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Qinella
Joined: 25 Feb 2005
Location: the crib
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 Posted: Sat Jul 16, 2005 9:50 am Post subject: What is pension? |
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I've heard of it, but always considered it a mythical concept that doesn't apply to my life, much like 401ks or HMOs. Can someone explain to me how this applies to teaching in Korea? I'm from the US, if that matters.
Thanks,
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Jul 16, 2005 1:48 pm Post subject: |
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The pension is the money that both you and your boss deposit with the government. Think of it as Social Security deductions.
You pay in $10 and take out $20.
When you are finished with your last contract in Korea you can go to the pension office and file a form. A few weeks after you leave the country, the total is magically deposited in your bank account (or directly into your Social Security account if you choose that option). |
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