FAQ
| Q |
How much money should I bring with me? |
| A |
It would be wise to have the equivalent of 500,000 won (U$500) on you and access to an additional 500,000 won.
Most ATMs at convenience stores will dispense cash if you have a Cirrus or Plus bank card.
This money will help you pay for and set up your apartment and pay for food during that first month and other incidentals. |
| Q |
When do I receive my first pay? |
| A |
You will be paid on the 10th of the month following your first month. |
| Q |
What can I expect my salary to be in my first month there? |
| A |
Most teachers earn on average between W2,500,000 - W3,200,000 depending on location and the number of classes taught.
Most teachers will start at the beginning of the month and receive a similar salary. |
| Q |
Is it possible to get a pay advance? |
| A |
Absolutely! You can put in a request to your manager for an advance and receive up to 50% of your earnings to date.
You can request for an advance a total of three times in a single year. |
| Q |
How do I receive my pay? |
| A |
We are all paid by direct deposit on the 10th of the month. Give your copy of your bank book to your manager. If you need assistance with setting up a bank account, please notify your head teacher or manager for assistance. You will need a passport to set up a bank account. Also bring your ARC card if you have one.
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| Q |
How is the pay raise calculated? |
| A |
The amount of pay raise is based on our monthly evaluations that students and managers do each month.
Attendance, dress code, punctuality are also taken into consideration as well as other factors like cooperation and other intangibles. |
| Q |
Is it easy to transfer money home? |
| A |
It sure is. Just visit your local bank with your passport, alien registration card and banking information and in most cases a few of the tellers speak English which makes the whole process very easy. |
| Q |
How much are pay raises and how often? |
| A |
We receive pay raises every year at contract renewal periods!
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| Q |
Do I need a Korean bank account? |
| A |
Yes, all you need is your passport to set up an account.
Woori Bank seems the easiest to set up for most teachers. |
| Q |
How are taxes and medical insurance paid? |
| A |
Each month these are automatically deducted from your pay.
You will receive a detailed pay slip which explains all the money coming in and going out. |
| Q |
How much are medical insurance, income tax and pension? |
| A |
This depends on earnings and is recalculated yearly, however medical insurance is around W50,000 to W90,000/month, income tax is W140,000 to W200,000/month and national pension is around W100,000 to W150,000/month. |
| Q |
Does medical insurance cover everything? |
| A |
There would still be a small co-payment when you visit the doctor or hospital, but for regular visits (i.e. colds), you might pay under W10,000 ($10) to see the doctor and get 3-days of medicine. |
| Q |
Do I get my National Pension money back when I complete my contract? |
| A |
*Must leave Korea
*Must request pension in the same month you expect to leave with your flight confirmation
http://www.nps.or.kr
If you are planning on leaving Korea for awhile you are eligible for a reimbursement.
Americans and Canadians get back not only the 4.5% that they contributed, but also the 4.5% that the company contributed.
This really adds up! Unfortunately, other teachers from Australia, UK, New Zealand cannot.
South Africans are exempt from paying into National Pension. |
