Korean Job Discussion Forums

hojusaram · Joined: 26 Jan 2003 Location: Kangwon do South korea

I have heard that we nowcan claim back our pension money from the Korean Government can anyone clarify this for me and how to do it if anyone knows for sure?

Anda · Joined: 16 Jan 2003 Location: South Korea

Try posting on Daves yellow board as the expert Carrawa posts there!!!!!

hojusaram · Joined: 26 Jan 2003 Location: Kangwon do South korea

That made absolutely no sense whatsoever!!
Please Explain!!

jamesH · Joined: 22 Jan 2003

The sad news for Aussies can be read at

http://efl-law.com/faqanswers.htm

and go to point 5. click Aussies..... and read the bad news........

jamesH · Joined: 22 Jan 2003

I have just read the letter read the letter from the letter from the Australian government regarding Aussie pension refunds. (see link above)
I think most Aussies who have been here two years or more like me would be pretty livid to see the answer. Seems the Korean government machine likes to help everyone but Australians in this case.

kiwifruit · Joined: 26 Jan 2003 Location: my apartment

i think it depends on if Korea has a reciprocal agreement with your country. It is not simply down to how they feel about your country.

Canada has an agreement with Korea.

My country (new zealand) does not. Therefore we can't get any back. This may change with all the Koreans moving to NZ and probably aussie too, but it may take time. There are also a lot of us living here now as well. 2000 kiwis at last count according to the NZ ambassador. I think there must be twice that many aussies if not a lot more.I doubt we will still be around though for any changes.

kf

Been Here Years · Joined: 01 Feb 2003 Location: Seoul

What makes me mad is that Koreans can receive their contributions plus their employer contributions plus interest when they reach retirement age. The problem seems to be semantics - pension versus superanuation. What we do here in Korea is the same as our super at home but Koreans don't have both and call this pension. Pensions are only paid to Australian nationals.
The Korean fund does pay out to Australians after they reach 60 years regardless of whether they are working or not and they no longer make contributions. This will continue to be paid into Australian accounts back home too.
The final correspondence dated March 3rd says that lump sums are paid after 60 years of age but this is not being done as of today. They still only pay monthly amounts.

philinkorea · Joined: 27 Jan 2003

im in my second year and was wondering this

manlyboy · Posted: Tue Aug 10, 2004 9:46 pm Post subject:

Wen660 · Joined: 06 Nov 2006

Good news for all Aussies out there. The Australian and Korean Governments FINALLY signed a social security agreement in December 2006, ensuring that Australians contributing to the Korean National Pension Plan will be able to obtain refunds of their contributions when they leave the country. HOWEVER, the agreement will not come into effect until July 1, 2008. Refunds will be retrospective, though. The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm

Michelle · Joined: 18 May 2003

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

glimmer · Joined: 01 Feb 2008

[post deleted]

garygoodbloke · Joined: 15 Jan 2007 Location: Sydney, Australia

Ok guys, I went to the Korean consulate in Sydney and asked them what the deal is.

The lady tried to fob me off and this was after I'd called that morning and she gave me the number to a phone that never answered.

She called someone and passed on the news that E-2 VISAs don't get the pension back, only E10s or E9s or something similar. Have any other Aussies got their pensions back? Is she right? Has anyone else tried? I'm posting this on all boards where the question has been raised.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea