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Internacular
Joined: 15 Sep 2011
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Posted: Wed Nov 28, 2012 12:00 am Post subject: Only possible to collect pension if leaving Korea for good? |
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I'm finishing up my first year here, and will be moving on to another Hagwon, probably just by acquiring a D10 Visa. Does anybody know if I can collect the pension money I've accrued over the past year at my school under these circumstances, or do I actually have to leave the country for good? I have a roundtrip ticket out of here to visit home, but obviously I will be coming back.
Sorry if this has been already answered somewhere, tried looking but couldn't find any clearcut answers. |
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Ranman
Joined: 18 Aug 2012
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Posted: Wed Nov 28, 2012 12:11 am Post subject: |
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From what I understand, it accumulates based on how many years you've been there working, and when you finally leave, you get the accumulated sum from over the years. |
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Internacular
Joined: 15 Sep 2011
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Posted: Wed Nov 28, 2012 12:46 am Post subject: |
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Ranman wrote: |
From what I understand, it accumulates based on how many years you've been there working, and when you finally leave, you get the accumulated sum from over the years. |
That was my understanding too, but I've been getting some mixed messages from coworkers, some of whom said that I can pick up my pension when I transfer from one place of employment to another. Just trying to clear up confusion. |
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Skippy
Joined: 18 Jan 2003 Location: Daejeon
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Posted: Wed Nov 28, 2012 1:27 am Post subject: |
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If you transfer like with a D-10, you can not collect your pension. As long as you have a valid visa you will not get the refund. In general, some people have been able to get refunds if they where on a F-series visa. It is different for E-2/D-10 transfers.
Please get a clue and check out the National Pension Website and check check out the procedure for getting a refund. One of the requirements is a ticket of proof of leaving the country. |
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thebektionary
Joined: 11 May 2011
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Posted: Wed Nov 28, 2012 2:09 am Post subject: |
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When I left last time, I just needed to show them proof of return airfare to USA. I suppose if you just had a one-way flight they would give it to you no matter if you were coming back or not (they wouldn't know) but since you have a round trip flight then they probably won't.
Better to just keep it in the "bank" per se and let it accumulate so you don't spend it. |
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Wildbore
Joined: 17 Jun 2009
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Posted: Wed Nov 28, 2012 3:17 am Post subject: |
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The ticket is pretty much irrelevant, anyone can get a ferry ticket for $100 bucks to japan to apply for the refund, and in reality use a round-trip airline ticket to their own country if they plan on coming back.
They have access to passport control records and access to your residency information. I know this because when I went to the Health Insurance Office they printed out all that info in 2 minutes. The Pension Office can access this info too. That's how they determine if you left Korea and cancelled your status of sojourn.
What matters is if you are ACTUALLY out of Korea when they go to process your claim. |
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newb
Joined: 27 Aug 2012 Location: Korea
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Posted: Wed Nov 28, 2012 3:24 am Post subject: |
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Wildbore wrote: |
The ticket is pretty much irrelevant.....
What matters is if you are ACTUALLY out of Korea when they go to process your claim. |
Do you know that you can get your pension refund at the Incheon airport on the date you are suppose to leave Korea? |
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banjois
Joined: 14 Nov 2009
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Posted: Wed Nov 28, 2012 3:30 am Post subject: |
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The million-dollar question for this airport pay-out. Do you need a ticket HOME? Or just a ticket OUT? |
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newb
Joined: 27 Aug 2012 Location: Korea
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Posted: Wed Nov 28, 2012 3:37 am Post subject: |
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banjois wrote: |
The million-dollar question for this airport pay-out. Do you need a ticket HOME? Or just a ticket OUT? |
Check out the NPS website for airport refund procedure. |
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ttompatz
Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Wed Nov 28, 2012 4:05 am Post subject: |
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banjois wrote: |
The million-dollar question for this airport pay-out. Do you need a ticket HOME? Or just a ticket OUT? |
Provided your sojourn is ending/ended then just a ticket out is fine.
. |
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CentralCali
Joined: 17 May 2007
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Posted: Wed Nov 28, 2012 4:52 am Post subject: |
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newb wrote: |
Wildbore wrote: |
The ticket is pretty much irrelevant.....
What matters is if you are ACTUALLY out of Korea when they go to process your claim. |
Do you know that you can get your pension refund at the Incheon airport on the date you are suppose to leave Korea? |
I know that you cannot. At least, the Pension Office is not supposed to disburse the funds to you. The Pension Office is required to check with Immigration after a certain time (the nice people at the local Pension Office help desk will let you know what date that is) to ensure you have not returned to Korea. If you have not returned by that time, then the money will be transferred to the account, either in Korea or overseas, which you had designated on your application for disbursement. |
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Wildbore
Joined: 17 Jun 2009
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Posted: Wed Nov 28, 2012 6:08 am Post subject: |
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CentralCali wrote: |
newb wrote: |
Wildbore wrote: |
The ticket is pretty much irrelevant.....
What matters is if you are ACTUALLY out of Korea when they go to process your claim. |
Do you know that you can get your pension refund at the Incheon airport on the date you are suppose to leave Korea? |
I know that you cannot. At least, the Pension Office is not supposed to disburse the funds to you. The Pension Office is required to check with Immigration after a certain time (the nice people at the local Pension Office help desk will let you know what date that is) to ensure you have not returned to Korea. If you have not returned by that time, then the money will be transferred to the account, either in Korea or overseas, which you had designated on your application for disbursement. |
I believe this is the only exemption, but it is possible to get an airport payout.
With the "airport" method, it seems possible one could leave a contribution behind because the pension contributions are due from the employer on the 10th of the month. If you leave Korea before the 10th, in theory you would be leaving the last contribution behind. |
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shostahoosier
Joined: 14 Apr 2009
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Posted: Wed Nov 28, 2012 5:45 pm Post subject: |
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Wildbore wrote: |
I believe this is the only exemption, but it is possible to get an airport payout.
With the "airport" method, it seems possible one could leave a contribution behind because the pension contributions are due from the employer on the 10th of the month. If you leave Korea before the 10th, in theory you would be leaving the last contribution behind. |
Is this why GEPIK requires you to leave Korea within 10 days of your contract ending? |
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MoneyMike
Joined: 03 Dec 2008
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Posted: Wed Nov 28, 2012 11:38 pm Post subject: |
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Can I ask another, related question?
I was told when I started with epik that we shouldn't collect our pension if we ever planned on coming back to Korea to work again. They never really said why, or what would happen.
In another couple years I'm planning on going to live somewhere else for a year or so, then possibly coming back to work in Korea again. Is there any disadvantage to me collecting my pension money, then coming back a year later? (like will it affect my ability to enroll in the pension program?)
Thanks. I've asked a couple people from my local office, but noone seems to really know what's up with that. |
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Skippy
Joined: 18 Jan 2003 Location: Daejeon
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Posted: Wed Nov 28, 2012 11:52 pm Post subject: |
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MoneyMike wrote: |
Can I ask another, related question?
I was told when I started with epik that we shouldn't collect our pension if we ever planned on coming back to Korea to work again. They never really said why, or what would happen.
In another couple years I'm planning on going to live somewhere else for a year or so, then possibly coming back to work in Korea again. Is there any disadvantage to me collecting my pension money, then coming back a year later? (like will it affect my ability to enroll in the pension program?)
Thanks. I've asked a couple people from my local office, but noone seems to really know what's up with that. |
I see no problems. Besides you are going to be gone for a good period of time. Enough time that you will get money and immigration and pension who really do not care will care even less. EPIK and other programs have other criteria in which to judge a teacher suitability. |
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