Korean Job Discussion Forums

[Mr.NiceGuy]

I've been told there's a pension we have to pay every month. It's Korean law. Is this true, or is the hagwon owner trying to be overly law-abiding?
The hagwon where I'm working at says they'll deduct 88,000 a month from my salary, which they will match by paying the same, and the proceeds of which I will receive in full at the end of my term. Problem is, I don't know if I'll finish my term, and I can use the money now. Does anyone else out there pay pension? Is it law?

[kimcheeking]

I've paid into it at every school I worked at except my first (they were really dodgy). I got a statement from the pension office back in August telling me that I had almost 8,000,000 won waiting for me when I leave the country.

Woo Hoo... 1 free car courtesy Korea.

[william beckerson]

Yeah! Where do I go to get my money back from these jabronis?

[kim jong il]

yeah, the pension plan has mandatory participation.

http://www.npc.or.kr/eng/enpsk.html?code=./enpsk/a06.html

National Pension Scheme and foreigners

Foreigners and Coverage

Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999. Accordingly, foreigners aged from 18 to less than 60 who reside in Korea must be, in principle, covered under the Scheme.

(see this link for calculation of pension based on monthly salary: http://my.dreamwiz.com/siac/npc/npc18.htm#)

[Hanson]

Is this still true?

[the eye]

hogwans CAN be exept if they apply for it.
mine is.
i checked it out.

apparently, in 2007(?) it will become mandatory across the board.

[Grotto]

It became mandatory across the board in April 1999

[the eye]

my hagwan is exempt and we have more than 4 full time employees. they applied for exemption for certain reasons.
i checked it out with the pension office.
it is legit.

[guangho]

How many times can you claim your pension?

[the eye]

every time you can produce a travel ticket out of korea.

[prosodic]

[ladyandthetramp]

What if you're only a part-time worker?

[denverdeath]

The last time I went with a former co-worker to the local pension office, there was a check box on the claim form stating,"I don't plan on returning to Korea," or something along those lines. Does this in any way affect my chances of getting the plan started up again? Am I able to just burn over to Japan on my summer vacation to have my cash sent home and then have the plan started up immediately upon my return to Korea?

[prosodic]

[Grotto]

I have got my pension each year I left Korea.

I just check the box not planning on returning.