Korean Job Discussion Forums

[HamuHamu]

First, to the Mods, I have done a search for this answer and can not find the info that I want!!

I need to know where (EXACTLY WHERE) I have to go to collect my pension money when I leave in a month. Address and directions on how to get there - in Seoul.

Also, what specifically do I need to take with me. I have heard rumours that I need to take my plane ticket to prove I am leaving. (Which sucks, becuase my hogwan wont give me my ticket until the day prior to my departure...so if that's the case I guess I will have to be creative...).

And anything else that I need to know, like how long it takes for this to be processed, if I can get paid in cash or need to keep my bank account open for it to be deposited, etc. etc.

Thanks in advance.
HH

[Lost Seoul]

These are the people you should ask, the National Pension Corporation, the link below will give you a list of offices in Seoul complete with phone numbers, addresses and directions.

http://www.npc.or.kr/eng/enpc.html?code=./enpc/b02.html

[Confused Canadian]

I just found out today that things have changed...or so it appears. Here's the story I got....

One of our teachers is leaving in the next week or so and went down to our local pension office, with a plane ticketin hand, to fill out the forms as several of the teachers that have left our school have done. All was not well. He was first told that the rules have changed and that he has to file for his pension back home (in Canada...have no idea if this applies to other countries). After a few phone calls from our school by the Korean staff, the story they got is that these were always the rules and that they were bending them, until recently. Now, apparently everybody (at least every Canadian) has to file for their pension money in Canada. If anyone else has info on this, please post here so I can figure out if this is legit, or if our local pension office is just being difficult.

Here's the web site:

http://www.hrdc-drhc.gc.ca/isp/internat/countries/kor_e.shtml

I've requested information on the procedure for reclaiming your pension money from the Canadian government. I'll post any further info I get here. Again, if anyone has been able to file for your pension here in Korea within the last week, please let me know.


Thanks,

Confused Canadian

[Tembo]

What happens if one wants to return after 2 months to a new job? Do you file for pension, get, and then work the new job and apply again after a year? -T

[Jenrose]

[Confused Canadian]

I contacted HRDC through e-mail and this is the reply I got:

-------Original Text-----

Dear Sir:

Thank you for your e-mail dated May 27, 2003 regarding Korean benefits.

We invite you to visit the following Internet site for information on the
social security agreement between Canada and Korea:
http://www.npc.or.kr/social/index_en.html

Information on lump-sum refunds can be found under the Benefits Application
section (highlighted in purple). Please click on the lump-sum refund
button. See Section 2 for required documentation.

You may submit an application for a benefit or claim under the agreement to
any designated agency in your country (in Canada - Human Resources
Development Canada).

If you submit the application to the agency in your own country, that agency
will send, without delay, all relevant documents to the National Pension
Corporation for processing. Benefits are then paid directly to you. Your
agency will continue to help if any supporting documents are needed or if
complaints arise.

Downloadable applications are available on the above Internet site. Click on
"How to Download the Forms?" (left-hand side in blue). The form you require
is second from the top, "Application for Korean Benefits under the
Korea-Canada Social Security Agreement".

We trust this is the information you require.

To obtain further information about Income Security Programs, please contact
us:

From within Canada or the U.S. toll free:
1-800-277-9914 (English)
1-800-277-9915 (French)
1-800-255-4786 (Teletypewriter/TDD)

From outside of Canada and the U.S. (Toll charges will apply):
(613) 990-2244
You may also contact your Canadian Embassy or Consulate for assistance.


Sincerely,

A. Marek
Service Delivery Agent
[email protected]


HRDC Web site:
http://www.hrdc-drhc.gc.ca/isp/common/home.shtml

To help us serve you better, please take a moment to complete a brief survey.
http://www.hrdc-drhc.gc.ca/isp/survey/email/feedback_e.shtml


------End of Original Text-----

This seems to be saying that you can still file for your pension in Korea. However, as I posted above, that is not what our local pension office told us. Has anyone filed for their pension in Korea, recently? Please post your successes or failures so we can clear this up for all.

Thanks,

Confused Canadian

[marcy]

I'm just wondering if this is worth the hassle for those who have only been here a year, do our contirbutions over a year amount to anything substantial?

[Confused Canadian]

Well, depending on your salary, you'll pay roughly between 80,000 - 120,000 won a month towards the pension. Your school contributes an equal amount (hence the reason many schools don't bother with the pension, as it costs them more money). When you claim your pension at the end of the year, you get it ALL back...what you contributed, plus what the school contributed.

So, let's do the math using the average, 100,000 won/month....

100,000 won x 2 = 200,000 (monthly payment into the pension)
200,000 x 12 = 2,400,000 (toal paid into the pension after one year)

It's your call, but that kind of money is something I wouldn't scoff at...

Confused Canadian

[BTM]

I just got a nice 3.3 million deposit in my account after finishing out two years at my last job.

It's worth it.

(More than I expected by almost a million, but I'm not gonna argue.)

[ted1234]

I just got my pension refund back here in Canada through a wire from korea it took about 7 weeks. The office I went to was in Seongnae on the green line. The office is between Seongnae and Sinchon, and within 5-10 minutes walking distance of Seongnae. I forget the name of the building. There were some Koreans who spoke fairly good English in the area who helped me find the office. "O you from Canada haha". Seems like these offices tend to make their own rules somewhat, but they told me if you are leaving you have to request a refund each time you enter and leave. I gave them my bank wire information, they took a photo copy of my alien card, and I showed them my plane ticket. Here is the business card of a pension official, you may try and contact him directly he speaks good English and very friendly.

Kim, Kiseok
International Tax Specialist
Management Division

National Tax Service
108-4 Susong-Dong, Jongro-Gu
Seoul 110-705, Korea
Tel 82-2-397-1434

[email protected]

[luvnpeas]

The last post here is over 5 years old, and the Korean links are dead. Does anybody have an update?