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Korean Job Discussion Forums
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tob55
Joined: 29 Apr 2007
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 Posted: Wed Jun 26, 2013 4:46 pm Post subject: |
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| b-class rambler wrote: |
Related to the above on pensions, but a question for anyone who knows for sure, not necessarily just ttompatz......
To qualify for entitlement to the Korean National Pension when you reach retirement age you have to pay into it for a minimum of 10 years, or so I understand. But if, say, you leave Korea a few years short of the 10 years, is it possible to make up the difference in voluntary payments so that your 7,8,9 or whatever years' payments don't go to waste?
My research on the NPS website suggests that some people can do this, but it seems like it was mostly people like housewives who'd quit work to raise their family and that there were only certain groups of people who could make voluntary payments. |
Here is the big difference
1. It is possible to make extra payments beyond the regular retirement, i.e. you work for 7-9 years and want to make sure you get a monthly sum for what you have contributed paid out to you over 10 -12 beyond retirement (situation I was in up until receiving my Korean citizenship).
2. Find an employer who is willing to allow you to work beyond your retirement age.
3. Be sure to have the documents in place with the employer so that the money actually goes to NPS.
4. Authorize the payments to be taken out, then everything should work out fine.
Based on my current amount of pension I would receive a payment for x-KRW for 12 years in monthly installments. By the time I actually reach regular retirement age here I will have worked more than ten years, so it is a go for me to move into the regular bracket for receiving my monthly pension payment for life versus having only 10 - 12 years of payments beyond retirement. This is one thing I considered before applying for citizenship, and it turns out that I will qualify for the rest of life payments that most employed, career Korean workers enjoy as part of their retirement. I don't want to just work to my retirement, but would like to keep going for a few years longer to make sure I have things set up properly for my family. Good luck on your plans. |
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le-paul
Joined: 07 Apr 2009
Location: dans la chambre
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| Posted: Wed Jun 26, 2013 5:14 pm Post subject: |
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thanks skippy for posting all of that info. Its going to be very useful!
and thanks again tompatz for answering my query. |
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b-class rambler
Joined: 25 Mar 2009
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| Posted: Wed Jun 26, 2013 5:15 pm Post subject: |
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Tob55, thanks very much for trying to be helpful, but I think you may have misunderstood what I was wanting to know.
| tob55 wrote: |
It is possible to make extra payments beyond the regular retirement, i.e. you work for 7-9 years and want to make sure you get a monthly sum for what you have contributed paid out to you over 10 -12 beyond retirement (situation I was in up until receiving my Korean citizenship).
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You seem to have been under the impression that I was asking about someone presently close to the retirement age, who would reach it without having the necessary 10 years of pension contributions.
Apologies if any lack of clarity on my part gave that impression, but that is not the case at all. The situation I'm asking about is when someone doesn't reach the required 10 years not because they've reached or are about to reach retirement age, but because they have left (or will leave) Korea before reaching the 10 year threshold.
This is not someone who needs a Korean employer to keep them on after retirement age. It's one of those people who can't get a cash refund of pension money on leaving Korea and has to wait until in their mid 60s to get pension payments, but who would leave Korea a few years short of the 10 year line. If you have qualified for it then you can still get your pension if you're outside Korea. But for someone who left short of the 10 year line, I'm wondering......
(a)if it's possible to make voluntary payments to reach the qualifying line; I know some people can, but I'm under the impression there are restrictions as to who can - possibly you might need to have another family/household member still paying into the NPS through employment, or so I've heard - hence many housewives being able to do this.
(b)how much you'd have to pay - as this would enable a rough estimate of whether or not it'd be worth it. |
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tob55
Joined: 29 Apr 2007
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| Posted: Wed Jun 26, 2013 7:04 pm Post subject: |
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| b-class rambler wrote: |
Tob55, thanks very much for trying to be helpful, but I think you may have misunderstood what I was wanting to know.
| tob55 wrote: |
It is possible to make extra payments beyond the regular retirement, i.e. you work for 7-9 years and want to make sure you get a monthly sum for what you have contributed paid out to you over 10 -12 beyond retirement (situation I was in up until receiving my Korean citizenship).
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You seem to have been under the impression that I was asking about someone presently close to the retirement age, who would reach it without having the necessary 10 years of pension contributions.
Apologies if any lack of clarity on my part gave that impression, but that is not the case at all. The situation I'm asking about is when someone doesn't reach the required 10 years not because they've reached or are about to reach retirement age, but because they have left (or will leave) Korea before reaching the 10 year threshold.
This is not someone who needs a Korean employer to keep them on after retirement age. It's one of those people who can't get a cash refund of pension money on leaving Korea and has to wait until in their mid 60s to get pension payments, but who would leave Korea a few years short of the 10 year line. If you have qualified for it then you can still get your pension if you're outside Korea. But for someone who left short of the 10 year line, I'm wondering......
(a)if it's possible to make voluntary payments to reach the qualifying line; I know some people can, but I'm under the impression there are restrictions as to who can - possibly you might need to have another family/household member still paying into the NPS through employment, or so I've heard - hence many housewives being able to do this.
(b)how much you'd have to pay - as this would enable a rough estimate of whether or not it'd be worth it. |
I never hedged the question with NPS, but it would seem logical that if someone wanted to make extra payments it would be possible, then collect those extra benefits once they retired in whatever country they resided. Not sure, but I am going to NPS either today or early next week to ask some questions for myself, and I will ask the representative when I go there. |
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