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Korean Job Discussion Forums
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FastForward
Joined: 04 Jul 2011
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 Posted: Thu Jul 04, 2013 3:26 pm Post subject: Insurance question, need help |
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I worked at a previous hagwon and it was pretty easy getting signed up for health insurance and pension. They had been around for a while and it was no problem taking taxes and getting everything set up.
At my new hagwon they keep referring to pension and health insurance as the "4 kinds of insurance". I have never heard of this term. Basically it includes pension, health insurance, workers compensation, and unemployment benefits. I had never heard of this for foreigners. They also told me taxes are in included in the "4 kinds of insurance"
The health insurance was 61,000 won per month, 4.5% for pension, 13,600 won for workers compensation, and 6,000 won for unemployment benefits. Does that look right? Included some where in those totals is also tax( this is what they are telling me)
I'm just trying to make sure they aren't pulling a fast one on me. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Thu Jul 04, 2013 3:54 pm Post subject: Re: Insurance question, need help |
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| FastForward wrote: |
I worked at a previous hagwon and it was pretty easy getting signed up for health insurance and pension. They had been around for a while and it was no problem taking taxes and getting everything set up.
At my new hagwon they keep referring to pension and health insurance as the "4 kinds of insurance". I have never heard of this term. Basically it includes pension, health insurance, workers compensation, and unemployment benefits. I had never heard of this for foreigners. They also told me taxes are in included in the "4 kinds of insurance"
The health insurance was 61,000 won per month, 4.5% for pension, 13,600 won for workers compensation, and 6,000 won for unemployment benefits. Does that look right? Included some where in those totals is also tax( this is what they are telling me)
I'm just trying to make sure they aren't pulling a fast one on me. |
Your health insurance and pension sound about right (they are based on income and we don't know how much you make). These are the only required forms of "insurance" that you should pay (50%) as an E2 teacher.
If you are an E2 teacher you should be exempt from unemployment insurance - your school doesn't have to pay on your behalf so you should pay nothing.
I will have to double check on the "workers' compensation" because I haven't heard it called that in Korea, but there is no other form of required government insurance that you should pay beyond Health and Pension. There is a form of required accident insurance that the school does pay, but the school is supposed to pay 100%. |
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FastForward
Joined: 04 Jul 2011
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| Posted: Thu Jul 04, 2013 4:22 pm Post subject: |
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| I'm calling it workers compensation per the description of the insurance they gave me. Accident insurance may be a better term. Im paying for it not them. I'm a F4 visa holder, forgot to mention that. I didn't realize that the health insurance was that expensive. Do you think taxes are included as well? I have a feeling it is not. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jul 04, 2013 5:14 pm Post subject: |
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| FastForward wrote: |
| I'm calling it workers compensation per the description of the insurance they gave me. Accident insurance may be a better term. Im paying for it not them. I'm a F4 visa holder, forgot to mention that. I didn't realize that the health insurance was that expensive. Do you think taxes are included as well? I have a feeling it is not. |
Based on an average hagwon salary you should be paying:
1.7% of your salary in taxes (income tax and residence tax).
4.5% of your salary in pension contributions (matched by your employer).
3% (just a small fraction under actually) for your NHIC contribution (matched by your employer).
On an F4 you should also be paying into employment insurance since you can collect benefits (your status of sojourn is not tied to your employment).
You should NOT be contributing to "workers compensation" (that is a strictly employer based requirement).
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