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K pension refund procedure
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ItalianCanuck



Joined: 05 Mar 2007
Location: Seoul, South Korea

PostPosted: Tue Jul 10, 2007 7:59 am    Post subject: Collecting Pension Reply with quote

So can I collect my pension back from my current job I am ending next week, even though I will be outside of Korean for a little more than a month?
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mspencer1983



Joined: 17 Sep 2007

PostPosted: Thu Sep 27, 2007 5:28 pm    Post subject: can someone explain something Reply with quote

ok call me completely clueless and make fun of me all you like


BUT

i did not know anything about the pension when i worked in korea....i worked at a school for 14 months...and didnt pay into a pension plan nor did i recieve a return...which is fine, but im just wondering as a canadian have i made some kind or illegal move?

im now returning to korea...and my new employer is offering me a higher salary in exchange for not offering a pension plan, which im fine with so long as its not going to screw me in the long run

can someone tell me exactly what these pensions are all about??! im so in the dark its not even funny.


thanks so much.
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The_Conservative



Joined: 15 Mar 2007

PostPosted: Thu Sep 27, 2007 5:40 pm    Post subject: Re: can someone explain something Reply with quote

mspencer1983 wrote:
ok call me completely clueless and make fun of me all you like


BUT

i did not know anything about the pension when i worked in korea....i worked at a school for 14 months...and didnt pay into a pension plan nor did i recieve a return...which is fine, but im just wondering as a canadian have i made some kind or illegal move?

im now returning to korea...and my new employer is offering me a higher salary in exchange for not offering a pension plan, which im fine with so long as its not going to screw me in the long run

can someone tell me exactly what these pensions are all about??! im so in the dark its not even funny.


thanks so much.



The basic short version: If you are from Canada or America, you must pay 4.5% of your salary into the pension fund and your employer must pay a matching amount. At the end of the year go to the pension office with plane ticket in hand. Tell them you are leaving and you can collect the entire amount. By not having a pension plan you are losing money...unless the higher salary is a 4.5% increase over the orginal salary.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Thu Sep 27, 2007 6:56 pm    Post subject: Re: can someone explain something Reply with quote

The_Conservative wrote:
mspencer1983 wrote:
ok call me completely clueless and make fun of me all you like


BUT

i did not know anything about the pension when i worked in korea....i worked at a school for 14 months...and didnt pay into a pension plan nor did i recieve a return...which is fine, but im just wondering as a canadian have i made some kind or illegal move?

im now returning to korea...and my new employer is offering me a higher salary in exchange for not offering a pension plan, which im fine with so long as its not going to screw me in the long run

can someone tell me exactly what these pensions are all about??! im so in the dark its not even funny.


thanks so much.



The basic short version: If you are from Canada or America, you must pay 4.5% of your salary into the pension fund and your employer must pay a matching amount. At the end of the year go to the pension office with plane ticket in hand. Tell them you are leaving and you can collect the entire amount. By not having a pension plan you are losing money...unless the higher salary is a 4.5% increase over the orginal salary.


AND

It is a legal requirement.

http://www.nps.or.kr/jsppage/english/main.jsp
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ehsann24



Joined: 18 Dec 2006
Location: Korea

PostPosted: Thu Sep 27, 2007 7:20 pm    Post subject: Reply with quote

Guys I have asked this question before and got no answers please help me out. I will leave Korea for good in 3 months and would like to collect my pension. The thing is I am not going back to the states....Im heading to Malaysia to live with my wife(malaysian)and my son.....I do not have an american bank account I only have a bank account in Malaysia.....how will I be able to get my pension back????will they send it to my account in Malaysia???please help me out.,...thanks
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Curious George



Joined: 06 Apr 2004
Location: Seoul, Korea

PostPosted: Fri Oct 12, 2007 10:46 pm    Post subject: Reply with quote

ehsann24 wrote:
Guys I have asked this question before and got no answers please help me out. I will leave Korea for good in 3 months and would like to collect my pension. The thing is I am not going back to the states....Im heading to Malaysia to live with my wife(malaysian)and my son.....I do not have an american bank account I only have a bank account in Malaysia.....how will I be able to get my pension back????will they send it to my account in Malaysia???please help me out.,...thanks


Hi, Yes you should be able to. Just go to the pension office with your supporting school documents about a month before you leave and give them your Malay bank account info. I did it last summer with a Thai account and it worked fine. (Any foreign account in your name will do I think).

