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ed1980
Joined: 04 Feb 2003
Location: Goyang
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 Posted: Mon Feb 06, 2006 7:35 am Post subject: brits dont pay pensions do we ? |
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| got deducted pension out my pay this month and for last month - that aint right is it ? |
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J.B. Clamence
Joined: 15 Jan 2003
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| Posted: Mon Feb 06, 2006 7:42 am Post subject: |
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| I think the way it works is everyone has to pay, but only certain nationalities can get it refunded when they leave. So you may not get pension, but you still have to contribute to it while you're working. It's kind of messed up. |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Mon Feb 06, 2006 10:43 am Post subject: |
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If you look here:
http://www.nps4u.or.kr/social/index_en.html
You'll find that Brits are under a "Contributions Only" agreement with Korea. What that means is that you have to contribute the 4.5% of your pay monthly. You do not qualify for a lump-sum refund, but I believe that it's put into your nation's pension plan and you can draw on it when you retire.
To be safe, check with your local office to determine whether you have to apply before you leave to ensure that the money is going to where it should be going. |
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jacl
Joined: 31 Oct 2005
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| Posted: Mon Feb 06, 2006 4:52 pm Post subject: |
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| Ha! They're probably pocketing it. |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Mon Feb 06, 2006 7:37 pm Post subject: |
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| jacl wrote: |
| Ha! They're probably pocketing it. |
Quite possibly |
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plato's republic
Joined: 07 Dec 2004
Location: Ancient Greece
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| Posted: Mon Feb 06, 2006 9:19 pm Post subject: |
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| This thread should be changed to 'Brits don't want to pay pension'. You're probably getting ripped off on the pension thing. Is it a new job or have they only just started deducting money now? |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Tue Feb 07, 2006 12:04 am Post subject: |
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| I know brits don't get refunds but what about NZers and australians, saw no mention of these two countries on the link above? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Tue Feb 07, 2006 12:28 am Post subject: |
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| blackjack wrote: |
| I know brits don't get refunds but what about NZers and australians, saw no mention of these two countries on the link above? |
This is the only thing I found that might relate to your situation:
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| If your country does not have a social security agreement with Korea, you are not treated equally with other Korean nationals regarding the lump-sum refund, but are treated according to a reciprocity rule. Under this rule, only the nationals from 27 countries�� may receive the Korean lump sum refund. Please refer to Article 102 of the National Pension Act and Article 85-3 of the Enforcement Decree of the National Pension Act. |
Looks like these might be the 27 countries:
| Quote: |
| �� Venezuela(if completed at least 24 months of periods of contributions) ; Grenada, Nigeria, Barbados, Saint Vincent and Grenadines, Zimbabwe, Cameroon, Congo, Thailand, Togo(for the 9 countries above, if completed at least 12 months of periods of contributions) ; Belize(if completed at least 6 months of periods of contributions) ; Ghana, Malaysia, Bermuda, Sudan, Sri Lanka, Switzerland, El Salvador, Jordan, India, Indonesia, Kazakhstan, Kenya, Trinidad and Tobago, HongKong, Turkey, Colombia ; (as of December, 2004.) |
I'd recommend calling that 1355 number to get some questions answered in English...I'm not sure if you're SOL or not. |
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Homer
Guest
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| Posted: Tue Feb 07, 2006 3:45 am Post subject: |
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ed,
You pay. The difference is you may not get it back (don't remember if the UK has an agreement with Korea on the pension schemes). |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Tue Feb 07, 2006 5:55 am Post subject: |
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| Just a bit of an update. A member on another site said that they called the pension office and were told that, as a Brit, there were a couple of different ways that they could get out of paying into the Korean pension plan. One was showing some kind of self-employment cert from Britain and be paying into the British nat'l ins plan, I think. The other was paying into a medical ins plan here. I'm not 100% on the details, but sth the OP may be interested in looking into. |
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keithinkorea
Joined: 17 Mar 2004
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| Posted: Tue Feb 07, 2006 5:57 am Post subject: |
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| Homer wrote: |
ed,
You pay. The difference is you may not get it back (don't remember if the UK has an agreement with Korea on the pension schemes). |
The UK has a contrubtion agreement only, which means we can claim the money but only on claiming our British pensions. The money is not lost in the same sense that your NI payments are not lost.
Be careful the chances are that the boss is stealing the money and pocketing it, call the 1355 number and chat to them. They can tell you the balance and give advice how to reclaim the money. If the boss is deducting and not paying in it is effectively theft, call the labour board if he refuses to pay in. It is law that we all pay in no matter what our country.
Your boss could be completely innocent or he could be stealing from you and also saving himself paying in the equal amount he is required to pay in by law! He-she could be saving themselves a lot of money over the year and also stealing quite a bit of yours.
Good luck with it. |
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Summer Wine
Joined: 20 Mar 2005
Location: Next to a River
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| Posted: Tue Feb 07, 2006 6:28 am Post subject: |
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| Quote: |
| I know brits don't get refunds but what about NZers and australians, saw no mention of these two countries on the link above? |
NZ'ers won't as their country has an agreement in which Koreans can access social benefits in NZ and its felt that NZers here would get the same. I haven't heard of anyone who has, but it does prevent them from claiming the pension deductions when they leave. |
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keithinkorea
Joined: 17 Mar 2004
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| Posted: Wed Feb 08, 2006 6:22 am Post subject: |
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These things regarding pension and other such matters are usually done on a recipril agreement.
Everyone by law has to pay.
If they're not paying in then it is an issue that you should bring up with an elected politician in your country.
I'd rather pay in. You get double + interest if you do.
Many Korean bosses wont pay in or register you as they have to match your contributions. IE their cheap bastards and a lot of newbies are completley ignorant of the law here or have never worked a proper job before. Sorry if I'm being patronising. |
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