Site Search:
 
TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International
Korean Job Discussion Forums Forum Index Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

K pension refund procedure
Goto page Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next
 
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> Job-related Discussion Forum
View previous topic :: View next topic  
Author Message
star_girl88



Joined: 13 Mar 2010

PostPosted: Sun Aug 21, 2011 7:28 pm    Post subject: Reply with quote

this thread has been really useful, but I had a quick question.
I went to the NPS office to apply for the lump sum payment as I am leaving in a month but she calculated it for 13 months not 12. Is the severance/bonus deducted for the pension or do we get the gross amount of our pay?
Back to top
View user's profile Send private message
TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Mon Aug 22, 2011 4:12 am    Post subject: Reply with quote

it's deducted. The taxman always wants his share.
Back to top
View user's profile Send private message
ATM SPIDERTAO



Joined: 05 Jul 2009
Location: seoul, south korea

PostPosted: Mon Oct 03, 2011 4:22 pm    Post subject: Reply with quote

hey what if i'm planning on starting work in a non teaching job? can i just buy a plane ticket and then make sure it's refundable... get my plane ticket money from my school and apply for my pension and then cancel the plane ticket?

will my school somehow know and not give me the money for my plane ticket? also, will my pension be refunded? i won't be getting free housing so i'll most likely need to pay a 5mil or 10mil key money BS so i need as much money as i can to start the job!

any help would be appreciated =)
Back to top
View user's profile Send private message MSN Messenger
HELICIS



Joined: 15 Sep 2011
Location: USA

PostPosted: Tue Nov 08, 2011 5:19 pm    Post subject: Reply with quote

I've been here nearly 10 years, I'm not sure if all my employers paid into the fund. But I should have somewhere between 15-20 Million won coming. If a lump sum is paid, how bad will the ding be when Uncle Sam gets his cut?
Back to top
View user's profile Send private message
ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Nov 08, 2011 5:31 pm    Post subject: Reply with quote

HELICIS wrote:
I've been here nearly 10 years, I'm not sure if all my employers paid into the fund. But I should have somewhere between 15-20 Million won coming. If a lump sum is paid, how bad will the ding be when Uncle Sam gets his cut?


Should be "0" and qualify for the exemption/deduction under "foreign earned income" (80-some-odd thousand dollars per year).

Do be aware however that if you actually hit the 10 year mark you are "vested" into the fund and don't get a cash refund - you get a pension when you retire at age 60.

.
Back to top
View user's profile Send private message Send e-mail
HELICIS



Joined: 15 Sep 2011
Location: USA

PostPosted: Tue Nov 08, 2011 8:24 pm    Post subject: Reply with quote

ttompatz wrote:
HELICIS wrote:
I've been here nearly 10 years, I'm not sure if all my employers paid into the fund. But I should have somewhere between 15-20 Million won coming. If a lump sum is paid, how bad will the ding be when Uncle Sam gets his cut?


Should be "0" and qualify for the exemption/deduction under "foreign earned income" (80-some-odd thousand dollars per year).

Do be aware however that if you actually hit the 10 year mark you are "vested" into the fund and don't get a cash refund - you get a pension when you retire at age 60.

.


Actually, I have hit the 10 year mark, but several of my employers prior to 2003 did not pay into it. Does that count?
Back to top
View user's profile Send private message
ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Nov 08, 2011 8:51 pm    Post subject: Reply with quote

HELICIS wrote:
ttompatz wrote:
HELICIS wrote:
I've been here nearly 10 years, I'm not sure if all my employers paid into the fund. But I should have somewhere between 15-20 Million won coming. If a lump sum is paid, how bad will the ding be when Uncle Sam gets his cut?


Should be "0" and qualify for the exemption/deduction under "foreign earned income" (80-some-odd thousand dollars per year).

Do be aware however that if you actually hit the 10 year mark you are "vested" into the fund and don't get a cash refund - you get a pension when you retire at age 60.

.


Actually, I have hit the 10 year mark, but several of my employers prior to 2003 did not pay into it. Does that count?


10 years paid into the fund and you are vested. I would check (unless of course being vested into the fund works for you).

.
Back to top
View user's profile Send private message Send e-mail
thatguyDIZZLE



Joined: 17 May 2009
Location: Seoul

PostPosted: Sun Dec 04, 2011 6:42 pm    Post subject: receiving the the lump sum in korea Reply with quote

Is there any way you can receive your lump sum pension in Korea without having to leave the country?