Anyways I decided to post a legal information summary in this thread since it its connected to the other thread about the Korean National Pension Scheme.

It was researched and written a year and half ago so some minor things may have changed since then. Just check the website if you are still unsure or call the hotline.

Korean Legal Information
National Pension for Foreigners

http://www.npc.or.kr

Telephone Consultation 1355

In a nutshell, your employer contributes 4.5% and you contribute 4.5%. As an ESL teacher, your portion is almost always deducted from your paycheck. What should be deducted as pension from your salary is 4.5% less 50 Won. So, if you make 2 million, thats 89,500 Won. Your boss has to match that.

1. Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999. Accordingly, foreigners aged from 18 to less than 60 who reside in Korea must be, in principle, covered under the Scheme. But foreigners falling under any of the following items are excluded from the coverage.

Those whose country does not mandatorily cover Korean citizens under its pension scheme.
Foreigners who are not registered under the Immigration Act, or to whom the forced deportation order has been issued under the same Act, or who are staying in Korea without being permitted to extend their term of stay.
Among the registered foreigners under Immigration Act, those whose stay status falls under any of the followings; culture & art, studying abroad, industrial training, general training, religion, visiting & living together and others.
People excluded from the mandatory coverage of National Pension Scheme, by the social security agreement.

2. Foreigners and payment of Lump-sum Refund
Foreign Insured Persons under the National Pension Scheme are equally treated as the national Insured Persons. For example, there is no discrimination in terms of the benefit amount and remitting benefit abroad, etc. But there is a certain distinction in regarding Lump-sum Refund. In principle, Lump-sum Refund is not paid to foreigners leaving Korea after having been covered under the Scheme. But, in the case of foreigners falling under any of the following items, Lump-sum Refund is paid.

People whose country grants Koreans a benefit corresponding to Lump-sum Refund under the National Pension Scheme.
People whose country concludes a social security agreement with Korea to secure benefit right by totalling Insured period in each country.

Lump-sum benefits are payable to the nationals of countries with which Korea has concluded a Totalization Agreement (U.S., Canada, Germany as of April, 2005) when they permanently leave Korea for their home country or a third country.

3. Should a foreign instructor working for a language institute in Korea pay contributions to the National Pension Scheme?
A foreigner working as a foreign language instructor with an E-2 status of sojourn or employed in Korea with an E-7 status shall be covered by the National Pension Scheme and pay contributions to the National Pension Scheme. However, if the home country imposes contributions based on the income incurred in Korea, he/she can be exempted from paying the contributions by submitting a Certificate of Coverage to the social security agencies of the home country according to the agreement with the U.S. or Canada. (This is not applied to the agreement with other counties) Certificates of Coverage are issued by the Korean National Pension Service.

THE ENFORCEMENT DECREE OF THE NATIONAL PENSION ACT
(2) In the case of employee: income calculated by deducing non-taxable earned income under Item 4 of Article 12 of the Income Tax Act (excluding non-taxable payments under Item 4 of Article 12 of the Income Tax Act and under Article 16(1)1 of the Enforcement Decree of the Income Tax Act) from earned income under Article 20 of the Income Tax Act.

Article 16 (National Pension Card)
(1) The National Pension Corporation shall issue a National Pension Card to all participants. Article 102 (Application to Foreigners) (1) A foreigner who is employed at a workplace covered by this Act and a domestic foreign resident, except for a defined foreigner by Presidential Decree, shall be a mandatory Workplace based Insured Person or mandatory Individually Insured Person, irrespective of the provision of Article 6. (Amended by Law No. 5623, Dec. 31, 1998)

Article 77 (Payment by Deduction of Contributions at Source)
(1) The employer shall deduct payable contributions of workplace based participants from their monthly wages and shall pay them to the Corporation. (Amended by Law No. 4909, Jan. 5, 1995; Law No. 5623, Dec. 31, 1998)

