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K pension refund procedure
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Mon Dec 26, 2011 5:30 am    Post subject: Reply with quote

Peter258 wrote:
If your pension plan starts when you get your ARC, does that mean your employer cannot start making contributions until after you have received your ARC?

I started working on September 26th, 2010. I received my ARC card on November 16th, 2010. The first reported contribution at the NPS is for the month of December 2010. This is the only reported contribution for the year 2010. However, my paycheck had the pension money deducted for the months of October and November.

So after working one full year, there were only 10 months on file. Is this normal?

The NPS said that my plan began in November, but that my employer chose not to contribute for that month(however, money was deducted for the pension plan for both October, my first working month, and November).


If you have some proof that the deductions were in fact taken from your pay the pension office will chase them down as well as the employers missing contributions.

,.
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Peter258



Joined: 18 Dec 2009

PostPosted: Mon Dec 26, 2011 6:12 am    Post subject: Reply with quote

ttompatz wrote:
Peter258 wrote:
If your pension plan starts when you get your ARC, does that mean your employer cannot start making contributions until after you have received your ARC?

I started working on September 26th, 2010. I received my ARC card on November 16th, 2010. The first reported contribution at the NPS is for the month of December 2010. This is the only reported contribution for the year 2010. However, my paycheck had the pension money deducted for the months of October and November.

So after working one full year, there were only 10 months on file. Is this normal?

The NPS said that my plan began in November, but that my employer chose not to contribute for that month(however, money was deducted for the pension plan for both October, my first working month, and November).


If you have some proof that the deductions were in fact taken from your pay the pension office will chase them down as well as the employers missing contributions.

,.


Well, the only proof I have is that the amount I was paid for Oct and November was the same amount as later months(except for a housing deposit deduction, 200,000 won deducted in the first 3 months).

Suppose I demand to see pay slips for Oct and november, but they try to cover it up by deleting the pension contribution and renaming it something else like tax, etc..doesn't that look fishy that the total amount of deductions is identical to later months even though supposedly, there was no pension deduction? If there was no pension deduction, My first 2 months of work should be 94,500 won higher than later months..wouldn't that raise eyebrows at the NPS?

my hagwon only gives out those word document pay slips anyway. They are a big chain though.


Last edited by Peter258 on Mon Dec 26, 2011 6:20 am; edited 1 time in total
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Peter258



Joined: 18 Dec 2009

PostPosted: Mon Dec 26, 2011 6:18 am    Post subject: Reply with quote

I'm still wondering though, even though I got my alien card on november 16th, am I still entitled to a pension refund for the month of october? (I started working on september 27th).
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journal



Joined: 26 Jan 2011

PostPosted: Thu Jan 05, 2012 12:18 am    Post subject: Reply with quote

I've got the same (similar) question as spidertao and thatguydizzle: Is there a way to receive your pension payment without leaving the country? If it's not possible, what's the cheapest strategy? Japan?

I'll be getting my F2 soon, and changing jobs (teaching to non-teaching, if that matters here). I'd like to keep as much of my pension as possible.

Any suggestions?
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tirinal



Joined: 08 Oct 2007

PostPosted: Fri Jan 06, 2012 8:21 pm    Post subject: Reply with quote

Random question, but do they start the wire from the time you request the lump sum refund or the time you actually leave the country?

The lady said it was a two-day turnaround if you use a Korean bank as the incoming destination, but it's been a week and I still have no news of it. Just wondering, as a friend of mine also requested his a couple weeks before actually flying out of the country and got it well in advance, so I'm curious if there's a problem somewhere.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Fri Jan 06, 2012 8:24 pm    Post subject: Reply with quote

journal wrote:
I've got the same (similar) question as spidertao and thatguydizzle: Is there a way to receive your pension payment without leaving the country? If it's not possible, what's the cheapest strategy? Japan?

I'll be getting my F2 soon, and changing jobs (teaching to non-teaching, if that matters here). I'd like to keep as much of my pension as possible.

Any suggestions?


You can usually get cheap flights to the Philippines (cebu pacific) or Taiwan (EVA Air) that are less expensive than Japan (sometimes even cheaper than the ferry.)

Yes, you MUST leave AND have your status of sojourn canceled before they will refund your pension.

tirinal wrote:
Random question, but do they start the wire from the time you request the lump sum refund or the time you actually leave the country?

The lady said it was a two-day turnaround if you use a Korean bank as the incoming destination, but it's been a week and I still have no news of it. Just wondering, as a friend of mine also requested his a couple weeks before actually flying out of the country and got it well in advance, so I'm curious if there's a problem somewhere.


