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Pension: You've got questions, I'll have answers
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_kojak



Joined: 05 Feb 2006
Location: Seoul

PostPosted: Wed Sep 19, 2012 10:14 pm    Post subject: Pension: You've got questions, I'll have answers Reply with quote

Hi all,

In 2 weeks, I'm going to be running an English training course for the employees of the National Pension Service. Basically, they want their employees to be able to better answer English speaker's questions in regards to how things work.

So, if you've got any questions about it, type 'em out here. I'll try to get to the bottom of as many of them as I can and report back.
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schwa



Joined: 18 Jan 2003
Location: sokcho

PostPosted: Wed Sep 19, 2012 10:52 pm    Post subject: Reply with quote

I'm due to start collecting my Korean pension next year & I've got a couple questions.

1) Will I receive it if I'm still working fulltime?
2) Would residing in a country other than Korea affect it?

Thanks.
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Wed Sep 19, 2012 11:32 pm    Post subject: Reply with quote

schwa wrote:
I'm due to start collecting my Korean pension next year & I've got a couple questions.

1) Will I receive it if I'm still working fulltime?
2) Would residing in a country other than Korea affect it?

Thanks.


Awesome, I will have a whole bunch (if I can get one my duff). Was researching and working on a end all be all doc about pension.

1) What is the actual rule now concerning the six (or ten) employees and under exemption for businesses aka hagwons? Does it really exist.

2) Can any F-series people actually get a pension refund or do they need to actually cancel their visa?

3) Does pension actually check with immigration? Who calls who?

4) Are there any actual plans for a English side (cross fingers) web check of balance/contributions.

5) Any other exemptions for people? Besides the usual South African, too old, not working, etc

6) What other scams are there they have seen concerning pension?
    Ignore - until employee stops asking
    Under report wage
    pension is not worth it, lets skip it
    Sorry you can not get (lie)
    Legal BS (sorry since we are small company we do not...)
    Yep we enrolled you and we will handle the money (lie)


More later....


Last edited by Skippy on Wed Sep 19, 2012 11:34 pm; edited 2 times in total
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Wed Sep 19, 2012 11:32 pm    Post subject: Reply with quote

Thanks.

I'm American and I heard from someone that after certain number of years working in Korea and contributing to pension, I won't be able to get lump sum payment when I leave Korea. Instead, my pension contribution (mine + employer's) will become permanently vested into NPS until I reach retirement age.

My question is what is that magic number of years?
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Wed Sep 19, 2012 11:40 pm    Post subject: Reply with quote

newb wrote:
Thanks.

I'm American and I heard from someone that after certain number of years working in Korea and contributing to pension, I won't be able to get lump sum payment when I leave Korea. Instead, my pension contribution (mine + employer's) will become permanently vested into NPS until I reach retirement age.

My question is what is that magic number of years?


Depends on country of origin, I think The info is on the NPS web page.

http://www.nps.or.kr/jsppage/english/main.jsp

In general, it is 10 years.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Wed Sep 19, 2012 11:47 pm    Post subject: Reply with quote

Skippy wrote:
newb wrote:
Thanks.

I'm American and I heard from someone that after certain number of years working in Korea and contributing to pension, I won't be able to get lump sum payment when I leave Korea. Instead, my pension contribution (mine + employer's) will become permanently vested into NPS until I reach retirement age.

My question is what is that magic number of years?


Depends on country of origin, I think The info is on the NPS web page.

http://www.nps.or.kr/jsppage/english/main.jsp

In general, it is 10 years.


Thanks, but I need to know the specifics for Americans. I really need to know from the horse's mouth because I heard 5 or 10 years.
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banjois



Joined: 14 Nov 2009

PostPosted: Thu Sep 20, 2012 2:11 am    Post subject: Reply with quote

I'm curious about the airport refund. If I'm going anywhere other than my home country, am I out of luck receiving it there?
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Thu Sep 20, 2012 4:27 am    Post subject: Reply with quote

Quote:

Thanks, but I need to know the specifics for Americans. I really need to know from the horse's mouth because I heard 5 or 10 years.


Did you look at the site?

http://www.nps.or.kr/jsppage/english/agreement/agreement_02_03_03.jsp

Quote:
[Following persons are entitled to the payment of benefits]
(1) A the U.S. insurer with less than 10 years of tatalized[sic] insured periods under the the U.S. and Korean pension systems who reached 60 years of age, provided that he/she is not eligible for the old-age pension.
(2) A the U.S. insurer who loses his/her insured status under the Korean National Pension and returns or plans to return to The U.S., provided that he/she is not eligible for the old-age pension.


So fine tuning the question. Is the ten years consecutive or total? Is ten years mean 10 contracts/years of contributions OR is it 10 years from start of first enrollment in NPS.

Next question,

Quote:
I'm curious about the airport refund. If I'm going anywhere other than my home country, am I out of luck receiving it there?


