Korean Job Discussion Forums

[timhorton]

Can the pension refund taken after each 1 year contract?...or is it only when I finish working in Korea that I can get it?

[Bibbitybop]

After each contract unless you re-sign with the same employer, then you have to wait until you completely finish working for the same employer.

[white tiger]

it's my understanding that you SHOULD only apply for the refund once. if you come back, and leave again, you can re-apply, but from what i have heard, it gets sticky if it pops up that you've applied before.
I would love to hear people's responses as to how many times they've done it, especially in the last few years...
I have 3 years accumulated, and if i could free it up to invest in something else, taht would be wonderful. jsut dont want to start black-marking myself.

[Gideon]

I would say its best to collect your pension contributions asap after u finish your contract.. meaning once u leave your place of employment , whether that be for another job or just heading back to your home country..

why?

What if one of your employers didnt pay into the pension or missed a few payments.. ect.. and now your applying for your pension , lets say after 3 or 4 jobs down the road.. Then u have the headache of tracking down your past employer to find out what happened.. Although most likely the pension office would contact them, especially if its from the govnt pension not private.

I would collect my pension when i leave that job, not let it roll over into another one. but thats just me. keep it simple !!

I am not sure how it works if your married to a korean... do u still get that money back? can anyone answer this one?

[white tiger]

i have called the pension office before. they can tell you the details of your account, so you can calculate whether you're being paid the full amount or not. (and in fact i hadnt; my first hogwan managed to squirm out of the first few months' payments!)
and in order to collect the pension money, you must be out of the country, or present them with your ticket out.

[timhorton]

White Tiger - thanks for your informative replies.

I should have mentioned that I have had only one employer and intend to stay with them...so I guess I would have to wait until I finishee working with this employer before collecting pension?

I think

[Curious George]