It is a 2-day turnaround AFTER then have confirmed that you have canceled your status of sojourn, left the country (even if you return the same day), and your employer had made all their contributions (could be up to 90 days).

Call them and ask if you are not sure. Better yet, go into the office where you filed for your refund to find out.

.
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journal



Joined: 26 Jan 2011

PostPosted: Sun Jan 08, 2012 10:06 pm    Post subject: Reply with quote

I just got off the phone with the pension office, and the woman I spoke with couldn't give me any definite answers. She said it was a tricky situation (the fact that I'll be staying in Korea).

I'm switching from an E2 to an F2. I suppose, to make it easier, we'll say I have it now. So that'll be my 'status of sojourn.'

My job finishes on Feb. 26th. My paycheck comes on the 26th of each month. My school pays pension on the 10th.

From what I gather...

I need to apply for the lump sum payment soon. Will a round-trip ticket to Japan suffice? Or does it have to be one way?

Once my job is finished, I need to step out of the country (ie, step into Japan, or some other cheap destination), and return. A sort of 'RESET.'

Once I'm back in Korea, I return to life, doing non-visa related things (so we don't confuse the purpose of this post). My visa status will continue to be F2, of course.

Once March 10th roles around, and my final slice of pension has been entered into my pension fund, the full 'lump' is then deposited into my Korean bank account. This is regardless of whether or not I'm in the country, as I've already hit the 'RESET' button.

To anyone in the know, is all this correct?
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thedoorajar



Joined: 27 Jan 2012

PostPosted: Mon Nov 26, 2012 7:21 am    Post subject: Reply with quote

Hi! Quick question, I'm not sure if it's been covered:

How long does it take to fill out the forms at the pension office? I ask because I'll be doing this on my last day in Korea, and wanted to know if I had time for other chores (terminating several services) or if I should devote the entire day to this.

Also, I've been here less than a year. I should still be able to get my pension, right?

Thanks in advance!
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Wildbore



Joined: 17 Jun 2009

PostPosted: Mon Nov 26, 2012 11:26 am    Post subject: Reply with quote

Peter258 wrote:

Well, the only proof I have is that the amount I was paid for Oct and November was the same amount as later months(except for a housing deposit deduction, 200,000 won deducted in the first 3 months).

Suppose I demand to see pay slips for Oct and november, but they try to cover it up by deleting the pension contribution and renaming it something else like tax, etc..doesn't that look fishy that the total amount of deductions is identical to later months even though supposedly, there was no pension deduction? If there was no pension deduction, My first 2 months of work should be 94,500 won higher than later months..wouldn't that raise eyebrows at the NPS?

my hagwon only gives out those word document pay slips anyway. They are a big chain though.


This is actually a matter for the Labor Board. Unauthorized deductions. Pension office only cares about the period after you are registered.

You are registered for pension after you receive your ARC, and you pay the first contribution starting the month AFTER you were registered. So you were registered in Nov if your first contribution was in December. It also means they stole 2 months of health insurance contributions too, so they owe you that as well.

A Hagwon tried pulling this stunt with me too, among other things (unpaid wages, under-reporting income, BS deductions, etc.), and returned the money after I told the Labor inspector.
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cricketnut



Joined: 13 Jun 2009
Location: Changwon

PostPosted: Mon Nov 26, 2012 9:57 pm    Post subject: any way to get my money...or it it stuck forever. Reply with quote

went into the pension office today,

woman was very helpful...showed her passport/ticket to leave/

my F6 card, whatever all she wanted.etc etc..

she said i had 2.8mill there ready to be given to me...i finished the
last pension payment a couple of months back.

she then went for a short walk, came back 30 seconds later
and said worry we can't give you any money because you
are from NZ.

so..is the money stuck there forever?

are there any NZers out there that managed to get their money?
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Wildbore



Joined: 17 Jun 2009

PostPosted: Tue Nov 27, 2012 2:40 am    Post subject: Re: any way to get my money...or it it stuck forever. Reply with quote

cricketnut wrote:
went into the pension office today,

woman was very helpful...showed her passport/ticket to leave/

my F6 card, whatever all she wanted.etc etc..

she said i had 2.8mill there ready to be given to me...i finished the
last pension payment a couple of months back.

she then went for a short walk, came back 30 seconds later
and said worry we can't give you any money because you
are from NZ.

so..is the money stuck there forever?

are there any NZers out there that managed to get their money?


You should have knew this before. The Korean pension law only allows for a lump-sum refund from a country that reciprocates. New Zealand must not allow Koreans to get a lump-sum refund, therefore they won't allow you to get that money back.

If an agreement is signed in the future, you may be able to get the lump-sum refund retroactively.
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