Korean Job Discussion Forums

[Freakstar]

How exactly does pension work? My hagwon has offered to pay 50/50 for pension. How much is typically taken out for pension? Is it usually a percentage of my income?

Could I tell my hagwon that I don't want to participate in the pension plan? Do I have a choice?

Could someone shed some light on the above? Thanks.

[garykasparov]

http://koreabridge.com/jobforums/index.htm

Pension

Each month, four point five percent (4.5%) should be deducted from the Employee's monthly salary for the Korean National Pension Program (as required by Korean Law) and an equal payment of four point five percent (4.5%) should be paid into it by the teachers Employer as well which can be refunded (9.0%) by the Korean Government once the teacher has left Korea. All teachers, regardless of nationality, are required to make pension payments but only American, Canadian, and British citizens are eligible to receive the pension payment refund at this time. Australians will be eligable for this pension refund, retrospectively, as of July 2008.

This is the Korean pension service website:

http://www.npc.or.kr

[Freakstar]

Thanks, man!

[Squid]

Since when can Brits get a refund?

Just for Canadians and Americans as far as I'm aware.

For Brits it's a cross credit arrangement to the British pension scheme...no refund.

Unless its all changed??

Just checked the NPS website: no refund for British citizens (bottom of the first page)