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legalquestions
Joined: 25 Mar 2007
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 Posted: Mon Apr 16, 2007 3:47 pm Post subject: 260,000 uni pension money withheld per month - too much? |
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My uni is withholding 260,000 won per month for my pension (a private uni pension plan, not the national pension plan). Is this the normal amount?
Is it matched 100% by the uni? Is there a vesting period? ie, 1 year, 2 years, 3 years, etc.
I know the people in uni the payroll department can probably tell me, but it is always good to have some info before approaching them, right? |
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simone
Joined: 15 Jan 2003
Location: Now Mostly @ Home
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| Posted: Mon Apr 16, 2007 4:08 pm Post subject: Re: 260,000 uni pension money withheld per month - too much? |
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| legalquestions wrote: |
My uni is withholding 260,000 won per month for my pension (a private uni pension plan, not the national pension plan). Is this the normal amount?
Is it matched 100% by the uni? Is there a vesting period? ie, 1 year, 2 years, 3 years, etc.
I know the people in uni the payroll department can probably tell me, but it is always good to have some info before approaching them, right? |
It's fine.
Unless you're from one of the countries which doesn't allow you to cash out your pension when you leave, it's no problem.
I was at a uni for four years before going back to Canada for grad school. Over the four years, they took a basic amount, the uni matched it and it was then subject to interest.
At the time I cashed out, it was worth 800,000 won/month if I were in Korea at the age of 65. At a cashed out value, it was worth more than my severance pay of four years.
Between the two, it was over 50 grand Canadian hidden savings. It's nice to have a big payout without feeling the pinch of saving each month.
So now, to save money, I have several bank accounts, and they automatically divide my salary into them. The first account is savings, and then my monthly living costs go into another account, and the third account is travel and unexpected costs. I have no bank card for the first account... It's safer that way. |
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happygirl
Joined: 20 Feb 2006
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| Posted: Mon Apr 16, 2007 5:41 pm Post subject: |
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| Seems like a lot. Mine only withholds 120,000. Vesting period is usually 5 years. My uni only lets us stay 3 so that is a moot point. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Mon Apr 16, 2007 6:15 pm Post subject: |
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| So if I come back to Korea at 65 I can get my pensions back? |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Mon Apr 16, 2007 6:28 pm Post subject: |
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| This is interesting. I really want to know if I can collect pension at 65 or whatever, and have it deposited monthly to my account in another country... |
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simone
Joined: 15 Jan 2003
Location: Now Mostly @ Home
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| Posted: Mon Apr 16, 2007 6:36 pm Post subject: |
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| poet13 wrote: |
| This is interesting. I really want to know if I can collect pension at 65 or whatever, and have it deposited monthly to my account in another country... |
I don't know about having the money shipped somewhere else. All I know is that I would have been entitled to x money monthly were I to be here after 65.
You're able to cash out any time, but they only like to do it when you're leaving Korea "for good."
This doesn't apply to a few countries - I'm not sure which ones. All my situtation applies to Canadians, for sure. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Mon Apr 16, 2007 6:36 pm Post subject: Re: 260,000 uni pension money withheld per month - too much? |
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| simone wrote: |
Unless you're from one of the countries which doesn't allow you to cash out your pension when you leave, it's no problem.
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I believe that for a private university with a private pension scheme, you can claim back your pension regardless of your nationality. |
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