Thanks
Back to top
View user's profile Send private message
Cacique



Joined: 01 Sep 2004
Location: Seoul

PostPosted: Sun Dec 11, 2011 2:46 am    Post subject: Reply with quote

If you become vested do you need to retire in Korea to collect the pension?
Back to top
View user's profile Send private message
dbtm



Joined: 24 Sep 2010
Location: ottawa

PostPosted: Mon Dec 19, 2011 5:25 pm    Post subject: Reply with quote

Okay having read the pension page I still have a question about the airport refund. Here is my situation:


    *Been here one year.
    *Contract ends February 25th.
    *Taking my vacation before the end of the contract and leaving the country early. Sometime between February 7-18th.
    *I will have a plane ticket to Japan, not my home country.


Can I get the immediate refund at the airport or am I disqualified because I will still be "under contract" at my time of departure and also because I am not immediately returning to my home country?
Back to top
View user's profile Send private message
Wildbore



Joined: 17 Jun 2009

PostPosted: Tue Dec 20, 2011 1:21 am    Post subject: Reply with quote

dbtm wrote:
Okay having read the pension page I still have a question about the airport refund. Here is my situation:


    *Been here one year.
    *Contract ends February 25th.
    *Taking my vacation before the end of the contract and leaving the country early. Sometime between February 7-18th.
    *I will have a plane ticket to Japan, not my home country.


Can I get the immediate refund at the airport or am I disqualified because I will still be "under contract" at my time of departure and also because I am not immediately returning to my home country?


The pension office will refund any contributions the the employer has sent to them. Since you are under contract, the employer probably has not finished sending the final pension payments to the pension office.

You would have to wait until the contract is finished and the employer finalizes the last contributions on your and his behalf.
Back to top
View user's profile Send private message
nick70100



Joined: 09 Sep 2005

PostPosted: Tue Dec 20, 2011 1:52 am    Post subject: Reply with quote

Cacique wrote:
If you become vested do you need to retire in Korea to collect the pension?


No. You can collect the pension anywhere in the world after you reach retirement age.

Just supply your foreign bank account information on the form when you claim benefits. There's a space for it. Plenty of Koreans emigrate or retire abroad so it's not an unusal thing for the pension office to deal with.
Back to top
View user's profile Send private message
greasylake



Joined: 28 Jul 2010

PostPosted: Tue Dec 20, 2011 4:17 am    Post subject: Reply with quote

I know about the ten year mark for the pension. However, I know how red-tape stuff works. I plan on leaving at about the 9 year and 2 month mark. My question is, if anyone knows, would the National Pension Office look at that as 9 years and 2 months, or IN my tenth year?
Back to top
View user's profile Send private message
ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Dec 20, 2011 5:59 am    Post subject: Reply with quote

greasylake wrote:
I know about the ten year mark for the pension. However, I know how red-tape stuff works. I plan on leaving at about the 9 year and 2 month mark. My question is, if anyone knows, would the National Pension Office look at that as 9 years and 2 months, or IN my tenth year?


It is NOT 120 months paid up so you get the refund.

.
Back to top
View user's profile Send private message Send e-mail
Peter258



Joined: 18 Dec 2009

PostPosted: Mon Dec 26, 2011 4:05 am    Post subject: Reply with quote

If your pension plan starts when you get your ARC, does that mean your employer cannot start making contributions until after you have received your ARC?

I started working on September 26th, 2010. I received my ARC card on November 16th, 2010. The first reported contribution at the NPS is for the month of December 2010. This is the only reported contribution for the year 2010. However, my paycheck had the pension money deducted for the months of October and November.

So after working one full year, there were only 10 months on file. Is this normal?

The NPS said that my plan began in November, but that my employer chose not to contribute for that month(however, money was deducted for the pension plan for both October, my first working month, and November).
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> Job-related Discussion Forum All times are GMT - 8 Hours
Goto page Previous  1, 2, 3, 4, 5, 6, 7, 8, 9, 10  Next
Page 9 of 10

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2013 Dave Sperling. All Rights Reserved.

Powered by phpBB © 2001, 2002 phpBB Group

TEFL International Supports Dave's ESL Cafe
TEFL Courses, TESOL Course, English Teaching Jobs - TEFL International