Korean Job Discussion Forums

Corporal · Joined: 25 Jan 2003

Today I got in touch with the pension people (well, my husband did), and after some arguing back and forth, they told him that I am NOT eligible to receive the 1.8 million I paid into it, because of the fact that I am now living in Korea and have no plans to go back to Canada anytime in the near future.

Now, is this something I should just philosophically accept, suck up, and get over, or do I have any recourse? Is there anywhere else I can take this?

I will admit to feeling bitter. I hate to think of that money sitting there which is mine--isn't it?--but which can't be touched unless I make a permanent move back to the great white north.

In retrospect, I probably could have gotten it when my first year of teaching was over and I went back to Canada for three months. But I had a lot on my plate then, and I pushed it to the back of my mind. Still, I don't think I should be penalized just because I chose to marry and live in this country.

Any thoughts, anyone?

bucheon bum · Joined: 16 Jan 2003

you're s-o-luck. Why do you think they'd hand the cash back over to you? You still live and work in Korea, like you said. Doesn't seem logical to me that they would make some exception for you and give you the money back while you're living over here.

kimcheeking · Guest

You can not get the money back until you leave korea permanently. I do believe there is a work around though. If you are switching jobs, go to the pension office and show them a plane ticket out of the country as well as your contract that clearly shows it is over or about to expire and they will give you the money.

My wife tells me that if you do that and come back to work in Korea the gov't may ask you to return the money to pension until you leave again. I don't really beleive that though.

Anyhow I have 7 mill waiting for me. When I leave this country I should have close to 15 mill and will use it to buy myself a new car and some furniture. It's like forced savings.

Zyzyfer · Posted: Mon Nov 03, 2003 10:05 pm Post subject:

So...what if you've got pension, and you leave for a while, but intend to come back? Would you be able to leave that saved pension alone and still have that account when you came back? Or would it be devoured?

Corporal · Joined: 25 Jan 2003

Z...from what I understand, the only way it actually "disappears" is if you let it go unclaimed for five years. I don't think it matters how many times you leave or re-enter the country in between then. But I did read somewhere, I think on their website, about a five-year "expiry date", as it were. It looks like if you plan to stay in country, they will hold it for five years and then your account will be--erased? So, basically, if I AM going to move back to Canada at some point, I should do it before the five years are over.

I still think this situation sucks. It's money down the drain in my case. I mean, they did promise me "you'll get it back", when I started my job, and in most cases that's what happens, but they really should have added "unless you marry a Korean and stay here."

Oh well, right? Confused

kimcheeking · Guest

Corp can you provide a link to the site?

Corporal · Joined: 25 Jan 2003

err...I got it on this site, somewhere. I didn't bookmark it. Someone here was asking about pension claiming and someone else gave them a link to a place with phone numbers and general info. I will go look in the other forums and see if it's still there.

** Okay, I went back and found it. The link is: http://www.npc.or.kr/eng/enpc.html?code=./enpc/b01.html

and after you go there and go to the Social Security Act link, it tells you:

"The date of application to your agency or the NPC is the date used for applying the time limit (prescription period). Please check with your agency concerning time limitations. In Korea, the time limitation for exercising your right to a benefit is 5 years."

JackSarang · Joined: 28 Jan 2003

Ryst Helmut · Posted: Tue Nov 04, 2003 12:05 am Post subject:

HOGWASH,

Listen up folks (not in a condescending way...as I didn't read everyone's posts)!

I got my pension...some 14 million won, a month after I quit my job, and I NEVER left Korea...in fact, I NEVER stated I was.

The difference, possibly, is that I became a full-time student. However, I was never asked about my intentions, so I believe that to be moot.

As for having to pay it back, if I were to re-enter the Korean work force, well...that I am unsure of....but you SHOULD be able to get it.

Shoosh,

Ryst

dutchman · Joined: 23 Jan 2003 Location: My backyard

justagirl · Joined: 17 Jan 2003 Location: Cheonan/Portland

I worked at a private university and after I left (one way ticket home, even), I wasn't able to get it because I was returning to Korea to work at another job. Went to the office and everything (with a Korean from the university). Denied. Have to wait until I leave forever. They said there was a large penalty for taking it and returning to the country within a short period of time.

I guess I didn't have to tell them I was coming back, but they asked and I'm an honest person. I'll get it next year--really leaving for good then!

justagirl

posco's trumpet · Joined: 20 Apr 2003 Location: Beneath the Underdog

danyuk · Joined: 17 Jun 2003

do you get taxed on it if u apply when you get home? Is it easy to get when you leave?

Zyzyfer · Posted: Tue Nov 04, 2003 4:30 am Post subject:

So, posco's trumpet...you got interest on the old stuff?

Homer · Guest

Corporal,

Its quite simple really.

As long as you work here you contribute to the pension hence you can't claim it because it is a pension not some sort of annual tax refund.
Your money will not disapear either you will keep contributing to it as long as you work here, just like you would in Canada (this case: Canadian Federal Pension program) where you can't claim your pension until you retire.
When you do leave Korea you can claim the whole thing and by then it might be a larger amount. Or, you can have it transfered to your Canadian pension system if you guys move back to Canada.