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K pension refund procedure
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MeanyMichi



Joined: 03 Jun 2005
Location: SNOW!!!

PostPosted: Wed Jul 12, 2006 10:09 pm    Post subject: Reply with quote

I did it about 2 months before my last paycheque.
Also just had an e-ticket. No problem there.

They gave me a little bit of a hard time about leaving before my contract was up; didn't understand that I didn't have to work during the vacation and might as well go home earlier.
But they called the director at the university directly, and everything got figured out.
You won't get the refund any earlier though.

Hope that helped.
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freebeerandchicken



Joined: 02 May 2005
Location: Seoul

PostPosted: Thu Jul 13, 2006 6:06 am    Post subject: Reply with quote

Thanks.. You gave me all the answers I was hoping to hear!
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linguo



Joined: 22 Apr 2006
Location: Seoul, Korea

PostPosted: Thu Aug 10, 2006 5:32 pm    Post subject: another question on pension refund Reply with quote

What if I receive a one-way plane ticket, go to the office to file for my pension, but don't actually use the ticket? Either let the ticket go or postpone its date for several months. Will they discover that I didn't use the ticket? Will it hang up the refund?

Seems like a waste, but I'm going to receive a one-way ticket from my current job. However, it will cost so much to return during the high season that I'm not sure it's worth visiting home for less than a week before my next job in Korea starts.

However, it'd be nice to have the money now. I have a bank account at home that the money could go into. I wouldn't transfer the money back into Korea, as I can just let it go toward my monthly student loan payments.

Waddyathink?
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fiveeagles



Joined: 19 May 2005
Location: Vancouver

PostPosted: Sat Aug 12, 2006 8:54 pm    Post subject: Reply with quote

Do you have to be in S.Korea for a certain amount of time, before you can collect the pension or can it be after a year? I am planning on moving back to Canada for good.

I just read through the site and it seems like I am eligible.

Quote:
In some cases, you should have minimum Korean periods of coverage (Korea-Canada: 12 months, Korea-U.S.: 18 months).
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prairieboy



Joined: 14 Sep 2003
Location: The batcave.

PostPosted: Sat Aug 12, 2006 9:19 pm    Post subject: Reply with quote

My understanding is that you can only apply and receive the lump-sum refund once. I have read threads of some people doing this more than once but have never read a thread regarding somebody receiving the refund, then applyiing again after a subsequent job has ended and being rejected.

If you are planning to remain in Korea for more than a year and you and your employer have been making contributions then why not just wait...you get interest paid on top of the amount contributed.

You can also apparently check on the internet and see what your current contribution balance is.

I'll try to find a link and post that later.

Cheers.
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jajdude



Joined: 18 Jan 2003

PostPosted: Sun Aug 13, 2006 4:36 am    Post subject: Reply with quote

pensioncash

(just putting this here so I'll remember it for a future search)
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JZer



Joined: 13 Jan 2005
Location: South Korea

PostPosted: Tue Aug 29, 2006 4:19 am    Post subject: Reply with quote

Quote:
If you are planning to remain in Korea for more than a year and you and your employer have been making contributions then why not just wait...you get interest paid on top of the amount contributed.


Is that really true? Plus I could probably could make more money investing it myself.
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spyro25



Joined: 23 Nov 2004

PostPosted: Sun Oct 29, 2006 10:47 pm    Post subject: UK citizens Reply with quote

If I am to understand everything correctly, a UK citizen can't get his pension back? i've been here for 3 years already but this is the first year they made me pay the pension, so now i'm wondering if i should get them to stop paying it!
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sharhim



Joined: 13 Feb 2004

PostPosted: Fri Dec 01, 2006 2:56 am    Post subject: pension calculation Reply with quote

Does anyone know the formula for calculating a pension refund? I got a staff member to calculate mine the other day and it's not nearly what I thought it should be.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Fri Dec 01, 2006 3:18 am    Post subject: Re: pension calculation Reply with quote

sharhim wrote:
Does anyone know the formula for calculating a pension refund? I got a staff member to calculate mine the other day and it's not nearly what I thought it should be.


It should be close to 9% of your salary to date. Your staff member may not have realized the difference between pension and severance. Pension is 9% of your salary to date and severance is the average of your last 3 months salary (about 8.33% of your annual salary).

You should have gotten a statement from the pension office last Sept/Oct that shows your current balance.
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Mr. BlackCat



Joined: 30 Nov 2005
Location: Insert witty remark HERE

PostPosted: Fri Dec 01, 2006 11:46 am    Post subject: Reply with quote

So has anyone personally gotten their pension after one year, came back and gotten it again after another year? I got mine after my first year and had to sign something saying I wouldn't be returning to Korea (asked the lady and she said it didn't matter, others told me the same). Now I'm returning for a second year, but I should be able to get the pension again, right? RIGHT!?
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sharhim



Joined: 13 Feb 2004

PostPosted: Sun Dec 03, 2006 4:54 am    Post subject: Reply with quote

Thanks very much for answering!!! Smile
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Asthenia



Joined: 15 Jun 2006

PostPosted: Wed Mar 14, 2007 10:46 pm    Post subject: Reply with quote

prairieboy wrote:

You can also apparently check on the internet and see what your current contribution balance is.

I'll try to find a link and post that later.




Does such a link exist?
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kat2



Joined: 25 Oct 2005
Location: Busan, South Korea

PostPosted: Sun Mar 25, 2007 9:57 pm    Post subject: Reply with quote

Is there a minimum time you must stay at a job to get a refund? I have a friend who won't quite make it to the 6th month mark before she has to leave her current job (she plans to give proper notice and all). Will she still be eligible?
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420bro



Joined: 15 Dec 2006

PostPosted: Mon Mar 26, 2007 12:39 am    Post subject: how many pensions can you get? Reply with quote

Mr. BlackCat wrote:
So has anyone personally gotten their pension after one year, came back and gotten it again after another year? I got mine after my first year and had to sign something saying I wouldn't be returning to Korea (asked the lady and she said it didn't matter, others told me the same). Now I'm returning for a second year, but I should be able to get the pension again, right? RIGHT!?


Yes, I have. I finished one year and collected my pension with a one-way ticket to Canada. I then came back to Korean 6 months later and started working again for another school. THEN...I collected it again kast month even though I am still staying in Korea.

How you ask?? You are able to collect it any time you stop paying into the NATIONAL Pension Plan. That is, if you leave the country OR start paying into a Private Pension Plan. I just started working for a private university and I no longer pay into the national plan so I was able to collect what I had paid for last year. Anyone can do it as long as you have a form (자직 증명서) stating that your place of employment pays into a private pension plan and not the National one.

The lady at the office told me that this option holds for Koreans and foreigners but as few foreigners pay into private plans most of them just collect it when they are leaving the country.

Hope this helps.
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