TEACHERS' PENSION

It is calculated into the present value of the year when the reason for the benefit occurred or when the payment of pension begins by sequentially multiplying the average increase rate of remuneration for public officials of each year (the notice of the Minister of Public Administration and Security) by the base monthly income or average base monthly income.

It refers to those who were released after active military service for one and half years based on the college registered active servicemen system. ※ Holders of 6 months` period of release (enforced between 1956 and 1962)

It refers to the case when the academic ability of teachers was changed while in office.

It is calculated into the present value of the year when the reason for the benefit occurred or when the payment of pension begins by sequentially multiplying the average increase rate of remuneration for public officials of each year (the notice of the Minister of Public Administration and Security, 6% every year during the period before 2001) by the monthly remuneration or average monthly remuneration.

Change of occupation from clerical staff to teacher or vice versa.

The amount borne by the school management institution as the expense required for disaster compensation benefit that is paid for the school staff`s official disease, injury, disability and death, and the benefit for the house damaged by disasters that is paid when the property was damaged due to the natural disasters like fire and flood and when school staff or their spouses or direct ancestors died.

It is the system that extends the employment period by connecting the employment period in the past which was subject to the Pension Act to the current employment period, and refers to being recognized as the employment period by paying the repayment upon the Foundation`s approval by the request of school staff.

It is the number of years and months from the month to which the date of being appointed as school staff belongs until the month to which the previous day of the retirement date belongs or until the month to which the deathday belongs. It is calculated by adding the added period by the employment period before appointment, combined total employment period and retroactive total of employment period and the total combined period cannot exceed thirty six years.

As the pay grade calculation criteria of the elementary, secondary and high school teachers should be varied if the eligibility changed, the pay grade should be redefined.

If the persons who are entitled to receive a pension emigrate to a foreign country or lost the nationality, due to the difficulty in the method of receiving the pensions, the amount equivalent to the pension for four years based on the following month of the month of leaving Korea or losing the nationality can be cleared and paid in a lump sum at the request of the beneficiaries in substitution for the pension.

It refers to those who were appointed within the number by position prescribed in the articles of incorporation of the school institution in accordance with the provisions of Article 70, Clause 2 of the Private School Act.

As the major financial resources required for the benefit, there are personal contribution, corporate contribution, national contribution, contribution for disaster compensation and retirement allowance contribution.

The amount borne by the school management institution as the expense required for benefit

The amount borne by public officials as the expense required for benefit in accordance with the Public Officials Pension Act ※ Same with the contribution of the Foundation

It refers to the relief organization for the determination on the benefit, collection of personal contribution, disposition in accordance with this law or formal objections to the benefit. It is composed of nine members including one chairman, and the members are appointed or commissioned by the Minister of Education among public officials, medical circles, legal circles and the persons with a wealth of learning and experience. The term in office is three years.

The Foundation claws back the benefit if it is received tin the false and illegal ways or the reason of the benefit ceased to exist and it is overpaid.