Korean Job Discussion Forums

[MollyBloom]

...but I sort of do.

So the employer and employee each pay, what, 4.5% or something like that out of each paycheck. I understand I get it back when I leave, but what is the purpose of taking it out, and where does it go?

Why do some companies not offer it? How do some teachers go about paying it independantly without a school's help?

[Nambucaveman]

Molly,

You might also look at this thread in the FAQ forum:

http://www.eslcafe.com/forums/korea/viewtopic.php?t=20651

[ttompatz]

[hogwonguy1979]

Univ teachers DONT get severance in addition to pension. Its never been that way in all the years I've been here, you either get one or the other.

If there is a univ teacher who has gotten both from one employer I'd like to meet them.

I even got an opinion from EFL-Law about this and they verified it

[inkoreaforgood]

[ttompatz]

[MollyBloom]

what happens to an employer and employee if they are found not contributing to pension?

is it a fine, or something bigger?

[hojusaram]

Hi there,
Just been having some discussions with someone who is being very pedantic about the issue of pension plans and severance payments. he is of the opinion that even though my university is paying into the private schools pension fund that I am able to also get severance payments.
The thing is I am in a dilema about this as i was told totally different information by a government official.

So anyway I have been working at a University for three years thinking that I am only qualified to receive the Private Pension plan and NO Severance payment.

Now would anyone care to show a specific law or article of law where it clearly states that severance payment is payment in addition to the private school pension payment. My Korean colleague seems to think the universities are not under the same law requirements? Is this correct?
I would love the actual clear and concise facts on this issue if anyone should have them.

Regards,
Lance.

[Bondrock]

in Korea there are private and public universities.

some private universities call themselves "national" in their English names, but they are not what most westerners would think, i.e. governement owned... indeed many are private; the korean name is clearer in meaning.

that said, real national universities, such as where i work pay severance once a year and pay national pension as well.

[hojusaram]

yes if they do pay into the National Pension fund, then you do get a severence payment atthe end of contract.
However they can (if they are a private university) change to the Private School and Universities Pension fund and thereby would not have to pay a Severance payment as per the Korean Labour agreement.
It is purely the choice of the University.

quote="Bondrock"]in Korea there are private and public universities.

some private universities call themselves "national" in their English names, but they are not what most westerners would think, i.e. governement owned... indeed many are private; the korean name is clearer in meaning.

that said, real national universities, such as where i work pay severance once a year and pay national pension as well.[/quote]

[MANDRL]

If you are planning on exiting Korea after your first year of teaching and then returning in about a month for a second contract, would you be able to get the pension refund after each year your contract comes up if you leave the country and come back? That may sound confusing but I don't know how else to word it...

[hojusaram]

It takes a about 3 months to receive your pension after you supply a completion of contract certification and your parting air ticket.
They send to you after you have left the country and usually NOT before.