| View previous topic :: View next topic |
| Author |
Message |
hellofaniceguy
Joined: 10 Jan 2003
Location: On your computer screen!
|
 Posted: Mon Aug 16, 2004 7:51 pm Post subject: Do hakwon teachers pay into the... |
 |
|
pension?
I am confused and trying to get a straight answer from someone.....
I know that tax is withheld, 3.5%...but what about this pension business? Only universities? Or all businesses? Hakwons included? Are any of you hakwon teachers paying into the pension fund? If so, what is the rate? I hear it is refundable including the schools contribution. True?
What's the correct scoop? Anyone know? |
|
| Back to top |
|
 |
peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
|
| Posted: Mon Aug 16, 2004 7:55 pm Post subject: |
|
|
| Hagwons are supposed to pay into the pension fund, asuming they have more than five full time employees. The whole lot is refundable- if your country has a tax treaty with Korea, so not for everybody. There's tons of info here- use the search function! |
|
| Back to top |
|
|
Homer
Guest
|
| Posted: Tue Aug 17, 2004 2:24 am Post subject: |
|
|
Yes we do.
Employer have to pay in as well.
In some cases (depending on nationality..i.e. if your country has a deal with Korea with regards to pensions) you can get it all back once you leave Korea (this is a one time thing). |
|
| Back to top |
|
|
Dalton
Joined: 26 Mar 2003
|
| Posted: Tue Aug 17, 2004 2:33 am Post subject: |
|
|
| Check your embassy website. They'll have the info you need because it 's part of a tax treaty with Korea. |
|
| Back to top |
|
|
Grotto
Joined: 21 Mar 2004
|
| Posted: Tue Aug 17, 2004 9:43 am Post subject: pension |
|
|
deductions for pension are 4.5% for you and 4.5% for your employer always make sure this is happening as you get all the cash in your pension fund once you leave the country.
2.0x4.5%=90,000 a month x12= 1,080,000 x 2(employers contribution)= 2,160,000.
Add on last months pay, last months bonus and you end up with about 6.0 million won. |
|
| Back to top |
|
|
Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
|
| Posted: Tue Aug 17, 2004 9:02 pm Post subject: yes |
|
|
| I paid into it. I am expecting a year's worth of contributions to be coming into my account any day now. |
|
| Back to top |
|
|
manlyboy
Joined: 01 Aug 2004
Location: Darwin, Northern Territory, Australia
|
| Posted: Wed Aug 18, 2004 2:08 am Post subject: |
|
|
| Is there anything we Aussies can do to try and get the laws changed excluding us from the big pension fund party?! I read somewhere that we in fact do have some sort of reciprocal agreement with the Korean government. Petitions, protests, human sacrifices ..... any ideas? |
|
| Back to top |
|
|
Homer
Guest
|
| Posted: Wed Aug 18, 2004 2:47 am Post subject: |
|
|
Ilsanman,
This will only happen if you are leaving or left Korea.
Also you can only collect once not every year.
Hope it all works out for ya. |
|
| Back to top |
|
|
Dalton
Joined: 26 Mar 2003
|
| Posted: Wed Aug 18, 2004 3:03 am Post subject: |
|
|
| Manlyboy- only your embassy knows for sure. What do they say about the tax treaty between Australia and Korea? Maybe you get something else. |
|
| Back to top |
|
|
Grotto
Joined: 21 Mar 2004
|
| Posted: Wed Aug 18, 2004 3:21 pm Post subject: pension |
|
|
I recieved my pension after my first year in Korea and I have also recieved it after leaving Korea the second time.
If it is a one time thing why has this happened?
I am coming back for another year or two...maybe more who knows.
I wonder if there are any ramifications for collecting your pension more than once? |
|
| Back to top |
|
|
manlyboy
Joined: 01 Aug 2004
Location: Darwin, Northern Territory, Australia
|
| Posted: Thu Aug 19, 2004 4:25 am Post subject: |
|
|
Dalton wrote:
| Quote: |
| Manlyboy- only your embassy knows for sure. What do they say about the tax treaty between Australia and Korea? Maybe you get something else. |
This from the Australian minister of trade:
| Quote: |
Australia has raised with Korea the possibility of negotiating a reciprocal-pension agreement on a number of occasions since 2000. During
his visit to Korea in April 2002, Mr. Vaile raised the issue, expressing the view that it was in the interests of both countries to address issues which
impeded the free flow of labor. The Australian Embassy in Seoul has also raised the matter with the relevant Ministries, Health and Welfare and
Foreign Affairs and Trade. Please be assured that the Government appreciates your concern on this matter and will continue to press Korea to
open negotiations on an agreement. |
I'm just curious what we Aussies working in Korea can do to give these "negotiations" a bit of a nudge. |
|
| Back to top |
|
|
hojucandy
Joined: 03 Feb 2003
Location: In a better place
|
| Posted: Thu Aug 19, 2004 4:30 am Post subject: 698 |
|
|
| peppermint wrote: |
| Hagwons are supposed to pay into the pension fund, asuming they have more than five full time employees. |
this is true - except for the bit about "more than five" - that was changed recently to cover everything down to one fulltime employee. everyone working fulltime gets hit... |
|
| Back to top |
|
|
TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
|
| Posted: Thu Aug 19, 2004 4:33 am Post subject: Re: pension |
|
|
| Grotto wrote: |
I recieved my pension after my first year in Korea and I have also recieved it after leaving Korea the second time.
If it is a one time thing why has this happened?
I am coming back for another year or two...maybe more who knows.
I wonder if there are any ramifications for collecting your pension more than once? |
It's supposed to be a one-time thing. They probably didn't bother checking your name. If they ever do though, don't be surprised if they ask you to pay it all back. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
