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Pension and Severance question.........

 
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daz1979



Joined: 29 Apr 2006
Location: Gangwon-Do
PostPosted: Tue Jan 02, 2007 1:58 am    Post subject: Pension and Severance question......... Reply with quote
Hi,

Just curious about a couple of areas:

1, If my contract states that I start on 1st March 07 and complete on 28th Feb 08, am I still legally entitled to severance even though I would have worked less than a complete calendar year?

2, I am from the UK and as far as I am aware will not be able to claim back any pension contributions that I have made at the end of my contract. Is being part of a pension scheme a legal requirement? Or can I opt out?

Thanks,

Daz1979
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spliff



Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
PostPosted: Tue Jan 02, 2007 2:23 am    Post subject: Reply with quote
If they say one year in the contract and specify the dates after it should be okay....but I'd ask them why they wrote for less and say so in the contract. If you can't collect the pension then, by no means, should you be deducted for it. You'd have around 1 mill won that you'll never see again being deducted from your salary for 12 months.
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kprrok



Joined: 06 Apr 2004
Location: KC
PostPosted: Tue Jan 02, 2007 2:28 am    Post subject: Re: Pension and Severance question......... Reply with quote
daz1979 wrote:
1, If my contract states that I start on 1st March 07 and complete on 28th Feb 08, am I still legally entitled to severance even though I would have worked less than a complete calendar year?


Well, the question is moot because that is a full calendar year. So yes, you will get severance.

As for #2, I don' know.

KPRROK
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Young FRANKenstein



Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
PostPosted: Tue Jan 02, 2007 3:58 am    Post subject: Re: Pension and Severance question......... Reply with quote
daz1979 wrote:
1-I am from the UK and as far as I am aware will not be able to claim back any pension contributions that I have made at the end of my contract. 2-Is being part of a pension scheme a legal requirement? 3-Or can I opt out?

1- Yes, you can get your contributions (and your employer's) back. Not in a lump sum like Americanadians, but rather you can TRANSFER your Korean pension money to your UK pension fund, and collect the money from them when you retire.
2-If you work 80 hours or more a month? Yes.
3-If you work 80 hours or more a month? No.
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daz1979



Joined: 29 Apr 2006
Location: Gangwon-Do
PostPosted: Tue Jan 02, 2007 9:58 am    Post subject: Re: Pension and Severance question......... Reply with quote
kprrok wrote:
daz1979 wrote:
1, If my contract states that I start on 1st March 07 and complete on 28th Feb 08, am I still legally entitled to severance even though I would have worked less than a complete calendar year?


Well, the question is moot because that is a full calendar year. So yes, you will get severance.

As for #2, I don' know.

KPRROK


I see your point, I just thought it would state 1st to the 1st.

With regards to the pension. Are you not from Bolton? What happens with your pension?

Thanks,

Daz
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daz1979



Joined: 29 Apr 2006
Location: Gangwon-Do
PostPosted: Tue Jan 02, 2007 10:24 am    Post subject: Re: Pension and Severance question......... Reply with quote
Young FRANKenstein wrote:
daz1979 wrote:
1-I am from the UK and as far as I am aware will not be able to claim back any pension contributions that I have made at the end of my contract. 2-Is being part of a pension scheme a legal requirement? 3-Or can I opt out?

1- Yes, you can get your contributions (and your employer's) back. Not in a lump sum like Americanadians, but rather you can TRANSFER your Korean pension money to your UK pension fund, and collect the money from them when you retire.
2-If you work 80 hours or more a month? Yes.
3-If you work 80 hours or more a month? No.


Hi,

Thanks for the information.

I don't have a pension set up in the UK unfortunately. With the retirement age for males in the UK being something ridiculous, like 70 - 75, I don't plan on setting one up either. Rolling Eyes

I will ask the recruiters about this area of the contract tonight.

Out of interest, would a Public School be more inclined to enforce the pension deduction than a Hagwon? I ask as most of the positions I have applied for in the past have been Hagwon jobs. At a guesstimate about 20-25% of these Hagwon contracts mention anything about pension deductions. Is this merely a reflection of how dodgy most Hagwons are? Laughing

LOL, I have just had an awful feeling. I have spent months trying to find a good contract with a reputable school and I can see me reversing tactics and searching for the shady Hagwon that will edit out the pension deduction! Shocked Surprised Crying or Very sad

Laughing Laughing


Thanks again,

Daz
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Young FRANKenstein



Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
PostPosted: Wed Jan 03, 2007 1:21 am    Post subject: Re: Pension and Severance question......... Reply with quote
daz1979 wrote:
Out of interest, would a Public School be more inclined to enforce the pension deduction than a Hagwon?

Just play to their sense of greed and/or desire to save money. Just say, if they don't deduct pension from your salary then the school doesn't have to match those contributions with the school's money. Everybody saves 4.5% of their money, everybody wins.

If they don't go for it, well, you tried.
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