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Korean Job Discussion Forums
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baby_b
Joined: 01 Feb 2011
Location: Greater Seoul
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 Posted: Wed Nov 30, 2011 3:34 am Post subject: Back-paying pension and insurance, or starting them from now |
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Hi everyone,
My basic question is - is it legal/possible to begin my pension and insurance from the sixth month of a contract?
I'm nearly halfway through my contract at a hagwon and the hagwon is just now organizing pension and insurance.
They are offering me the choice of either deducting 1.2m in back-payments from this month's pay, or starting my pension and insurance from this month.
The 1.2m includes 370,000 in back-payments for health insurance. I have not had a health card this whole time and have avoided going to the doctor (for colds etc) because I didn't have it, so I'm very reluctant to part with the 370,000. My hagwon says the pension and insurance are linked so I can't get one from the beginning without the other.
The 1.2m also includes 175,000 in unemployment insurance (the paperwork I have says 감근세본인부담).
So I am wondering if it is actually possible to start my pension and insurance from this month. Is my hagwon only offering this naively? If they try it will they find everything has to begin from the beginning of my visa?
Also, obviously: don't let pension and insurance go unresolved for six months, because a 1.2m deduction from your pay is balls. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Nov 30, 2011 7:34 am Post subject: Re: Back-paying pension and insurance, or starting them from |
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| baby_b wrote: |
Hi everyone,
My basic question is - is it legal/possible to begin my pension and insurance from the sixth month of a contract?
I'm nearly halfway through my contract at a hagwon and the hagwon is just now organizing pension and insurance.
They are offering me the choice of either deducting 1.2m in back-payments from this month's pay, or starting my pension and insurance from this month.
The 1.2m includes 370,000 in back-payments for health insurance. I have not had a health card this whole time and have avoided going to the doctor (for colds etc) because I didn't have it, so I'm very reluctant to part with the 370,000. My hagwon says the pension and insurance are linked so I can't get one from the beginning without the other.
The 1.2m also includes 175,000 in unemployment insurance (the paperwork I have says 감근세본인부담).
So I am wondering if it is actually possible to start my pension and insurance from this month. Is my hagwon only offering this naively? If they try it will they find everything has to begin from the beginning of my visa?
Also, obviously: don't let pension and insurance go unresolved for six months, because a 1.2m deduction from your pay is balls. |
Health Insurance and Pension are linked, so you will have to register for both and pay for both.
Your employer should be matching your Pension contribution, so you should pay approximately 4.5% and your boss should match.
If you are from a country that gets a Pension refund when you leave Korea, you will come out ahead by taking the Pension even though you have to make back payments for health insurance. You will gain by having your boss make pension payments that you can collect when you leave. His pension payments will exceed your health insurance payments.
It is possible to start the Pension and Health Insurance late, sometimes. This can be done either by faking your starting date, or sometimes the Pension office will let you start late since they don't really care - you'll get the money back anyway. Normally, however, you have to pay retroactively to your first month on the job.
Unemployment Insurance is something you should not pay. It is not required for you since you can never collect it. Your boss may be unaware that you are exempt and he doesn't have to pay it on your behalf. You can both save on this one. |
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