Korean Job Discussion Forums

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

My job is sweet, easily the best job I have ever had, but on this issue I am confused. There is no mention of pensions on or in anything from pay stubs to talk with veteran teachers at my school. Everything else is f'ing sweet but I assumed I would pay into one and, being Canadian, cash out at the end of my contract. I don't want to cause a stir because I am well liked at work and I also like everything, I am just curious about the legality of this and if there is a safe way for me to go about paying into one, and obviously cashing it out in the end. Thanks.

dulouz · Joined: 04 Feb 2003 Location: Uranus

I have that problem now too. I've decided that after I get my bonus, they get one warning and then five days to make good at the pension office, then I file a complaint.

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

dulouz · Joined: 04 Feb 2003 Location: Uranus

Be prepared to take them on. Its $1000, is that alot of money to you? You know you have to balance things. Try to get another job line up in case and go to to the pension office and talk to the rep, just so you know whats up ie where it is and what they can do for you. Ask him the questions. Do this after you get the bonus so they can't withhold it. They will have to get a grand from you and then match that or you could just ask for a million. That saves them face or trouble from the pension board.

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

Sweet bro! I'm not done for awhile, but I will put this in my favourites and use it later, thanks!

Daechidong Waygookin · Posted: Tue Dec 07, 2004 7:23 am Post subject:

You like the job? Id just forget it. 1000 bucks isnt THAT much money. If you like the job, remember, you will probabbly hate your next job.

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

Paying into pension is mandatory for you (and the school if they have more than 5 full-time employees, in which case they must match your contribution of 4.5% of your base montly salary).

There are some exceptions to this, however. If they are exempted by presidential decree or if they have a private pension fund, as some universities have. You may want to check that out at the local gu office or the NPC office in your area.

You can also drop an anonymous tip to the NPC and they will follow up.

You can get more info from the NPC by calling 1355.

Cheers

fidel · Joined: 07 Feb 2003 Location: North Shore NZ

I don't know if this is true or not, however several months ago I came across a government website, that mentioned in a typically vague way that only those countries where pension is a mandatory payment have to pay pension in Korea. Thus NZ is excluded from any such payment.

peppermint · Posted: Tue Dec 07, 2004 2:56 pm Post subject:

Okay- do either of you have the national medical insurance? If you do, chances are they're paying into your pension too, because when you register for insurance, the pension office is notified as well. While the pension may not be worth the trouble, the medical insurance is.

fidel · Joined: 07 Feb 2003 Location: North Shore NZ

I have medical insurance, work for a high school and pay no pension. It's possible they are paying the full amount but I don't think so.

Derrek · Joined: 15 Jan 2003

Derrek · Joined: 15 Jan 2003

Derrek · Joined: 15 Jan 2003

coolsage · Posted: Thu Dec 09, 2004 7:52 am Post subject:

Derrek · Joined: 15 Jan 2003

I'm only trying to help people here, but in response to your remark, I will first ask a few questions:

1. Do you trust your Korean employer totally?

It's not like we've ever heard of a Korean employer attempting to screw a teacher out of back pay, severence, or pension during or after a contract, now have we?

Another question:

2. If you went to claim your pension, or worse, had a legal battle with your employer about it, would you consider it important to have documents in-hand which say you're actually on the policy? Or would you rather show up at the Pension Office and/or Labor Board with nothing but your word against his?

3. When given a choice of options, (A) Get the paperwork provided by the pension office , (B) Just believe that the money your employer is taking out of your check is actually going to the pension fund -- what do you think a lawyer would suggest you do?

I will scan my card for you. There most definately is one.

It's not a wallet-sized card. It's just about the size of an envelope, and you should get it when you sign up. Sure, you could be signed up and not get it because your employer didn't give it to you. And you could likely go there and claim the money showing other proof. Wouldn't you, as a new teacher, rather receive the documentation you are supposed to? With this much money at stake, I sure would!

Another important reason to get the documentation passed out is so you know if you are on the National Pension or a Private Pension program. It says it right on the card in big, bold letters. Depending on your institution's status as Private/Public, it could mean you're paying into something that you'll never recieve a penny back from.

Please read this excellent pension information from EFL-LAW:

http://www.efl-law.com/pension.html