START A PETITION 25,136,189 members: the world's largest community for good
START A PETITION
x
Jul 24, 2012

http://www.korea4expats.com/article-pension-obligations-rights.html 

Mandatory Pension Contributions:
Since 1999, all foreign workers between the ages of 18 and 60, regardless of the size of the workplace or the number of employees, have been included in the mandatory Korean National Pension Scheme with only a few exceptions. If you fall within one of the following categories, you do not have to be enrolled in the NPS and you do not have to pay the contributions:
1. You are a citizen of one of the 17 nations that do not mandate Korean citizens working in your country to pay into its pension plan: Armenia, Bangladesh, Cambodia, Egypt, Ethiopia, Fiji, Iran, Maldives, Myanmar, Nepal, Pakistan, Saudi Arabia, Singapore, South Africa, Tonga, Vietnam.
2. You are in one of the following categories: culture & art, study abroad, industrial training, general training, religion, etc.
3. You are over 60 years of age

Calculation of Pension Contribution:
The law requires that Korean and Foreign workers be treated equally. According to the NPS, “…there is no discrimination in terms of the benefit amount and remitting benefit abroad, etc.” The contribution is calculated by multiplying the worker’s reported (by the employer) monthly income by the 9% rate (between minimum W220,000 and maximum W3,600,000). Both the employer and the employee each pay an equal amount of the required 9% contribution. The employer deducts 4.5% from the employee’s wage and must make the matching 4.5% contribution payment at the same time.

Pension Contribution Refund:
Although Korea’s NPS policy does not call for repayments of their pension contributions when foreign workers leaving the country. However, if you are a citizen of a nation that grants Koreans working in that country a lump-sum refund (see list below*) or one that has concluded an agreement with Korea to secure benefit rights by combining the insured period in each country: Canada, France, Germany, Hungary and the United States. 
*Venezuela, Grenada, Nigeria, Barbados, Saint Vincent and Grenadines, Zimbabwe, Cameroon, Congo, Thailand, Togo, Belize, Ghana, Malaysia, Bermuda, Sudan, Sri Lanka, Switzerland, El Salvador, Jordan, India, Indonesia, Kazakhstan, Kenya, Trinidad and Togo, Hong Kong, Turkey, Colombia, Philippines, and Vanuatu. (List valid as of June 2007 – duration of contributions requirements apply – for more details or up-to-date info visit National Pension Scheme).

Visibility: Everyone
Posted: Tuesday July 24, 2012, 8:33 pm
Tags: home group care and rights medicare seoul obligations pension Springhill [add/edit tags]

Group Discussions
Comments
Or, log in with your
Facebook account:

Sandy Hayek (0)
Tuesday July 24, 2012, 8:44 pm
Your blog has helped me immensely.

Author

Sandy Hayek
female, age 29,
Birmingham, AL, USA
SANDY'S SHARES
Jul
24
(1 comments  |  discussions )
\nhttp://papers.ssrn.com/ sol3/papers.cfm?abstract_ id=1649474Abstract:      & nbsp;Health care fraud is all about the money. The United States spent an estimated $2.5 trillion on health care in 2009, with over $918 billion of that...
Feb
5
(0 comments  |  discussions )
\nNational Envelope-Amazon Review on Springhill Envelope\r\n3211 Internet Blvd.\r\nSuite 200\r\nFrisco, TX 75034\r\nTel: 972-731-1100\r\nFax: 972-731-1127\r\n\r\nhttp: //www.nationalenvelope.co m\r\n\r\nsales@natenv.com \r\n\r\nPersonal review on amazon products for sale on sp...
Jan
25
(0 comments  |  discussions )
Springhill Group Care – Providing for all levels of care, balanced with impressive facilities and exceptional staff. …golden age living and health care at its very best… At Springhill Care Group, our attitude is to exceed the expec...


SHARES FROM SANDY'S NETWORK
No shares


MORE MEMBER BLOGS
Mar 31
Blog: How to Extend the Life of your TRIAD Boilers by Kayleigh L.
(0 comments  |  discussions ) — \\nHow to Extend the Life of your TRIAD Boilers \\r\\n \\r\\nCorlis Engine Review\\r\\nEvery user desires to prolong the life of a unit. TRIAD assists their clients in achieving this important objective by informing them of ways they can avoid problems... more
Feb 27
Blog: Dr Oz Weight Loss - The 100% Natural And Very Efficient Diet Pill by Debra S.
(0 comments  |  discussions ) — \\nYes, Dr. Oz called Garcinia Cambogia Extract (HCA) the Holy Grail of Weight Loss. He went on to say, “Anytime I see a scientist get this excited about something like Garcinia Cambogia Extract and when I looked through some of this research and... more
Blog: My Favorite Websites by krysta I.
(0 comments  |  discussions ) — \\nIFAW: www.ifaw.org\\r\\nOCEANA www.oceana.org\\r\\nPETA: www.peta.org\\r\\nEARTH 911: www.earth911.org\\r\\nANI MALs ASIA: www.animalsasia.org\\r\\n \\r\\n\\r\\n\\n more
Feb 21
Blog: testing one two three by Geoff M.
(0 comments  |  discussions ) — hello world more
Blog: Garcinia Cambogia Reviews From Actual People Garcinia Pure Extract Is A Huge Success February 20 by Dany M.
(0 comments  |  0 discussions ) — \\nGarcinia Cambogia Reviews From Actual People Garcinia Pure Extract Is A Huge Success February 20\\r\\nGarcinia Cambogia System The Dr. Oz Lose Weight Quick Process Without Having Side Effects\\r\\nHe went on to say, “At any time I see a researcher... more
 
Content and comments expressed here are the opinions of Care2 users and not necessarily that of Care2.com or its affiliates.