Korean Job Discussion Forums

[is so delicious]

I'm American. I've had recruiters claim that participating in the pension program nets me more money, and I've had others say that passing on pension nets me more money. I think it is part of medical insurance, and I never get sick and am okay with the idea of passing on medical for a year, if it will help me financially.

Anyone have a clear answer on this? [/i]

[fugitive chicken]

However much you put into pension, your employer has to match it, so yes it nets you more money.

[is so delicious]

Interesting. Thanks. But then you also have to take on insurance, right? Does that cancel it out, do you know?

[ttompatz]

Your contribution to medical insurance = 2.83% of your salary.

Employer contribution to your pension = 4.5% of your salary.

Net savings for you = 1.67% of your GROSS salary over 1 year.
Based on a salary of 2.2 million = 440,000 won in YOUR pocket.

Oh, and as to medical insurance, anyone who says they never get sick have never worked with 200-1000 kids sneezing on them all winter long. There is a lot to be said for having a doctor's visit and have your prescriptions filled for less than 10k won.

.

[is so delicious]

Seems pretty clear. Not to mention health insurance. Thanks, kids.

[NYC_Gal 2.0]

I just had my appendix out. With health insurance it cost over a month's salary. Without, it would have been at least twice that. Always go with health insurance.

[CentralCali]

Doesn't the law require participation in the pension plan? One might consider a different recruiter.

[jrwhite82]

What if some kind of terrible accident happens while you're here in Korea? Wouldn't it be better to have your family only have to pay some of the medical costs and not all of them? Think of them too when making this decision. Your health affects more than just you.