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fleart1
Joined: 04 Nov 2005
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 Posted: Tue Apr 17, 2007 4:50 am Post subject: Nat'l Pension Fund. HOw long to get anything? |
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How long do you have to be in the pension fund to get a benefit? I was told 5 years by someone but read somewhere that it takes 20 years to be eligible for any payments?
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Sody
Joined: 14 May 2006
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| Posted: Tue Apr 17, 2007 4:56 am Post subject: |
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Hmm, I'm a teacher in Korea and my contract ends soon and I have to wait that long for my pension? So many different answers I am getting from everyone it is really confusing. I wish I knew the truth. Someone told me I need a bank account in my home country to collect my pension in Korea. I'll try and get a correct answer and post it so it helps everyone, the FAQ doesn't really help.
Sody |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Apr 17, 2007 5:33 am Post subject: Re: Nat'l Pension Fund. HOw long to get anything? |
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| fleart1 wrote: |
How long do you have to be in the pension fund to get a benefit? I was told 5 years by someone but read somewhere that it takes 20 years to be eligible for any payments?
Thanks |
It depends on where you are from and what treaty your government has signed with the korean gov't.
If you are from North America you can apply for a refund shortly BEFORE you leave Korea and it will appear in your bank account a month or 3 after you leave.
Aussies will get similar privilages in the near future. (2008 ? )
Brits and Kiwis I am not sure about but if it applies to you then you can look it up in the treaty on the web link.
http://www.nps4u.or.kr/social/index_en.html
REFUND information is on this page:
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html |
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fleart1
Joined: 04 Nov 2005
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| Posted: Tue Apr 17, 2007 2:52 pm Post subject: |
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| No, I am not talking about a refund.. I am talking about a pension.. You know, money each month like social security. HOw long do you have to be working in Korea to become vested? |
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