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NYCMD
Joined: 08 Sep 2007
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 Posted: Thu Oct 04, 2007 5:18 am Post subject: Does medical insurance = 10% off paycheck? |
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Okay, this hakwon is claiming that if I choose to use their 50/50 medical insurance, the paycheck will be slapped with an extra tax.. I'm not sure how much it was, but I think it was between 5 to 10 %.
I thought 50% of medical insurance was supposed to be provided by the hakwon.. that's what it says on the contract anyway.. but I didnt know that there was going to be an extra "tax" taken off from my paycheck.. that kind of defeats the whole purpose of advertising that medical insurance provided by hakwon.. unless... that extra 5-10% is my part of the 50/50?
Anyone know about this issue? Help me out guys thanks |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Thu Oct 04, 2007 6:06 am Post subject: |
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The national health insurance plan rate is now at 4.77%, meaning 2.385% is taken from your salary.
http://www.nhic.or.kr/english/index.html
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For the employee insured, the contribution amount is calculated by 「monthly salary � contribution rate(currently 4.77%)」, 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.
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You should also have a certain percentage taken off for income tax, resident tax, and pension. All of these will amt to about 10% total, depending on how much your monthly salary is.
http://www.nps.or.kr/
http://www.nts.go.kr/eng/default.html |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Thu Oct 04, 2007 2:54 pm Post subject: |
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Total deductions are:
Health Insurance: 2.385%
Pension: about 4.5%
Tax: less than 3% (depends on salary. Check the website)
Resident Tax: 1% of your Income Tax
TOTAL: about 10% of your salary.
KPRROK |
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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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| Posted: Thu Oct 04, 2007 3:40 pm Post subject: |
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| This should be a sticky, especially for crap hogwan owners-who are crud |
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NYCMD
Joined: 08 Sep 2007
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| Posted: Thu Oct 04, 2007 8:55 pm Post subject: |
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| kprrok wrote: |
Total deductions are:
Health Insurance: 2.385%
Pension: about 4.5%
Tax: less than 3% (depends on salary. Check the website)
Resident Tax: 1% of your Income Tax
TOTAL: about 10% of your salary.
KPRROK |
Are you guys sure about this?
That's a pretty huge total tax... so if one's making monthly 4.000.000 won (~$4.000).. he'll have to pay up 400.000 (~$400) just in tax? Is this what everyone else is doing as well? I'm new in Korea so I just want to make sure I'm not getting schemed with a 10% tax.. |
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xtchr
Joined: 23 Nov 2004
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| Posted: Thu Oct 04, 2007 9:03 pm Post subject: |
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| NYCMD wrote: |
| kprrok wrote: |
Total deductions are:
Health Insurance: 2.385%
Pension: about 4.5%
Tax: less than 3% (depends on salary. Check the website)
Resident Tax: 1% of your Income Tax
TOTAL: about 10% of your salary.
KPRROK |
Are you guys sure about this?
That's a pretty huge total tax... |
If by huge you mean 'much less than most other OECD countries' then yes you are correct.
(Is this your first job?) |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Oct 04, 2007 9:09 pm Post subject: |
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| NYCMD wrote: |
| kprrok wrote: |
Total deductions are:
Health Insurance: 2.385%
Pension: about 4.5%
Tax: less than 3% (depends on salary. Check the website)
Resident Tax: 1% of your Income Tax
TOTAL: about 10% of your salary.
KPRROK |
Are you guys sure about this?
That's a pretty huge total tax... so if one's making monthly 4.000.000 won (~$4.000).. he'll have to pay up 400.000 (~$400) just in tax? Is this what everyone else is doing as well? I'm new in Korea so I just want to make sure I'm not getting schemed with a 10% tax.. |
Taxes are on a sliding scale and are progressive. The more you make the higher percentage you pay.
KPRROK's numbers are correct for a single person on a salary of about 2.1 million.
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The numbers are very different on a salary of 4 million and WOULD EXCEED 10%. (closer to 15%)
tax= 295,110 (income and resident)
medical = 95,400
pension = 180,000
= 570,510
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ALSO:
Most of us get double our pension back (our contribution AND the employers contribution) as a cash refund when we leave Korea.
If you are NOT Canadian AND on an E2 AND working for the K-government you can be exempt from the income tax for the first 2 years. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Thu Oct 04, 2007 9:09 pm Post subject: |
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That's not a 10% tax, it's about 10% of your salary for all of your deductions.
Look at it this way, tax in America is about 30%, so under 3% is damned nice.
Yes, those numbers are correct.
KPRROK |
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cbclark4
Joined: 20 Aug 2006
Location: Masan
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| Posted: Thu Oct 04, 2007 10:28 pm Post subject: |
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I'm paying 57,000w ($57 US +/-) per month covers the wife and me.
Sounds about right then. |
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NYCMD
Joined: 08 Sep 2007
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| Posted: Fri Oct 05, 2007 2:07 am Post subject: |
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| thanks for all the info guys and yes, this is my first time working, in korea at least |
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