Korean Job Discussion Forums

BreInKorea · Joined: 12 Jun 2006

I have been working at a Hawgon in Seoul for 3 months now, and just heard about pensions for the first time from a different school. My school does not do pensions, and I am wondering what the deal is?

I have been on the goverment website and tried calling but could not find an English speaker. When I asked my school they said because we are paid hourly we do not qualify for school pensions, only private. They said for a private pension the government would pay only interest (not match the money) and that I would have to pay more taxes to do this.

We are paid a set amount per month based on 120 hours, and then paid extra for overtime and tutoring. Does this make us hourly workers?

I am a Canadian, so I understand that after a year we can apply for a refund.

Can anyone tell me if this information is right, or am I getting screwed out of a pension?

Thanks,
Bre

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

What they are telling you is utter B.S.

You are being screwed royally. The reason they are telling you this, is that they have to (by law) match your pension deduction (4.5% of your salary) And yes you do get it all back (yours AND their contribution).

BreInKorea · Joined: 12 Jun 2006

Damn! Had a sneaking suspician. Anyone have a contract like mine (paid base salary plus overtime) and get a pension from their school?

And anyone know who I contact to try to arrange a pension?

Thanks!

cypher · Joined: 08 Nov 2003

Anyone who is not being screwed...sorry the truth hurts. Definitely keep pursuing it.

Big Mac · Joined: 17 Sep 2005

Too bad you didn't know about pension when you signed the contract. I didn't either and ran into the same problem you did. Unfortunately you are going to have a fight on your hands.

Pension is law and you have to contribute...no matter what your boss says.

Just curious...are you enrolled in the National Medical Insurance plan? This is also law and most directors don't enrol you because it will usually inform the pension office.

alabamaman · Joined: 25 Apr 2006

http://www.molab.go.kr/download/_20051220144304549.pdf
(Labor Standards Act)

http://www.npc.or.kr/eng/g_index.html
(National Pension Scheme Korea)

BreInKorea · Joined: 12 Jun 2006

We have mandatory medical insurance through our work - we had to pay W150 for the year and our work matched it. But I believe it is a private health company, not through the government.

Thanks for all of your advice!

Big Mac · Joined: 17 Sep 2005

BreInKorea · Joined: 12 Jun 2006

Do you know what action I can take on this? I have not been able to reach anyone that speaks English through the numbers I am finding online....

denverdeath · Joined: 21 May 2005 Location: Boo-sahn

Go into the office nearest you and bring your ARC, passport, and maybe contract and see what they can do for you. Although their English isn't always wonderful, most places have at least one person who can speak a bit and will most likely understand why you're there when they enter your alien registration number and see nothing on record. As BM said, your boss will most likely get pissy that you went behind his/her back, but thems the breaks. Your monthly deductions should be 4.5% for pension, 2.24% for health(but you can be exempted from the National coverage with proof of being covered under another plan, like in your case, I believe - however, coverage under the National plan was supposed to be mandatory for all foreigners beginning in January of this year), and between 2% and 4% for taxes(depending on your salary).

http://www.nps4u.or.kr/eng/enpc.html?code=./enpc/b01.html

Maybe you could try showing the web-sites to your boss first and see if they correct the problem on their own?

Pension:

http://www.nps4u.or.kr/eng/g-index.html

http://www.nps4u.or.kr/index.html

Health:

http://www.nhic.or.kr/wbe/nation/nation033.html

http://www.nhic.or.kr/index.html

Tax:

http://www.nts.go.kr/eng/default.html

http://nts.go.kr/front/service/refer_cal/gani/refer_gani_eng.asp

http://www.nts.go.kr/default.html

denverdeath · Joined: 21 May 2005 Location: Boo-sahn

BreInKorea · Joined: 12 Jun 2006

Thanks for all the help and websites - it is greatly appreciated... I will definately be making a trip to office to check it out. And = that is exactly what my contract says... and exactly my boss's lines! haha...

shetan · Joined: 24 Apr 2006 Location: In front of my PC.

Some nationalities can not get their pension back... IE New Zealand, maybe Australia. USA and Canada are ok I think. You should check, might be better not to pay it.

I will be paying 1,680,000 won for nothing. (2 year contact)

Unless I live here for 20 years and retire. I might do it out of spite!!!

Mmmmm my nose tastes good....

BreInKorea · Joined: 12 Jun 2006

Thanks - checked into it. Sucks to not get the money back! Luckily Canadians can get it back after 12 months of paying in, so it is definatley worthwhile for me...

cypher · Joined: 08 Nov 2003

BreInKorea, you can get the pension contributions back even if you don't complete your 12 months.

Shetan, I'm Canadian so I don't know for sure, but can't you apply for your korean pension when you retire? Of course, you might be getting payments of 10,000 won a month, which hardly seems worth it, but you might not actually lose the money.