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Pension problems
« on: December 05, 2011, 01:49:19 pm »
HELP!  I am an American citizen starting my third year at a public school.  I recently got my pension account letter and found it smaller than I though it would be.  Upon asking for a payment slip I found out that all of last year I was paying 57,000 won per month instead of the usual 90,000 (4.5% of income).  I asked the lady in the office (though my co-teacher) and she couldn't give me a straight answer as to why.  She said something about a 30% discount?  Which sounded like BS.  I though pension was 4.5% of income accross the board.  Does anyone know why I was being charged less last year?  American?  2nd year?  or did my school make a mistake?


Re: Pension problems
« Reply #1 on: December 05, 2011, 02:04:50 pm »
As long as the school was and is paying their 4.5% of it, I wouldn't worry about it.  It just means that you got the money now instead of when you leave for good.  It just sounds like a mistake on their part but I would follow up on it and get a straight answer. Call or email the NPS with the info in the letter.


  • w4z
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    • November 30, 2010, 10:12:55 am
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Re: Pension problems
« Reply #2 on: December 05, 2011, 02:26:55 pm »
Does anyone know the finer details of our pensions?  Do they match what we put in?  Do we earn a percentage on top of what is in our pensions?


  • JahRhythm
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Re: Pension problems
« Reply #3 on: December 05, 2011, 02:53:37 pm »
OP - "Does anyone know why I was being charged less last year?  American?  2nd year?  or did my school make a mistake?"
My guess is that your school made a mistake.
I'm an American, 2nd year at current employer and paid 4.5% every month which they matched. Same every month.

w4z - "Does anyone know the finer details of our pensions?  Do they match what we put in?  Do we earn a percentage on top of what is in our pensions?"

Once again I have to wonder why people ask these types of questions here when there are official resources available.
http://www.nps.or.kr/apppage/english/qna/qna_01.jsp
That's a link to the NPS FAQ site. The NPS site has loads of info. You can even call them. In English!
Maybe people are just lazy and want all information spoon-fed to them, even if the credibility of the source is dubious.
Life in the 21st century I suppose.
We teach EFL not ESL. Hagwon and "Private School" are not synonymous. Not everyone works in either a hagwon or public school. Immigration Question? Call 1345.


  • EllaRing
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    • August 29, 2011, 07:35:55 am
    • Daegu
Re: Pension problems
« Reply #4 on: December 05, 2011, 03:01:11 pm »
JahRhythm, I understand where you're coming from, but often when I ask one simple question, I get multiple answers. My coteachers do it, google does it, even the official websites will occasionally give me more than one answer.  It's nice to get confirmation sometimes even if it's from an unofficial place like waygook.

w4z, you are required to pay in 4.5% of your full pay and your school is supposed to match it. So, if you make the same amount as the OP then both you and your school would pay in 90,000KRW each month for a total of 180,000KRW. That number could go up or down depending on your pay. No interested is accrued from those payments. When you leave Korea, you'll have to file some paperwork and they'll send the pension money to your home account.

I believe Canadians, Americans, and Australians get pension back...don't quote me on that part, though.


  • w4z
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    • November 30, 2010, 10:12:55 am
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Re: Pension problems
« Reply #5 on: December 05, 2011, 03:03:48 pm »
w4z - "Does anyone know the finer details of our pensions?  Do they match what we put in?  Do we earn a percentage on top of what is in our pensions?"

Once again I have to wonder why people ask these types of questions here when there are official resources available.
http://www.nps.or.kr/apppage/english/qna/qna_01.jsp
That's a link to the NPS FAQ site. The NPS site has loads of info. You can even call them. In English!
Maybe people are just lazy and want all information spoon-fed to them, even if the credibility of the source is dubious.
Life in the 21st century I suppose.

I honestly didn't know that website existed.  Me lazy?  Maybe...  I'm an, "I'll cross that bridge when I get there" kinda guy, and I'm getting fairly close to crossing that bridge.  Thanks for the info tho.   :D


Re: Pension problems
« Reply #6 on: December 05, 2011, 03:18:45 pm »
My problem is that they're not matching the 90,000 but instead matching 60,000.  Leaving me losing 30,000 per month.  My co-teacher is saying that they changed the law from 2009-2010, then changed it back for 2011.  Sounds like BS. Can anyone confirm or deny this?


Re: Pension problems
« Reply #7 on: December 05, 2011, 03:28:36 pm »
BS. Call 1355.


  • lotte world
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Re: Pension problems
« Reply #8 on: December 05, 2011, 03:30:39 pm »
My problem is that they're not matching the 90,000 but instead matching 60,000.  Leaving me losing 30,000 per month.  My co-teacher is saying that they changed the law from 2009-2010, then changed it back for 2011.  Sounds like BS. Can anyone confirm or deny this?

The, uh, Pension Office could most likely confirm or deny it.  Maybe you should call them.


  • cruisemonkey
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Re: Pension problems
« Reply #9 on: December 05, 2011, 03:54:33 pm »
It's all explained on the NPS website.
The Ks once gave me five minutes notice. I didn't know what to do with the extra time.