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Korean Job Discussion Forums
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soyoungmikey
Joined: 29 Jun 2009
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 Posted: Thu Jan 12, 2012 9:44 pm Post subject: How to rectify pension contribution? |
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Recently I went online to check my pension balance and I noticed some errors.
Specifically, some employers did not contribute the full amount. Like I worked at one place for 1 year and there are only 11 months accounted for.
Another one has my salary at one amount for 9 months and the two months at a lower salary. Which I can see meant a lower pension contribution from that employer.
Therefore, how would I go about fixing this situation? Since they did not make the contribution are they legally obligated to do so? Who would be the best person to talk to? Would it be the employer, the Korean Pension office? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jan 12, 2012 11:16 pm Post subject: Re: How to rectify pension contribution? |
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| soyoungmikey wrote: |
Recently I went online to check my pension balance and I noticed some errors.
Specifically, some employers did not contribute the full amount. Like I worked at one place for 1 year and there are only 11 months accounted for.
Another one has my salary at one amount for 9 months and the two months at a lower salary. Which I can see meant a lower pension contribution from that employer.
Therefore, how would I go about fixing this situation? Since they did not make the contribution are they legally obligated to do so? Who would be the best person to talk to? Would it be the employer, the Korean Pension office? |
Go to the (local) pension office.
Show proof of salary and/or contributions for the amounts in question.
Be prepared to pay in any shortfall in YOUR portion of the contributions.
They will go after the past employers for their balances.
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Fri Jan 13, 2012 8:49 am Post subject: Re: How to rectify pension contribution? |
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| soyoungmikey wrote: |
Recently I went online to check my pension balance and I noticed some errors.
1) Specifically, some employers did not contribute the full amount. Like I worked at one place for 1 year and there are only 11 months accounted for.
2) Another one has my salary at one amount for 9 months and the two months at a lower salary. Which I can see meant a lower pension contribution from that employer.
Therefore, how would I go about fixing this situation? Since they did not make the contribution are they legally obligated to do so? Who would be the best person to talk to? Would it be the employer, the Korean Pension office? |
By all means check these out at the Pension office. But, be aware that they may not be mistakes at all.
Pension is calculated and paid based on whole calendar months. Your employer receives a bill which he must pay. You are supposed to pay half of that billed amount. The amount does not vary based on overtime and the pension office does not want to change the billed amount even for raises for one year contract workers.
1) Because of the whole calendar month billing system, when you are first enrolled in the Pension scheme, there may be no bill if the first month is a partial month. Likewise, the last month may have no bill if it is a partial month. So, it is possible that your 11 month contibution year is correct as far as the Pension office is concerned. However, you should verify that you only had 11 months of pension contributions withheld from your pay.
2) As to the lower monthly payments for 2 months, there was a period of a few years when the Pension payments were calculated based on 70% of your income, just like the income tax. The Pension office encouraged employers to use this system and Public schools along with many hogwans used it.
Recently the tax calculation was changed to be based on 100% of your income. So, it could be that your school was properly paying pension based on 70% and then changed when the rules changed and paid based on 100%.
It could also be the reverse, depending on when it happened. It could be that your school was paying based on 100% and then changed to the 70% computation when the Pension office began encourging everyone to make the change.
You should definitely check.
This tax and pension change happened as a result of complaints from E2 teachers. Now we all get to pay pension based on 100% of our income which means that we get slightly more money from our bosses, if we are eligible for a refund, and we all pay higher taxes based on 100% of our incomes. For most of us it will be a net loss.
Where I work, the wonjangmin refused to cave in to the pressure from the Pension office and maintained all Pension payments at 100% throughout the 70% era. So, the change is a total loss. |
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soyoungmikey
Joined: 29 Jun 2009
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| Posted: Fri Jan 13, 2012 3:31 pm Post subject: |
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| Thanks so much both of you. Excellent replies. Much appreciated. |
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