Korean Job Discussion Forums

cubanlord · Joined: 08 Jul 2005 Location: In Japan!

How much is the most you have known someone to get? Just curious. My wife and I plan on being here at least 3 to 4 years and figure we'll have a nice chunk of change to bring home with us. I'm wondering what the most has been (probably won't find out here....but why not give it a try).

CustomX · Joined: 25 Aug 2004 Location: Seoul

on that note, is it required to start a pension? i received a registration form in the mail and my school said that its not necessary to register. anyone know if this is true?

Badmojo · Posted: Thu Jul 14, 2005 4:19 am Post subject:

It depends how much money you make, and what country you're from. You might not see one penny of it if you're from the wrong place.

Anyway, your one month salary is about how much you can expect to get after one year.

kangnam mafioso · Joined: 27 Jan 2003 Location: Teheranno

i worked in korea two years and received approx. $2300 USD when I returned. I was paying about 40,000 won every month into the pension program and the hogwan matched it. make sure your institute does this as some will try to avoid it. it takes a couple of months to get it once you leave korea. start doing the paper work a couple of months before leaving korea as the whole process is a little draconian. i'm not sure if kiwis and canadians are eligible.

kangnam mafioso · Joined: 27 Jan 2003 Location: Teheranno

i worked in korea two years and received approx. $2300 USD when I returned. I was paying about 40,000 won every month into the pension program and the hogwan matched it. make sure your institute does this as some will try to avoid it. it takes a couple of months to get it once you leave korea. start doing the paper work a couple of months before leaving korea as the whole process is a little draconian. i'm not sure if kiwis and canadians are eligible.

StephPoet · Joined: 14 Jul 2005

One of my school offers does pension at a 50% match.

Is it a good idea for me to kick in anything at all? If I do contribute, can an American get her money back? Right now, I plan to stay 1-2 years, then seek Japan or Taiwan or the Middle East, but you never know. Thanks.

oxfordstu · Joined: 28 Aug 2004 Location: Bangkok

I now hate my hogwan even more than I did. They haven't paid into the pension fund for me --- they didn't even mention it to me, so I doubt that they did. Now I'm 11 months in and I'm screwed out of approximately 2k?

Seon-bee · Joined: 24 Jan 2003 Location: ROK

40k is low, isn't it? We just got a notice that contributions will go up to 9% as of July. 9% of 2,000,000 is 180,000. A 1/2 contribution would then be 90,000. I know we've all got different salaries, so 2.0 is just an example.

A 40,000 contribution sounds like it's probably for health coverage, which is 4.2%. On the above example, that would be 84,000/2=42,000.

So, what's the rate for contributions. Once you're in, you still have to worry whether or not your school is submitting your "real" salary amount.

peppermint · Posted: Sat Jul 16, 2005 8:38 pm Post subject:

The pension is supposed to be 4.5 % of your pay paid by both you and the employer. There's no mention of any changes to it on the national pension scheme website, so I'd wonder if the school isn't trying to get out of paying their share.

The Cosmic Hum · Joined: 09 May 2003 Location: Sonic Space

5 years at the same universtiy.
National pension - 12,000,000won...in the bank Cool

I know of some who received 14 and 15million.

endo · Joined: 14 Mar 2004 Location: Seoul...my home

thanks for the post everyone.

Seon-bee · Joined: 24 Jan 2003 Location: ROK

Hi Peppermint,

This is what's on the website.

[color=blue]Also, the maximum limit of contribution rate will remain in the region of 9% until 2009 [/color]and will be adjusted afterward according to the financial recalculation planned to be conducted every five years.

I read it as 4.5% for the emloyee, 4.5 % employer contribution.

What % do you guys pay?