Korean Job Discussion Forums

[morph33]

Hey all

Quick question regarding private pension. I work at a college and I've been involved in the private pension plan for almost 2 years now. I heard today from a co-worker that our school isn't matching what we contribute each month (not even close - maybe 10% of what we contribute). I assumed they were doing so for the past 20 months.
I checked the private pension website (www.ktpf.or.kr) but it's quite confusing. I was wondering if anyone knew the ruling on whether or not your employer HAS TO match your pension contribution. I've been working in Korea for 9 years now and my pension has always been matched (as far as I know).

Any help would be greatly appreciated.

Again, this is the private pension scheme, not the national pension scheme.

Thanks.

[Wildbore]

Have you tried getting a Korean colleague or friend to call the private pension scheme and ask them.

They could have a lower matching ratio, or they could have been fudging the numbers somehow (reporting wrong income, etc, which many Hagwons do to screw people out of public pension).

[bbud656]

I dont know about your school, but my college is on a private pension and apparently it works on some sort of multiplier depending on how long you have worked there. for the first 2 or 3 years they dont match anything, but after that it turns out to be a really good deal. Problem is, no one ever stays longer than a couple of years because they get experience and move on to another university.