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slancaster
Joined: 10 Nov 2005
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 Posted: Tue Apr 18, 2006 8:41 pm Post subject: What percentage of total pension should schools pay? |
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| Question: my prospective school is offering 50% of pension to me upon completion of contract. Is this standard? If not, what do I have a right to ask for? |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Tue Apr 18, 2006 8:49 pm Post subject: |
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Sorry, I just read your post again. No, it is not normal for them to offer to pay you back 50% of your pension at the end of the contract. That's strange.
Your employer is normally expected to contribute 50% of the cost of pension and you contribute the other half each month.
Did your employer say why they want to do it this way?
Sorry, I am having a strange day.
Last edited by ilovebdt on Wed Apr 19, 2006 3:41 pm; edited 3 times in total |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Tue Apr 18, 2006 9:18 pm Post subject: |
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| the wording of it sounds a little odd. They should contribute 50% of pension fees, but on a monthly basis, and you get it when you leave Korea ( assuming you're Canadian or American) which isn't necessarily the same time as your contract ends. |
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bellum99
Joined: 23 Jan 2003
Location: don't need to know
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| Posted: Tue Apr 18, 2006 10:24 pm Post subject: |
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Be careful allowing them to hold it for you until the end of the contract. Sometimes the boss just can't pay everything at the end of the contract.
1: return airfare
2: Final salary
3: Severance
4: Pension at the end will seem like too much money
---I think they won't finish the contract if they are holding onto the pension. Make sure they pay the pension to the pension place every month and get a pay statement every month showing all deductions. |
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Wrench
Joined: 07 Apr 2005
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| Posted: Wed Apr 19, 2006 1:34 am Post subject: |
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| ilovebdt wrote: |
Sorry, I just read your post again. No, it is not normal for them to offer to pay you back 50% of your health insurance at the end of the contract. That's strange.
Your employer is normally expected to contribute 50% of the cost of health insurance and you contribute the other half each month.
Did your employer say why they want to do it this way? |
Most likely a shady employer. |
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slancaster
Joined: 10 Nov 2005
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| Posted: Wed Apr 19, 2006 6:57 am Post subject: |
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| ilovebdt wrote: |
Sorry, I just read your post again. No, it is not normal for them to offer to pay you back 50% of your health insurance at the end of the contract. That's strange.
Your employer is normally expected to contribute 50% of the cost of health insurance and you contribute the other half each month.
Did your employer say why they want to do it this way? |
Between the recruiter's awkward phrasing and my subsequent paraphrasing of her words, I think there is simply some miscommunication here. I believe the recruiter meant to say that my prospective employer would contribute 50% of the pension and that I would receive it two months or so after I completed my contract. She was trying to tell me that the pension pay is standard at this school. Regardless, I will check my pay stub each month to ensure they are paying into the pension. What designation will there be on the pay stub for the pension funds? Will it just say 'pension'? |
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