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CBP
Joined: 15 May 2006
Location: Korea
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 Posted: Wed Oct 04, 2006 9:38 am Post subject: Pension or not? |
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Hello:
It seems I might have a choice with regards to my pension. The contract (not yet signed) says they'll match what I pay. I'll be working for a hogwan. I'm certain I'll accept, but I've never had one before. Any suggestions? Also, I've read different things on pensions and can't figure out at what point I would be entitled to the full pension (what I've paid plus what they've paid).
Thanks. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Oct 04, 2006 4:21 pm Post subject: Re: Pension or not? |
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| CBP wrote: |
Hello:
It seems I might have a choice with regards to my pension. The contract (not yet signed) says they'll match what I pay. I'll be working for a hogwan. I'm certain I'll accept, but I've never had one before. Any suggestions? Also, I've read different things on pensions and can't figure out at what point I would be entitled to the full pension (what I've paid plus what they've paid).
Thanks. |
If you are from Canada or the US you will get a refund of ALL premuims paid into your pension fund when you leave (yours and your bosses contributions).
It is NOT optional. It has been required since 1999 for small companies and 1995 for large ones. Most places DON'T pay into it for their foreigners because most foreigners don't know about it and they save 4.5% of your salary by not paying into it.
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html |
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CBP
Joined: 15 May 2006
Location: Korea
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| Posted: Wed Oct 04, 2006 5:06 pm Post subject: |
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| Thank you for once again clarifying things for me. Based on many months of having reviewed hundreds of job listings (when I wasn't quite ready to move), I assumed that hogwan pensions were rarely offered. But you're saying they're required by law. Shocking! So there must be thousands of teachers who are missing out on a great savings opportunity. What a shame. I'm gaining a great education by frequenting these boards (although obviously some things do slip through the cracks). |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Wed Oct 04, 2006 8:55 pm Post subject: |
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| Agreed, and if you do point this out to the hogwan owners, most plead stupidity, try to lie, claim they paid it, or make your life hell. That's a sign that you need to find a new place of employment, ASAP. |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Thu Oct 05, 2006 3:42 am Post subject: Re: Pension or not? |
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| ttompatz wrote: |
| Most places DON'T pay into it for their foreigners because most foreigners don't know about it and they save 4.5% of your salary by not paying into it. |
Your post is dead on except for one thing, most small businesses want to get out of paying pension for ALL of their employees if they can get away with it. For that matter, most Koreans below the age of 45 don't particularly want to pay into pension either because they don't expect to see a baekwon of it by the time they retire.
If anything, North American foreign workers in Korea are the anomaly by actually having a vested interest in making sure our pension funds get paid into. Gotta love it, a Korean government program that only works for foreigners. |
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