TEACHERS' PENSION

It refers to the benefit that is paid to the survivors if the beneficiaries of linked retirement annuity or the beneficiaries or the pensioners of the linked retirement annuity died. ※ Amount of survivor`s pension = Linked retirement annuity × 60% (School staff under employment before January 1, 2010 = 70%)

If the movers between national pension and occupational pensions (Private School Teachers` Pension, Military Pension, Semi-official Post Office Staff Pension) link the participation period, the linked period becomes ten years. This benefit is paid when the pension age is reach

It refers to having a rest for a certain period of time while maintaining the school staff`s status and qualification, and it can include general leave of absence, leave for military service, sick leave and parental leave and so on.

It refers to the loan for the school staff`s children who are in attendance at the regular foreign university courses to the extent of U$10,000.00 per year under the same conditions with those for the domestic universities.

It refers to the benefit that the school staff with the employment period of less than ten years receive in a lump sum after retirement

It refers to the benefit that the school staff with the employment period of more than ten years receive in a lump sum after retirement as a substitution for pension.

It refers to the benefit that the school staff with the employment period of more than ten years receive as a pension for a certain period of more than ten years after retirement and in a lump sum for the rest period.

Amount that should be saved from the current fund by the operating body of the pension scheme as the benefit to be paid in the future ※ Liability reserve amount = total current value amount for future benefit expenditure - total current value amount for future contribution income

It refers to the benefit for which reason occurred after retirement due to the school staff`s retirement, disability or death. ※ Retirement Benefit, Disability Benefit, Survivor`s Benefit

It refers to the benefit that is paid in a lump sum to the survivors as the substitution for the survivor`s pension and survivor`s additional allowance if the school staff with the employment period of more than ten years died while in office. ※ Amount of Lump Sum Allowance of Survivor`s Pension = Same with the amount of lump sum allowance of retirement annuity

In case of disciplinary action, administrative release or leave of absence, the salary rise is limited.

It is to lend the fund required to stabilize the living of school staff and pensioners in low interest rate up to sixty million won (ten million on for pensioners) to the extent of the 1/2 of the retirement annuity benefit.

The repayment period for the living expenses can be selected within the regular repayment period by the lent amount or can be repaid after a grace period within 1~3 years. In case of the loan for school expenses of national treasury, it can be repaid for four years after two-year grace period (learning period for more than four years) or by equal repayment of the principal for three years (learning period for less than three years) from the next month of graduation.

If the reason for benefit occurs due to intention, gross negligence, non-acceptance of diagnosis, etc. or punishment and expulsion were received, the benefit is reduced in whole or in part.

It is the loan available to the extent of the actual tuition without interest at the burden borne by the nation for the school staff or their children (except for the graduate school course and the spouses) who enter or are in attendance at the regular universities or various equivalent schools.