July 16, 2018, 10:34:29 PM


Author Topic: Deductions from 2.4 million won paycheck?  (Read 580 times)

Offline Pidge

  • Waygookin
  • *
  • Posts: 16
  • Gender: Female
Deductions from 2.4 million won paycheck?
« on: July 11, 2018, 06:46:27 AM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

Offline sojuadventurer

  • Super Waygook
  • ***
  • Posts: 277
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #1 on: July 11, 2018, 07:29:59 AM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

One thing to keep in mind is that deductions on your first three paychecks will likely be larger, because usually they ask for a 600,000 won housing deposit which is taken out in installments over the first three paychecks. But I'd say that on average you'd be looking at around 200,000 won or so in deductions, though this is subject to change over the years based on health insurance premium changes and tax changes, which can't really be estimated with 100% accuracy without knowing lots of specifics. Also, if you're from the U.S., make sure you get a residency certificate ASAP and bring it with you or have it shipped from a family member. U.S. citizens are tax exempt for their first two years in Korea, but you need to have the residency certificate. Not sure about similar rules for other countries.

Online JVPrice

  • Super Waygook
  • ***
  • Posts: 300
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #2 on: July 11, 2018, 07:33:57 AM »
I'm with EPIK as well. The usual deductions are for the mandatory health care, meal plan if you intend to eat school lunch, and the membership fee if you plan to eat out with the other teachers. Some money will come out for pensions. There is an income tax and resident tax of about 50,000 won as well. All in all, of my 2.3 mil payment, about 250,000 is deducted.

I feel like I'm forgetting something though... Hope this helps!
The World Ends With You

Offline debbiem89

  • Veteran
  • **
  • Posts: 102
  • Gender: Female
Re: Deductions from 2.4 million won paycheck?
« Reply #3 on: July 11, 2018, 09:13:58 AM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

One thing to keep in mind is that deductions on your first three paychecks will likely be larger, because usually they ask for a 600,000 won housing deposit which is taken out in installments over the first three paychecks. But I'd say that on average you'd be looking at around 200,000 won or so in deductions, though this is subject to change over the years based on health insurance premium changes and tax changes, which can't really be estimated with 100% accuracy without knowing lots of specifics. Also, if you're from the U.S., make sure you get a residency certificate ASAP and bring it with you or have it shipped from a family member. U.S. citizens are tax exempt for their first two years in Korea, but you need to have the residency certificate. Not sure about similar rules for other countries.

Actually the housing deposit is only in certain provinces. I've never had it taken. It's certainly something to keep in mind though, as friends of mine got stung with this when they arrived.


My tax isn't deducted monthly, I got a bill for the whole tax year it was about 440,000 won. Which, although was a nasty surprise...actually isn't bad for a year and a half of taxes.

Offline ESLsearchdotcom

  • Newgookin
  • Posts: 1
Re: Deductions from 2.4 million won paycheck?
« Reply #4 on: July 11, 2018, 11:59:17 AM »
without rent deductions, this will depend on your location or what is provided the previous poster is correct with the first paychecks-more will normally be deducted as catchup since rent is normally paid in advance so after your first month you need to catchup.

generally 10-14% max for health, pension, tax, etc...

EPIK is pretty straight forward

other academies be wary
It's actually illegal to deduct from your paychecks without a written authorization
sometimes academies will try to put you on the hook for various bills.

For all those that experience issues
the labor board is your best bet
especially if your pay is incorrect and you need to get out of a bad situation

all in all
EPIK is good and is monitored closely

Enjoy your time here

Offline hangook77

  • Expert Waygook
  • ****
  • Posts: 572
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #5 on: July 11, 2018, 01:29:36 PM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

One thing to keep in mind is that deductions on your first three paychecks will likely be larger, because usually they ask for a 600,000 won housing deposit which is taken out in installments over the first three paychecks. But I'd say that on average you'd be looking at around 200,000 won or so in deductions, though this is subject to change over the years based on health insurance premium changes and tax changes, which can't really be estimated with 100% accuracy without knowing lots of specifics. Also, if you're from the U.S., make sure you get a residency certificate ASAP and bring it with you or have it shipped from a family member. U.S. citizens are tax exempt for their first two years in Korea, but you need to have the residency certificate. Not sure about similar rules for other countries.

Not really.  It depends on where you live.  Plenty of places don't do that.  I did hear GEPIK did that a while back.  But it's gone replaced by EPIK?

Offline sh9wntm

  • Adventurer
  • *
  • Posts: 59
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #6 on: July 11, 2018, 01:30:44 PM »
I'm a U.S citizen, I have not filed for tax exemption. My tax liability has been about 40,000 won a month. Which will be about 500,000 over the full year.
For me personally, I thought it wasn't necessarily worth the trouble to file. But I'm also lazy.

Offline hangook77

  • Expert Waygook
  • ****
  • Posts: 572
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #7 on: July 11, 2018, 01:41:08 PM »
The education office deducts medical insurance, provincial and federal income tax, sometimes a residence fee, and the pension payment.  If done correctly, total deductions should be 8 or 9% of your paycheck.  But they may also tax your renewal allowance and any other perks such as multiple school allowance or rent allowance (should you choose to take it).  Seoul is going to stop renewal allowance, I hear, but everywhere else still has it. 

