Korean Job Discussion Forums

[mr. bojangles]

Does the Government (National Pension in Korea) match your Employers pension payments each month?

For example, if your employer takes 90,000 from your paycheque each month for the National Pension - does the goverment match that 90,000 so there is 180,000 total?

As a Canadian, how much of pension refund can you expect to receive after 1 year?

Thanks.

[koreatimes]

I thought it was the employer that matched it, which is why you have to check with the pension office to make sure they aren't just pocketing it.

If they took 90,000 and you want to know for 12 months, it's an easy formula.

90,000 x 2 x 12 = 2,160,000

[ttompatz]

[ontheway]

The way it actually works is that the National Pension office sends the employer a monthly bill. The amount is based on brackets with a center point that is 9.0% of your reported monthly salary. The employer and employee are each supposed to pay 1/2 of the billed amount.

The amount is fixed and doesn't change when you get overtime (so, no Pension deduction for OT) and they will generally refuse to change the amount even if you get a raise during the contract. The Pension office collects the money, but they don't like trouble, change or extra paperwork.

In subsequent years at the same employer, the the monthy billed Pension amount can and will be adjusted annually for various reasons, including overtime, other income from previous years, and raises, and may no longer be 9% (each still pays half) but some other unexplained number above or below 9%.

[mr. bojangles]

Thanks for the info!

As for a tax refund, do Canadians get 100% of their income taxes refunded after they leave Korea? For example, if I paid around 25,000 KRW each month in taxes for 2 years (25 x 12 x 2), the total would be 600,000 KRW.

If so, where do you go to get the tax refund? Immigration office or can it be done at the Pension office?

Cheers!

[ontheway]