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Only possible to collect pension if leaving Korea for good?
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Internacular



Joined: 15 Sep 2011

PostPosted: Wed Nov 28, 2012 12:00 am    Post subject: Only possible to collect pension if leaving Korea for good? Reply with quote

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

PostPosted: Wed Nov 28, 2012 12:11 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 12:46 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 1:27 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 2:09 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 3:17 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 3:24 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 3:30 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 3:37 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 4:05 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 4:52 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 6:08 am    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 5:45 pm    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 11:38 pm    Post subject: Reply with quote

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

PostPosted: Wed Nov 28, 2012 11:52 pm    Post subject: Reply with quote

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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