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Kuval
Joined: 19 Aug 2012
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 Posted: Mon Oct 07, 2013 7:54 am Post subject: Difficult and detailed pension question... please help! |
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So my understanding is that I pay 4.5% of my wage and my employer matches it. I worked for a year so I should have 12 months of pension so long as my employer wasn't delinquent, right?
Well.. sorta... I called 1355 and got a bunch of information.
First off, he somehow lied about my start date. He said I started Nov 16th when I actually started October 21st. That start date is in my contract. Even further to complicate things... he didn't begin paying until December 3rd, despite me paying for every single month! I'm not sure how he did this and how it worked out legitimately... but whatever.
If that was everything, I might have some kind of direction to go in... but further he reported a drop in income at 2 different dates, in order to pay less than he should.
So, he's double dipping in his scam artistry.
Now, I'm not 100% sure on the pension details (of whether or not I am supposed to get 12 months... the pension office didn't have good enough English to answer me with clarity).. but since I get 2.1 mill, and my pension is 198,000 per month (9% = 4.5% for me + 4.5% for my employer), times 12 months... 2,268,000 won... and right now there is approximately 600,000 won missing. Now, there still is one final month's pension to be deposited in it... but it's not going to be 600k- guaranteed.
This means I'm losing a ton of money. Right? Is my accounting and math correct?
Finally... my last question is, what exactly do I do here? What's my plan of attack? How do I get my money?
I can threaten to call the new teacher... but I feel shady about doing that. I just want what is mine...
Please help |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Oct 07, 2013 9:34 am Post subject: Re: Difficult and detailed pension question... please help! |
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| Kuval wrote: |
So my understanding is that I pay 4.5% of my wage and my employer matches it. I worked for a year so I should have 12 months of pension so long as my employer wasn't delinquent, right?
Well.. sorta... I called 1355 and got a bunch of information.
First off, he somehow lied about my start date. He said I started Nov 16th when I actually started October 21st. That start date is in my contract. Even further to complicate things... he didn't begin paying until December 3rd, despite me paying for every single month! I'm not sure how he did this and how it worked out legitimately... but whatever.
If that was everything, I might have some kind of direction to go in... but further he reported a drop in income at 2 different dates, in order to pay less than he should.
So, he's double dipping in his scam artistry.
Now, I'm not 100% sure on the pension details (of whether or not I am supposed to get 12 months... the pension office didn't have good enough English to answer me with clarity).. but since I get 2.1 mill, and my pension is 198,000 per month (9% = 4.5% for me + 4.5% for my employer), times 12 months... 2,268,000 won... and right now there is approximately 600,000 won missing. Now, there still is one final month's pension to be deposited in it... but it's not going to be 600k- guaranteed.
This means I'm losing a ton of money. Right? Is my accounting and math correct?
Finally... my last question is, what exactly do I do here? What's my plan of attack? How do I get my money?
I can threaten to call the new teacher... but I feel shady about doing that. I just want what is mine...
Please help |
Are you saying that you started in on Oct 21 in 2012, meaning that your last work day is coming up on Oct 18, 2013?
I'll assume that's your 12 month year.
Now, your monthly contribution @ 9% should be 189,000. (You must have a typo.) So, yes, 2,268,000 for the year.
Your boss could only sign you up for the Pension after you got your ARC last year. When was that? In November I'll guess. So, Nov 16 would have been around the time you were enrolled.
So far, no problem. The first partial month of employment is not covered for the National Pension, so your first full month was November, with the first payment due by invoice in early December. The reason the first partial month is omitted is because they include the final partial month, which makes 12 months. The Pension Office only bills in whole calendar months. Otherwise you'd be covered for 13 months in a 12 month year.
Now that you're finishing your contract, the payment for your September pension contribution is due this month - was that recorded yet? - The payment for your final month of work - October - will be due in November. The pension office only bills for full months, so October will be counted as a full month. This also means that you'll want to make sure your boss doesn't withhold for pension and health insurance 13 times during the year for the 12 monthly payments.
However, with either one or two months of contributions remaining, you're still short in your pension account. (Are you sure your boss hasn't just missed a month?) It sounds like you'll end up short by somewhere between roughly 200,000 and 440,000 won (doing a rough guess on the reduced pay level you say the pension office has reported).
So, according to the Pension Office, what was the salary level changed to and when?
You'll need to post a few more facts in order to verify all of your accounting. You will want to get accurate numbers before you ask your boss about the missing money.
In any case, you should let the Pension Office know when you visit that your salary never changed and what your actual dates of employment were. However, you probably shouldn't confront your boss about this until you get all of your other final payments: final month's pay, severance and return airfare. |
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Kuval
Joined: 19 Aug 2012
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| Posted: Tue Oct 08, 2013 6:20 pm Post subject: |
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I'm saying that my contract is oct 21 2012 - oct 21 2013. I'm supposed to actually teach on the monday, so... it is what it is.
And yeah, I believe my boss missed 1 month in the beginning. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Oct 09, 2013 2:21 am Post subject: |
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| Kuval wrote: |
I'm saying that my contract is oct 21 2012 - oct 21 2013. I'm supposed to actually teach on the monday, so... it is what it is.
And yeah, I believe my boss missed 1 month in the beginning. |
The Pension Office bills in whole months- calendar months - and there are no partial amounts. When you take a new job, the first partial month is not covered. October 2012 was a partial month, your first month, so it doesn't count for Pension. Your first month for Pension was November. The bill was due in December.
According to your story, your boss enrolled you in November and paid for November on Dec 3, 2012. So, he did not miss a month at the beginning. This is all SOP for the Pension Office in Korea - for everyone.
Your account should have a payment each month beginning in Dec 2012. Each payment is for the previous month.
It sounds like, when you checked, your payment for Sept 2013, which was due this month, was not yet credited. Likewise, the payment for your final month, Oct 2013, will be a full payment and will be due in November 2013.
So, two months of your shortage seems to be explained. However, we have not seen any itemization of all payments to your account. The rest of your shortage could be explained by the reduced amount you say is being paid or by a missed payment sometime later in the year, but not the first month which was paid properly according to your details.
If you have an itemized list of all payments to your Pension account - dates and amounts - it could clear things up. |
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