Korean Job Discussion Forums

[tob55]

Just got word from our administration that our severance money that goes into the annuity fund is in danger of being wiped out due to money mismanagement of public schools, National Universities and the like. Wonder if anyone else received the notice?

Here is the link to the article:

http://www.koreatimes.co.kr/www/news/opinon/2012/01/137_103727.html

This should prove to be an interesting development. I know I stand to lose more than 10 million KRW if it happens, since the National University I work at started keeping my money 3 years ago. It only affects 'contract' workers, and it does not affect regular administration or tenured professors. Of course they want to protect their own interests, hmmm.

Let me know what you think.

I placed this here because it really does affect the general aspects of living in the country as much, if not more than it focuses simply on employment related concerns.

[ttompatz]

Considering the simple fact that "severance" & pension (or the equivalent in the case of private universities) is a requirement under the various labor laws you have rights to the assets should they default AND you have the government there (obligated) to assist you in collecting it as "unpaid wages".

Universities are going to be squeezed but the liability is still there for them to meet (as required by law).

I can see a whole lot of cutbacks, losses of perks and tuition increases in the near future.

.

[Seon-bee]

This link is about student support fees, as in universities nickel and diming students by adding extra fees onto tuition bills. I don't see the connection to teachers' pensions.

[tob55]

[happiness]

So, our pension money may be wiped out? it cant be that simple?

[JMO]