Korean Job Discussion Forums

[asian sensation]

I'm aware the private pension goes up after the completion of the 5th year. Now, does this require you to be at one university for the entire 5 years, or can you work at one university for 3 and then switch to another (under the same private pension) uni for 2 years? Also, does it have to be 5 consecutive years? Or can you work 4 and then leave and come back and work another year later on (as long as you don't cash out)?

Thanks if anyone has any info on this.

[fishy]

I had the exact same questions about a year ago. I called them. They gave me the answers in English. I'm not going to tell you the answers because you shouldn't believe another teacher's word on this without finding it out for yourself first. (Sorry if this sounds too snarky but it's for your own good.)

[kimchi_pizza]

I'm with fishy in hesitating to fully answer due to my lack of full understanding and it IS best you find you for yourself, BUT....

From my understanding, there's the NPS (National Pension Service) that is "national" i.e. government run program where either the school/government? will match your payments into it. I guess this means gov't employees/public school teachers. I worked for a university affiliated academy where I fell into this catagory. And it's still there, full amount. Untouched. I was an "instructor".

But if you work for a private school/uni then you may fall under the KTP (Korea Teacher's Pension) and it is transferable no matter the number of years as long as both schools are affliated to the same pension scheme for you. But, it has to remain 'untouched'. After five years the pay ratio from your employer jumps from .1% to .35%, which is a considerable jump. But again, it depends, are you contracted as 'instructor" (NSP) or "professor" (KTP) and what your previous/future employers suscribe to?

Again, there are a number of factors that come into play that it's head-spinning and forgive my errors and I appreciate anyone that can further clarify or correct. Most of this is based on a PPT on pension given to me by my future employer, which is excellent, but can't share w/o his/her permission.

I won't even attempt to go into 'severence pay' as I'm burned out, but maybe later. But all-in-all, ALL teachers (hogwans, academies, public schools, private, uni, etc.) should look into this~ You're doing yourself a great disservice to not.

Now, where's my beer? ha~

[ACT III]

My understanding is that as long as have not cleared out the pension then it only matters how many years you have been in the private pension fund.

But Fishy is right, you should just call them since they can look at your account and tell you.

Their number is (02) 769-4000.

Hope that helps

[asian sensation]

Thanks!