Korean Job Discussion Forums

[flakfizer]

Well, I'm not sure if this is news to any of you at all. It regards national pension. I tried to check the FAQs, but it won't open for me, so I'm sorry if this has already been covered.

Anyway, everyone should know that for those of us from countries that have a tax treaty with Korea, we can receive our pension when we leave Korea. I recently found out that if you are working at a college or uni, you don't have to wait till you leave Korea.

As colleges and unis have a different pension plan and do not pay into the national pension, you can be considered done with the national pension plan without leaving the country. My wife found out recently when she called the national pension office with a different sort of question (concerning the possible expiration of pension receipt if you don't file within 5 years of your last payment into the national pension). Anyway, she was told that I could collect my national pension now.

Of course, this is only of use to you if you worked at another sort of job before you started working at a college or uni. In my case, I had done the hagwon thing for a couple years and paid into the NP at that time.

Anyway, all I needed was my passport, ar card, a bank account, and an official document from my school (don't remember the name of it but should be easy to find out). Went to the pension office, filled out a paper and three days later, the money had been wirred to my account.

Just thought I'd share this info in case it hasn't been covered before and some "profs" out there could use the money they sent to the NP before they became "profs."

[bassexpander]

Thanks. I need to do this soon. I hear my old national pension account with my former public school will disappear if I don't cash it in within 2 or 3 years... can't remember...

Which school did you need the document from? Current school or previous?

[flakfizer]

Current. The gov needs to know that you are now employed at a college/uni (employment certificate is the needed document) and are therefore done paying into the NP.

[soju pizza]

I got mine last year. Shweet money.

[write of weigh]

A different pension plan... that's news me.

[flakfizer]

[Young FRANKenstein]

[bassexpander]

Frank, someone had a post on here about that last year. They went to get their pension out of the NPA, or whatever it's called, and they hadn't actually paid into it for some period... I forget if it was more than 2, 3 or 5 years. They were told they had waited too long.

Wish I could find that post.

[Hyeon Een]