Korean Job Discussion Forums

vickynagy · Joined: 07 Jan 2007 Location: Seoul

I have just spoken with the Korean Pension's Office (Head) in Seoul. They gave me this very sad information:
Yes, You Must Pay and No, You Can Never Get It Back - period - Crying or Very sad

Effectively Britts, Irish, Aussies, Kiwis loose about 1 Million Won/year a sum that all US and Canadian teachers get back as a lump-sum refund on the end of their contract.

So all you North American be so good and buy your less fortunate co-workers some drinks once in a while. You make around $2000 more for the same amount of work! Razz

(ps: we can't even get a Pension credit so if we want to receive 100% pension in the future we must also pay the annual contribution back home.)

laogaiguk · Joined: 06 Dec 2005 Location: somewhere in Korea

England is currently holding talks about changing that (I came here with my Canadian citizenship though for the extra money). If you stay here a couple years, you might see it back.

Still, unfortunately, that's just life. Do you know how many Americans and Canadians hate Brits because they can work anywhere in Europe while the As and Cs have to marry someone to Smile

Bigs · Joined: 15 Oct 2006

I don't think that's true (correct me if I'm wrong)

From next year, Aussie teachers will be able to access their pension payments as a lump sum when they leave Korea. It's also my understanding that UK teachers can have the funds transferred to a pension play in their home country - to be accessed at retirement (not sure about this - as I'm not a UK citizen)

laogaiguk · Joined: 06 Dec 2005 Location: somewhere in Korea

just because · Joined: 01 Aug 2003 Location: Changwon - 4964

I can back up the Australian story...

From 2008 Australian will be able to have full access to their pensions and this will be applied retro-actively(doesn't mean you will see it though, just hope your former bosses paid into it).

mrsquirrel · Joined: 13 Dec 2006

Col.Brandon · Joined: 09 Aug 2004 Location: Seoul

I'm a Kiwi. My first year my boss never bothered to make the system aware that I existed (except for my visa) so the pension issue never came up.

The second year I got a letter from the pension office asking me to register, which I ignored. I got a reminder letter which I also ignored, and I never heard anything more about it. That was 3 years ago. If I was in NZ the buggers would've tracked me down and made me pay, but this is Korea.

If you can't get it back, then try to avoid paying it if at all possible. If I recall correctly, if a business is small enough it's exempt from pension deductions, anyway.

babtangee · Posted: Tue Apr 10, 2007 10:28 pm Post subject:

happeningthang · Joined: 26 Apr 2003

I had a similar experience to Col. Brandon about two years back.

Not only did they track me down, however, they came to my workplace for an strong arm interview. I told the guy straight out that I got no benefit from contributing to the National Pension, so I wasn't going to pay. The guy accepted that, so it told me that, at that time, it wasn't obligatory.

When I came out I checked with the Australian Tax Office, and at the time there wasn't a reciprocal tax arrangement with Korea. Looking last month I see that's changed, so I guess it's possible Aussies at least are now obliged to contribute, but if I'm not getting it back I'm not paying it.

flyingteacher · Joined: 23 Jan 2007 Location: Seoul, Korea

According to the NPC even though NZers dont get the lump when they leave, they can still get it back when they reach 60!!! I know its a long time away but as long as you dont forget about it, your money is still yours.
_______________________________________________________

) Lump Sum Refund

When the current or former Insured Person falls under one of the following categories, Lump-sum Refund is paid to him/her or his/her survivor. The scope and order of survivors who can request Lump-sum Refund is the same as in the case of Survivor Pension. The right to Lump-sum Refund is extinct if the beneficiary is covered again, or gain the right to Old-age, Disability, or Survivor Pensions.
�� When a person whose Insured period is less than 10 years reaches the age of 60.

Woden · Joined: 08 Mar 2007 Location: Eurasia

I spoke to tax office in UK and we have a 'Reciprocal Agreement' with South Korea so the money payed for National Insurance can be transferred to UK when moving back. This would mean that your Statutory State Pension would not be effected. I do not know if it is transferable to a private pension.

butlerian · Joined: 04 Sep 2006 Location: Korea

Woden · Joined: 08 Mar 2007 Location: Eurasia

vickynagy · Joined: 07 Jan 2007 Location: Seoul

piscin · Joined: 25 Nov 2006 Location: Seoul

I was told (and believe me, I know NOW that you should never believe a word the f#$%ers tell you) that I didn't need to pay pension if I didn't want health insurance.

I have a pretty good personal policy, and I knew I wouldn't get it matched by my employer and then reimbursed, so I declined.....

The long & short of it; I'm nine months in, and haven't paid a penny. What's gonna happen when I try to leave? Will they stop us in immigration, or can I expect a visit before then?