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keflyn
Joined: 07 Dec 2010
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 Posted: Wed Dec 08, 2010 4:16 am Post subject: What is a 'Pension'? |
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Hello, sorry if this is a stupid question but I have been reading on this board and 'pension' keeps popping up under the contract and I was wondering what is meant by this?
Thanks in advance. |
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Skippy
Joined: 18 Jan 2003
Location: Daejeon
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| Posted: Wed Dec 08, 2010 4:19 am Post subject: |
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Wow FAQ section first page this link
http://forums.eslcafe.com/korea/viewtopic.php?t=20651
Key words National Pension Scheme.
Beware some schools aka hagwons try to avoid paying into it. So if they do not pay into pension they will likely also not pay into medical. |
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keflyn
Joined: 07 Dec 2010
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| Posted: Wed Dec 08, 2010 4:22 am Post subject: |
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| Oh sorry. I completely missed that. sorry. |
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jrwhite82
Joined: 22 May 2010
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| Posted: Wed Dec 08, 2010 5:55 am Post subject: |
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| You might also hear about people going to a pension for the weekend. It is like a condo that you rent for a short time. |
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Sector7G
Joined: 24 May 2008
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| Posted: Wed Dec 08, 2010 6:18 am Post subject: |
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| jrwhite82 wrote: |
| You might also hear about people going to a pension for the weekend. It is like a condo that you rent for a short time. |
Yeah, it's the word they use for timeshare. I always wondered why Koreans use that word for it, so for the heck of it I looked up the definition. It actually came in as the 3rd entry, behind the usual meanings:
3. (in France and elsewhere in continental Europe)
a boardinghouse or small hotel.
b.
room and board.
You learn something new everyday.
Last edited by Sector7G on Wed Dec 08, 2010 6:24 am; edited 1 time in total |
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Murakano
Joined: 10 Sep 2009
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| Posted: Wed Dec 08, 2010 6:21 am Post subject: |
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| throwing away cash every month if you`re a Brit.... |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Wed Dec 08, 2010 6:27 am Post subject: |
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| Murakano wrote: |
| throwing away cash every month if you`re a Brit.... |
Or a kiwi or SA (but if you are an SA you can opt out) |
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mj roach
Joined: 16 Mar 2003
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| Posted: Wed Dec 08, 2010 4:41 pm Post subject: |
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or -
no longer pay in and get pension money deposited in your acct. monthly |
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Morticae
Joined: 06 May 2010
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| Posted: Wed Dec 08, 2010 5:01 pm Post subject: |
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I never knew there was a meaning for 'pension' beyond the financial one! Interesting.
Why is the pension a waste? Your employer matches it, and you can take out the money when you leave. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Dec 08, 2010 5:22 pm Post subject: |
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| Morticae wrote: |
I never knew there was a meaning for 'pension' beyond the financial one! Interesting.
Why is the pension a waste? Your employer matches it, and you can take out the money when you leave. |
NOT if you are a Brit, Kiwi or Irish. For them it is lost money.
Canadians, Americans and Australians get a refund (including the employers matching contributions).
Saffers are not required to pay into the NPS.
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