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Mike410
Joined: 23 Sep 2011
Location: Canada
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 Posted: Mon Sep 30, 2013 7:56 am Post subject: Pension Question |
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I have read all over the place that foreign teachers are required to pay into the pension scheme, however I am confused with what is stated on the national pension site:
(1) General coverage criteria
...Of course, foreigners from 18 to less than 60 years of age residing in Korea are covered under the Scheme except special cases.
(2) Who are excluded from the coverage of the Scheme?
Those falling under any of the following items are excluded from the coverage of the scheme even if they satisfy the general coverage criteria.
-The government employees, military personnel, private school teachers....etc.
http://english.nps.or.kr/jsppage/english/scheme/scheme_01.jsp
Does this mean hagwon, private school teachers do not pay into the pension scheme?
For me being a Canadian, the lump sum refund of the pension makes it more advantageous to pay into the scheme.
Thanks for any clarification! |
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Skippy
Joined: 18 Jan 2003
Location: Daejeon
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| Posted: Mon Sep 30, 2013 10:25 am Post subject: Re: Pension Question |
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| Mike410 wrote: |
I have read all over the place that foreign teachers are required to pay into the pension scheme, however I am confused with what is stated on the national pension site:
(1) General coverage criteria
...Of course, foreigners from 18 to less than 60 years of age residing in Korea are covered under the Scheme except special cases.
(2) Who are excluded from the coverage of the Scheme?
Those falling under any of the following items are excluded from the coverage of the scheme even if they satisfy the general coverage criteria.
-The government employees, military personnel, private school teachers....etc.
http://english.nps.or.kr/jsppage/english/scheme/scheme_01.jsp
Does this mean hagwon, private school teachers do not pay into the pension scheme?
For me being a Canadian, the lump sum refund of the pension makes it more advantageous to pay into the scheme.
Thanks for any clarification! |
No, it is a different kind of private school teachers. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 30, 2013 3:47 pm Post subject: |
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hagwons are NOT "private schools". They are not even schools. They are after school study academies.
The private schools (1-12 or private university) indicated/excluded in the requirements are also required to enroll you into a "private" pension plan that will allow, over time, the same or better benefits that you get from the labor act and NPS.
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Mike410
Joined: 23 Sep 2011
Location: Canada
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| Posted: Mon Sep 30, 2013 4:47 pm Post subject: |
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Thanks for the clarification
Better make sure those contracts have national pension on! |
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EZE
Joined: 05 May 2012
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| Posted: Tue Oct 01, 2013 7:12 am Post subject: |
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| Mike410 wrote: |
| Better make sure those contracts have national pension on! |
While it's better that it's in the contract than not, it still doesn't mean you have national pension. It's in my contract, but I don't receive it and the pension office doesn't enforce it. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Oct 01, 2013 7:39 am Post subject: Re: Pension Question |
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| Mike410 wrote: |
I have read all over the place that foreign teachers are required to pay into the pension scheme, however I am confused with what is stated on the national pension site:
(1) General coverage criteria
...Of course, foreigners from 18 to less than 60 years of age residing in Korea are covered under the Scheme except special cases.
(2) Who are excluded from the coverage of the Scheme?
Those falling under any of the following items are excluded from the coverage of the scheme even if they satisfy the general coverage criteria.
-The government employees, military personnel, private school teachers....etc.
http://english.nps.or.kr/jsppage/english/scheme/scheme_01.jsp
Does this mean hagwon, private school teachers do not pay into the pension scheme?
For me being a Canadian, the lump sum refund of the pension makes it more advantageous to pay into the scheme.
Thanks for any clarification! |
There are several exempt groups from National Pension including teachers over 60, teachers from South Africa and those covered by an accepted alternative retirement plan.
Assuming you are under 60 and not from South Arfica, you will be required to sign up for pension. This will be true even if your school registers you as an Independent Contractor. It is legal but almost always undesireable to be an IC as an E2 teacher. You should try to avoid IC contracts. As mentioned above, it is still possible to be an IC even when your contract specified that you should be and employee. This is either breach of contract or fraud against the teacher, depending on the facts of the case, but as mentioned, the Pension Office may not care.
Hogwans are schools - as anyone who actually understands the English language and knows the definition of "school" could tell you, which means, of course that hogwans are "private schools" - however, hogwans are not included in the group of private schools that is allowed to set up an alternative retirement plan. So, if you are an E2 teacher at a hogwan you must either be enrolled in the National Pension and National Health Insurance as an employee, or you must register yourself for both the government Pension and Health Insurance as an IC.
Koreans have mistranslated and misuse thousands of English words which makes the K/E and E/K dictionaries worse than useless - they actually hinder the aquisition of English language by learners and result in much confusion. One of the mistranslated and misunderstood words is the English word "school." |
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wanderkind
Joined: 01 Jan 2012
Location: Japan
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| Posted: Sun Oct 06, 2013 10:30 am Post subject: |
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I have a pension question I'll tack on here.
I'm on a D10 visa bridging jobs right now.
I meant to cash in my pension (I'm a Canadian) after my first contract at the airport on my way out when I went to visit my family, but it totally slipped my mind at the time.
My budgeting was kind of contingent on having those funds available, and money is getting tight. Since I have, after my previous contract was completed, exited the country, could I just walk into the pension office on a week day with the required documents and arrange to have the lump-sum payout sent to my Korean bank account?
I'm not planning to leave Korea for good for a while yet (at least 13 months), but I don't start my next job til a month from now. |
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Skippy
Joined: 18 Jan 2003
Location: Daejeon
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| Posted: Sun Oct 06, 2013 10:16 pm Post subject: |
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| wanderkind wrote: |
I have a pension question I'll tack on here.
I'm on a D10 visa bridging jobs right now.
I meant to cash in my pension (I'm a Canadian) after my first contract at the airport on my way out when I went to visit my family, but it totally slipped my mind at the time.
My budgeting was kind of contingent on having those funds available, and money is getting tight. Since I have, after my previous contract was completed, exited the country, could I just walk into the pension office on a week day with the required documents and arrange to have the lump-sum payout sent to my Korean bank account?
I'm not planning to leave Korea for good for a while yet (at least 13 months), but I don't start my next job til a month from now. |
NO!
Since you are on a visa, you can not get the pension refund. The money will have to wait till you leave the country and cancel your visa. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Oct 10, 2013 6:49 pm Post subject: |
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| WHat he said. It's either family back home wiring some money to your account or it's your good friends Visa and Mastercard. |
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