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desertdaisy
Joined: 15 Apr 2007
Location: south africa
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 Posted: Wed Jul 11, 2007 3:11 pm Post subject: Unemployment insurance fund |
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Hi
Just wondering if I need unemployment insurance fund.....
I was asked if I want to pay UIF and I have no idea if I should join.
Any ideas?
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 11, 2007 3:21 pm Post subject: Re: Unemployment insurance fund |
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| desertdaisy wrote: |
Hi
Just wondering if I need unemployment insurance fund.....
I was asked if I want to pay UIF and I have no idea if I should join.
Any ideas?
Thanks |
IF you are on an E2 you are exempt from paying it.
You can never collect it. Your status in Korea is directly tied to your visa and work. No work = no visa. No visa = no residence and no ability to collect.
If you are F2/F4/F5 then yes, it is to your advantage. |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Wed Jul 11, 2007 3:56 pm Post subject: |
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| I am F2 so is it best for me to have unemployment insurance? Why is that so? What happens if I wish to use it and when can I use it? Some answers why it is good for F Visa type holders would be good. Thanks. |
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boyne11
Joined: 08 Jul 2007
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| Posted: Wed Jul 11, 2007 7:47 pm Post subject: |
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| Whistleblower wrote: |
| I am F2 so is it best for me to have unemployment insurance? Why is that so? What happens if I wish to use it and when can I use it? Some answers why it is good for F Visa type holders would be good. Thanks. |
It's almost like unemployment insurance back home.
If you're fired or laid-off (not quit), then you can file and get unemployment benefit. I believe it's 50% of your monthly salary which isn't bad.
The duration of the benefit depends on the longitivity of your employment (3 months to 6 months or more). I believe the mimum is 6 months of continuous employment and contribution to receive minimum benefit of 3 months.
You can also get job training benefit as well. Maybe you can do TEFL/TESOL certification while collecting unemployment. 
And the contribution is very small @ less than 1%. |
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