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Matt_22
Joined: 22 Nov 2006
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 Posted: Thu Dec 14, 2006 2:02 am Post subject: how big are pension refunds? |
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look, i've been trying to do a search on this for the past few days, but my search function is messed up. it only takes me to a blank page when i hit the search button. so please bear with me as i ask you all this annoying question that you've probably seen 1,000,000 times since joining this forum.
how much of a refund can i expect from one year of work at 2.3 million won/month?
thanks. |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Thu Dec 14, 2006 2:05 am Post subject: Re: how big are pension refunds? |
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| Matt_22 wrote: |
look, i've been trying to do a search on this for the past few days, but my search function is messed up. it only takes me to a blank page when i hit the search button. so please bear with me as i ask you all this annoying question that you've probably seen 1,000,000 times since joining this forum.
how much of a refund can i expect from one year of work at 2.3 million won/month?
thanks. |
I currently make 2.2 million. I pay 98000 a month into it. My employer also pays the same into it. So...
98000 * 2 = 196000 per month
Multiply that by 12 and that's what you get minus a bit of tax (I think). |
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query29
Joined: 12 Dec 2006
Location: right behind you
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| Posted: Thu Dec 14, 2006 2:07 am Post subject: |
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| i got about 2.5 mil at year end. That's just the math though. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Dec 14, 2006 2:12 am Post subject: Re: how big are pension refunds? |
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| Matt_22 wrote: |
look, i've been trying to do a search on this for the past few days, but my search function is messed up. it only takes me to a blank page when i hit the search button. so please bear with me as i ask you all this annoying question that you've probably seen 1,000,000 times since joining this forum.
how much of a refund can i expect from one year of work at 2.3 million won/month?
thanks. |
You will get 9% of your gross salary while you are employed.
If you are here for more than one year you will get that + accrued interest.
For you it would work out to about 2.484 mil in your first year, and 5.1 mil after 2 years.
This is in addition to your severance which is equal to a months salary for each FULL year of employment. Severance is NOT pro-rated and is also required by law (it is not a bonus for finishing your contract). |
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princess
Joined: 16 Jan 2003
Location: soul of Asia
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| Posted: Thu Dec 14, 2006 3:05 am Post subject: |
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| Can you collect pension when you leave the country to go on a visa run? Or do I have to wait another year? I've got 4 years worth of pension coming to me... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Dec 14, 2006 3:09 am Post subject: |
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| princess wrote: |
| Can you collect pension when you leave the country to go on a visa run? Or do I have to wait another year? I've got 4 years worth of pension coming to me... |
You need an exit ticket with NO RETURN portion and NO VALID visa to return on.
The pension funds do accrue interest while they sit. |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Thu Dec 14, 2006 3:22 am Post subject: |
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Any idea what the interest rate is on that?
ie; is it better left here or somewhere else? |
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Hotpants
Joined: 27 Jan 2006
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| Posted: Thu Dec 14, 2006 7:44 pm Post subject: |
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| I'm going through a pension refund now. The amount that has been calculated is over 2 mill for 1 yr, so it's really worth pursuing your refund! |
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Zoot
Joined: 12 Jul 2005
Location: Bundang
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| Posted: Fri Dec 15, 2006 4:01 am Post subject: |
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After a year of making 2.1mil a month, I have a little 1,915,000 in my fund.
Now, I've been hearing all kinds of stuff about how it's the law to pay pension. Has anyone gotten direct info from the government or the pension office about this? Can we bust our hogwans if they're not paying it?
Also, I've heard if you don't finish your contract, you can still withdraw your contribution. This is contrary to what a friend's hogwan said... but when was the last time we trusted our hogwans on these matters, eh?? |
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SeoulShakin
Joined: 05 Jan 2006
Location: Seoul
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| Posted: Fri Dec 15, 2006 6:28 am Post subject: |
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| I'm going to be going to the pension office sometime this week to get it all finalized, but I have a question. I will be going home to Canada on Jan 12th, so I'm going to claim my pension. My question is, if I decide to come back to Korea later on, like after a few months, do I just start over again? Is it true you can only claim once? Confused on this. Thanks! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Dec 15, 2006 7:11 am Post subject: |
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| Zoot wrote: |
After a year of making 2.1mil a month, I have a little 1,915,000 in my fund.
Now, I've been hearing all kinds of stuff about how it's the law to pay pension. Has anyone gotten direct info from the government or the pension office about this? Can we bust our hogwans if they're not paying it?
Also, I've heard if you don't finish your contract, you can still withdraw your contribution. This is contrary to what a friend's hogwan said... but when was the last time we trusted our hogwans on these matters, eh?? |
National Pension Scheme and foreigners
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html
Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999.
Pension is yours (assuming you paid into it). Many Korean hakwon friends confuse severance with pension. They are NOT the same.
You must complete a minimum of 1 year of service to be elegible for severance. You get 1 months salary for each full year of employement with the same employer. It is NOT pro-rated for partial years. This is 100% paid for by your employer.
Pension is a plan whereby you pay 4.5% of your salary into the GOVERNMENT plan and your employer is required to match it. |
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