Sometimes the education office screws up and doesn't deduct everything and then feverishly tries to deduct larger chunks later in the year and you still get hit with a large payment come January or February the following year.  The schools you go to will also deduct the school lunch monthly or even once per semester depending on how they do it.  Sometimes in rural areas at one school per day, they may not deduct you at all.  Which I guess makes up for the bus fare.  Will your building have a small maintenance fee or not?  Could be for cleaning and included cable and internet water etc.  May not though.  I get cable and internet and phone through KT.  Cable and internet is 28,000 won due to discount package with smart phone.  Unlimited date calling plan 55 thousand won including the insurance.  All same company.  Electric about 8 or 9 thousand won a month in winter and 40 to 60 thousand a month in summer depending on how much I use the air con.  Gas is 7 or 8 thousand won a month in summer.  In winter it can be 80 or 90 thousand won a month during January the coldest month and a third of that or slightly more during the transition months of November and March.  Transportation costs depend on you and how far your schools are and how many schools you have.  My friend in the city took taxis in the morning due to time and took buses homes which took longer.  His schools were spread out from where he lived and didn't want to get up ridiculously early.  I threw in the towel long ago and started driving. 

Offline gideonvasquez

  • Super Waygook
  • ***
  • Posts: 439
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #8 on: July 12, 2018, 01:59:07 PM »
All of these suggestions so far are probably going to give you a good estimate before you come over. After you come over you should ask for a pay stub which will show base pay, any bonus pay, and all the deductions for various things. Ask the administration office (행정실) people for a "wuhl-geup myeong-sae-suh" (월급명세서) after your first pay period. It shouldn't be hard to google translate the columns for each deduction.

Congratulations.

Offline Mike.T

  • Adventurer
  • *
  • Posts: 37
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #9 on: July 12, 2018, 02:18:51 PM »
I'm on 2400 and receive roughly 2200 once pension, medical and tax is all chopped off. Might be able to find my stub that breaks down specifics when I get home (although it's probably in the trash tbh)
« Last Edit: July 12, 2018, 02:20:27 PM by Mike.T »

Offline Pidge

  • Waygookin
  • *
  • Posts: 16
  • Gender: Female
Re: Deductions from 2.4 million won paycheck?
« Reply #10 on: July 13, 2018, 12:12:54 AM »
Oh my gosh... You guys are amazing! Thank you so much for going into more detail than I would've thought to ask about!!! I hope you are all doing well, whether you're still in Korea or not, and thank you again!

Offline #basedcowboyshirt

  • Expert Waygook
  • ****
  • Posts: 544
  • Gender: Male
  • My ring is a mansion.
Re: Deductions from 2.4 million won paycheck?
« Reply #11 on: July 13, 2018, 02:04:40 PM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

One thing to keep in mind is that deductions on your first three paychecks will likely be larger, because usually they ask for a 600,000 won housing deposit which is taken out in installments over the first three paychecks. But I'd say that on average you'd be looking at around 200,000 won or so in deductions, though this is subject to change over the years based on health insurance premium changes and tax changes, which can't really be estimated with 100% accuracy without knowing lots of specifics. Also, if you're from the U.S., make sure you get a residency certificate ASAP and bring it with you or have it shipped from a family member. U.S. citizens are tax exempt for their first two years in Korea, but you need to have the residency certificate. Not sure about similar rules for other countries.

Actually the housing deposit is only in certain provinces. I've never had it taken. It's certainly something to keep in mind though, as friends of mine got stung with this when they arrived.


My tax isn't deducted monthly, I got a bill for the whole tax year it was about 440,000 won. Which, although was a nasty surprise...actually isn't bad for a year and a half of taxes.

Yikes. If I could only pay 440,000 per year for taxes, I'd be celebrating.

Online lifeisgood6447

  • Hero of Waygookistan
  • *****
  • Posts: 1042
  • Gender: Male
Re: Deductions from 2.4 million won paycheck?
« Reply #12 on: July 13, 2018, 02:48:56 PM »
Well, after much planning and a false start two years ago, it's finally happening! I'm moving to Korea next month to teach for EPIK! I've learned my salary will be 2.4 million won. I'm really interested to know what kinds of deductions come out of a paycheck of this specific size. Is anyone willing to share what they know? Feel free to pm me if you don't wanna throw it all out in the open. I would appreciate it so much! Trying to figure out what I'll have to work with (and hopefully save) each month.

One thing to keep in mind is that deductions on your first three paychecks will likely be larger, because usually they ask for a 600,000 won housing deposit which is taken out in installments over the first three paychecks. But I'd say that on average you'd be looking at around 200,000 won or so in deductions, though this is subject to change over the years based on health insurance premium changes and tax changes, which can't really be estimated with 100% accuracy without knowing lots of specifics. Also, if you're from the U.S., make sure you get a residency certificate ASAP and bring it with you or have it shipped from a family member. U.S. citizens are tax exempt for their first two years in Korea, but you need to have the residency certificate. Not sure about similar rules for other countries.

Actually the housing deposit is only in certain provinces. I've never had it taken. It's certainly something to keep in mind though, as friends of mine got stung with this when they arrived.


My tax isn't deducted monthly, I got a bill for the whole tax year it was about 440,000 won. Which, although was a nasty surprise...actually isn't bad for a year and a half of taxes.

Yikes. If I could only pay 440,000 per year for taxes, I'd be celebrating.

No doubt!!!! That's incredible!