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andyh769
Joined: 26 Oct 2010
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 Posted: Thu Nov 18, 2010 10:49 pm Post subject: Pension & tax... |
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Just reading over my contract and it doesn't mention anything about pension, i'm from the UK and going to Korea next week. Should i mention it? i've read that people from the UK don't get their pension back until they retire, is this true? also should i have some sort of tax form complete so that i'm not taxed in my own country?
Thanks a lot,
Andy |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Nov 19, 2010 12:17 am Post subject: Re: Pension & tax... |
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| andyh769 wrote: |
Just reading over my contract and it doesn't mention anything about pension, i'm from the UK and going to Korea next week. Should i mention it? i've read that people from the UK don't get their pension back until they retire, is this true? also should i have some sort of tax form complete so that i'm not taxed in my own country?
Thanks a lot,
Andy |
Hakwon workers don't get the tax exemption (under current tax rules - only PS teachers and publicly funded university lecturers get the break) and most hakwons don't pay into pension either.
Bad news is that you will pay twice the tax (3.3% as compared to 1.7%) but
as a Brit you would lose the 4.5% pension contributions since you won't see them till you retire.
In the end it works out about close to even.
Do be careful cause most hakwons that list you as a contractor (even though the contract says employee) to avoid paying into pension also don't pay into the NTS medical (and is the reason you pay 3.3% for taxes).
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