In general, it does not matter as long as you leave the country for the proper amount of time? Through I have also heard all you have to do is cancel your visa and leave the country. The problem is I think people run into the "each official has a different opinion" dilemma. This question can be lumped in with the two ticket question. So some clarification might be needed

Can a person apply for pension, if they have a two way ticket? The visa is still being canceled/finished. Plus a month or more is in between before return.


How does pension work in the in between times?

For example a person is on an E-2 visa, finishes contract and then transfers to a D-10 (looking for work visa). Since visa is not being canceled and employer/employee will not be contributing anymore. What happens? Does pension automatically mark account and when job is found resume collection of contributions? Or should the NET notify the pension office of the change?

Another example. A E-2 visa worker transfers/changes to being a student visa. Are they expected to continue contributing to NPS? I am certain it is a NO as person is not working and are exempt. What if said waygook decides to work part time? How does part time work figure in?

What if a NET dies in Korea, are parents (non-Korean) spouse, or children eligible to receive the contributed monies/lump sum.

I think, I saw the answer on the site. It looks like a yes, but some caveats are included depending on country. Seems a little confusing.

NET has a second job. Has proper permission. Should pension be paid? How is pension contributions to be handled? Should employee submit or should second employer hold and submit?

More clarification questions.

Does bank account origin matter in lump sum? Person is from US, but has Australian account.

What if lump sum receiver has no (non-Korean) bank account? The future ex visa golder does have a Korean account and can use said account to transfer the fee home later (after setting up account).

NET is registered with Immigration as an Irish immigrant. Plus has lived most of life in Ireland. Net also holds an Australian passport are they eligible for a refund? (I think ,yes)


A big complicated question, next.

What should a foreigner do in this scenario? They have been told they are registered with NPS. Employer has collected contributions for pay. Later teacher applies for lump sum refund or transfers job which enrolls teacher properly in NPS. What procedures does they need to do to make sure they get any monies due them? Who and where should they report this infraction with the NPS?

More later.
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Canadian Club



Joined: 12 Aug 2006

PostPosted: Thu Sep 20, 2012 5:22 am    Post subject: Reply with quote

Do E-7 visa holders also get pension?
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Thu Sep 20, 2012 5:57 am    Post subject: Reply with quote

Canadian Club wrote:
Do E-7 visa holders also get pension?


I think yes. If you are working at a job and under a contract. I would suspect so. Through some other stipulations might apply, like exemptions if working and registered in another country. Or you are registered with another pension plan.

From One Click Korea Law Site (google cache)
Quote:
' In other words, if you are a foreign national who operates a workplace or works as an employee, you become a workplace-insured person. If you are not a workplace-insured person but have separate income, you become a locally-insured person. If you are neither a workplace-insured person nor a locally-insured person, but want to subscribe to the National Pension, you become a voluntarily-insured person.


This site also gives some good info too.

http://www.koreanlaborlaw.com/korean-social-insurance-system-for-expatriate-employees/

Yet these words seem relevant. An E-7 visa is a work visa and you will be a worker.

Quote:
National pension is mandatory to foreign workers who are aged 18 to 59 and working in a company located in Korea with 1 employee or more.

The exception is when national pension of the foreign country does not apply to Korean workers working there. In this case, Korean National Pension is not mandatory for the concerned foreign worker (rule of reciprocity).
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postfundie



Joined: 28 May 2004

PostPosted: Thu Sep 20, 2012 6:47 am    Post subject: Reply with quote

this thread is a great idea...helps your students talk and hopefully it helps people here get answers...there should be more threads like this.
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Smudger



Joined: 26 Sep 2010

PostPosted: Thu Sep 20, 2012 6:57 am    Post subject: Reply with quote

Q: Is the contribution percentage derived from your gross or net pay? (E2)


Q: Is there anything in the KPP that would allow a proposed contract to read .. "the first and last months of the employee's contract period are not counted"
sub question: How dodgy is that?
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kimchikowboy



Joined: 24 Jan 2003

PostPosted: Thu Sep 20, 2012 10:39 am    Post subject: Reply with quote

I've been in Korea for 11 years. Can you explain in a simple way whether my pension contributions would allow me to collect social security from the U.S.? If something happens to me, would my family be able to collect social security benefits?
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_kojak



Joined: 05 Feb 2006
Location: Seoul

PostPosted: Thu Sep 20, 2012 4:38 pm    Post subject: Reply with quote

postfundie wrote:
this thread is a great idea...helps your students talk and hopefully it helps people here get answers...there should be more threads like this.


Thanks. That's the idea. It'll provide genuine questions for the students, and it will hopefully help some of us out.

Great questions, keep them coming!
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Unposter



Joined: 04 Jun 2006

PostPosted: Thu Sep 20, 2012 6:02 pm    Post subject: Reply with quote

I guess I have a question but it could be more of a statement, I am not really sure. There is a difference between the National Pension and the Private School Pension. I believe the OP is talking about the National Pension but some people are on the Private School Pension and they are different.

I guess my question is is my statement wrong?
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