for 3 years. Yet, my pension deduction remained the same. Well, actually there was a slight increase from year one to year 2, but remained the same through year 2 and year three.
My contribution should be 4.5% of my monthly salary, right? If so, then I was short changed 4500won/mth throughout my 2nd year and 13500won/mth over this last year. It's not much, but adds up over the course of 2 years.
My math isn't great, but as far as I can figure it adds up to 432,000won that should have been deducted over the course of my last 2 years of employement.

Is this right? And if it is, can I offer to pay the 432,000 out of pocket and have the pension office contact my employer demanding he match the contribution?
What proof would I need? I have a few paystubs...but not all. Not sure if I held on to a copy of my contract either. Can't find it.

I could really use 400+grand.

Any help? Please

[big_fella1]

Not sure if it applies to you but pension is only payable on your standard income (not overtime or allowances) on up to w3,600,000 per month.

Either they have made a mistake, which you should give them the opportunity to fix, or you earn more than w3,600,000 per month and they don't have to increase your pension contribution, or they are being dodgy, maybe trying to claim that the pay bump is an allowance for staying, not a salary increase.

You also should have been receiving severance each year but if you haven't the severance amount is 1 month for every year served and this can be prorated after 1 year (i.e. 18 months service equals 1.5 months severance.)

This is calculated on what you earn in your last 3 months, so it can be an advantage not to take it each year, if you trust your employer to pay when the time comes.

[OBwannabe]

Not sure if it applies to you but pension is only payable on your standard income (not overtime or allowances) on up to w3,600,000 per month.