(2) When contribution is deducted from monthly wages under Paragraph (1), the employer shall prepare the statement of deduction and present it to workplace based participants. (Amended by Law No. 4909, Jan. 5, 1995; Law No. 5623, Dec. 31, 1998)
(3) "Income" means earnings gained by offering service, running business and operating assets, etc. for a specified period. In this case, the kind of income shall be provided by Presidential Decree according to the categories of persons participating in the National Pension Scheme (hereinafter referred to as the "participant");
(4) "The Average Monthly Income" means the average amount of the Standard Monthly Income of all workplace based participants and regional participants across the country as computed every year;
(5) "Standard Monthly Income" means the amount determined by Presidential Decree for each income group on the basis of the participant's monthly income which is used to determine the amount of contributions and cash benefits.
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polarbear



Joined: 23 Dec 2006
Location: Samcheok

PostPosted: Sat Oct 13, 2007 12:43 am    Post subject: pension stuff Reply with quote

hi. i'm looking for a recommendation in regards to my pension refund. i'm finished my first contract (private hagwan) next month and am going home (Canada) for a 2 month break but am coming back for another contract with the public school board in March. should i apply twice or just wait until i'm finished my second contract and leaving the country for good? I just want to make sure the contribution isn't lost if I leave the country for a couple months? do you need to collect at then end of each different job? any help or advice would be fabulous! thanks in advance.
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dankdo



Joined: 21 Mar 2007
Location: Paju City

PostPosted: Sun Feb 10, 2008 9:14 pm    Post subject: pension website no working Reply with quote

It seems like the pension website for korea is not working...did a google search and nothing useful came up. Does anyone have any insights?
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ashke516



Joined: 01 Mar 2005
Location: on the beach

PostPosted: Mon Feb 11, 2008 4:24 am    Post subject: Reply with quote

Here ya go: http://www.nps.or.kr/
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Gribbs



Joined: 17 Jul 2007

PostPosted: Sat Feb 23, 2008 1:29 am    Post subject: Pension after working 6.5 months?? Reply with quote

Can i still collect all the oension owed to me, even though I am leaving (on good terms) half way through my contract?
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Carlyles Ghost



Joined: 04 Jul 2007

PostPosted: Thu Mar 06, 2008 3:53 pm    Post subject: Reply with quote

Read through the thread but couldn't find the info.....Is it absolutely neccessary to have the actual bank book from my Canadian account or can I just provide them with account number/transit number/institutional code etc. The Pension website says I need "a bank book or similar (registered to the person making the claim)" Will the pension folks raise a fuss over me not having a bank book?
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Mosley



Joined: 15 Jan 2003

PostPosted: Thu Mar 06, 2008 9:59 pm    Post subject: Reply with quote

Yes, they WILL.

http://forums.eslcafe.com/korea/viewtopic.php?t=115718
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rpcvjkc



Joined: 20 Jul 2006
Location: City Hall, Seoul

PostPosted: Wed Jul 16, 2008 7:51 pm    Post subject: can you receive you pension with a round trip ticket ... Reply with quote

or does it have to be a one way ticket?
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joesunsangnim



Joined: 08 Aug 2006

PostPosted: Tue Sep 30, 2008 6:24 pm    Post subject: most important pension # Reply with quote

most important pension number:
02-2176-3005

I've called three different pension offices including the 1355 number for help and no one spoke english. at this number they gave me all my info in english in about 2 minutes.
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DCJames



Joined: 27 Jul 2006

PostPosted: Wed Oct 08, 2008 10:20 pm    Post subject: Reply with quote

ehsann24 wrote:
Guys I have asked this question before and got no answers please help me out. I will leave Korea for good in 3 months and would like to collect my pension. The thing is I am not going back to the states....Im heading to Malaysia to live with my wife(malaysian)and my son.....I do not have an american bank account I only have a bank account in Malaysia.....how will I be able to get my pension back????will they send it to my account in Malaysia???please help me out.,...thanks


Great question. I'm also leaving in a few months and would like to collect my pension for a private university I work for. The problem is I don't have a bank account with an American bank.

I would like to just use my Korean bank account card in the US to collect it, but Korean bank account cards don't all work in foreign countries.
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