Korean Job Discussion Forums

[cuckoo for kimchi]

For a typical contract of say......2,000,000. How much should be taken off for medical, tax and pension. I have noticed after starting a new job that the amount taken off for all of the above is considerably more than my old job......I am only making 100,000 more a month at the new 'school'

thanks for any help
....am I getting the shaft??

[B-Teacher]

At my school, I pay:

Taxes: 3.135%
Insurance: 4.48%
Pension: 5%

From what I've seen and talked about with other foreign teachers, it seems about average.

[poet13]

Insurance shoudl be 2.24%
Taxes should be less than 2% unless you're making a bunch.

[Darkness]

I'm ONLY paying tax 3.3%, when I got my cash for the first month on the envleope it had my pay, minus take of 3.3%

wtf??

[poet13]

if that was your tax rate, then you're getting screwed.
If you received your cash in an envelope, I would bet my next three paychecks that that 3.35% WENT BACK INTO YOUR BOSSES POCKET.

[gmat]

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

Check taxes at the above link: @ 2,000,000 your tax per month should be 28,950.

@2,200,000 your tax is 39,800.

Pension should be 4.5% (and matched by employer)


Health Insurance : Imposition of contributions and payment

For the employee insured, the contribution amount shall be calculated by ��monthly salary contribution rate��, currently 4.21% and be deducted from the monthly salary (50% of which is shared by the employer). Irrespective of the actual date of enrollment, the obligation of contribution payment is retroactive up to the date the enrollee was employed .
http://www.nhic.or.kr/wbe/wbec/2002/11/19/208,279,4,0,0.html

[Darkness]

So what should the pension and health care be together, approx?

[gmat]

Pension 4.5% (9%/2), Health insurance 2.105% ( 4.21%/2) = 6.605%

not sure how or if they round off that number.

[Darkness]

So total taxes taken off should be 9.905% with the 3.3%

[gmat]

Darkness:

First, Pension and Health Insurance are not taxes. They are deductions but they are not taxes. Your pension is a savings plan and insurance is, well, insurance.

If your taxes are equal to 3.3% then yes your total deductions from your pay should be 9.905%.

Make sure you check to see if your tax rate is correct at this link :

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

[Darkness]

Ya sorry, I worded it wrong.

Ok so total deducutions should be 9.905%

That cant' be right, means you should have almost W200,000 coming off of W2,000,000 salary

[gmat]

Well, I think your 3.3% tax rate is too high. What is your salary? You can check the proper taxes at the link I provided above.

Someone making 2,000,000 should be paying 28,950 in tax which is 1.4475%

[Darkness]

Well I'm suppose to pay 39,800, but instead I'm paying W72,600. So I guess I dont have health insurance, nor am I paying into pension

[unplugged_boy]

i'm a little confused here...

what is the TOTAL amount of deductions then?
how much of that percentage of taxes/pension/medical insurance?

[cmr]

Anyone from a public school can give us the real amounts that he/she has deducted every month?