Korean Job Discussion Forums

[mooncalf]

I'm a newbie and I want to make sure that I'm not geting screwed out of my benefits.

Would you all mind providing some information about both medical insureace and pension plans? (Any tips, advice, websites, forms or details you have would be helpful.)

Thanks for the help!

P.S. - And, yes, I have searched these topics on the boards already. Nothing too helpful came up.

[Big Mac]

This has been covered countless times before, and I'm pretty sure you would be able to find it somewhere.

Pension and medical insurance are mandatory. Your employer must provide you with them under Korean law. If he doesn't he could be in trouble. Employers will often try to avoid paying both though. Don't listen to their lies if they're trying to tell you they don't have to pay.

For pension, you pay 4.5 per cent of your monthly pay. Your employer matches that amount. I look at it as a fantastic savings plan because 9 per cent of my monthly pay goes into the pension fund (half of it from me). When you are finished working in Korea, you can apply for a lump-sum refund from the pension office. This only applies if you are from Canada, the United States (and apparently now Australia). So you will get it all back...don't worry about that. Look at it as a great bonus at the end of your stay in Korea.

For medical insurance, your employer should sign you up for insurance with the National Health Insurance Corporation. This is the official government plan...don't let him talk you into private insurance...as you most likely won't have insurance. I think the number you pay is around 2.2 per cent of your monthly pay...and like the pension, your employer matches that amount. You should get a card that proves that you have the insurance, which you would then take with you when you visit a doctor.

The medical plan is great...when you visit a doctor they will charge you only a small percentage (about 3,000 Won for a minor visit) and the rest will be covered by insurance. It also covers prescription drugs...and again you will only pay a very small percentage for prescribed drugs.

I hope that helps.

[alabamaman]

http://www.nhic.or.kr/wbe/images/nhi_act.pdf
National Healthcare Insurance Act

http://www.nhic.or.kr/english/index.html
Click on the guide for Long-stay foreigners

http://www.npc.or.kr/eng/enact01.html?code=./enpa/b01.html
National Pension Act

http://www.npc.or.kr/eng/enpsk.html?code=./enpsk/a06.html
National Pension Scheme and foreigners

[mooncalf]

Thanks for the helpful links. I did my homework and came up with a lot of great information.

One follow-up question:

I've been in Korean for about a month now. I started working on March 1st.

I have already applied for my ARC and it should be delivered anyday now. When it arrives, I will be going to register for medical insurance / pension as soon as possible. Even so, I don't think I'll be able to register for medical insurance / pension before 1) the end of March 2) the date I get paid (April 5).

That said, my first paycheck is due soon. Is my employer still required to pay for medical insurance / pension even if I have not yet registered for these programs?

Also, how do you know for certain that your employer is really paying the medical insurance and pension bills (and not pocketing the money)? Do people ask for reciepts / proof?

[Jellypah]

Your boss should hold back the appropriate contributions - for pension and medical (and tax- make sure you're not paying more than you should!) from your 1st pay. Your boss is the one registering you. You should be getting some sort of payslip, and you can follow up with the pension office to ensure both yours and your bosses contribution has been forwarded there.