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Tiger Beer
Joined: 07 Feb 2003
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 Posted: Tue Nov 04, 2003 10:44 am Post subject: |
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| Just curious.. WHEN should you apply for your pension? How many months before your 'end date'? |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Tue Nov 04, 2003 11:01 am Post subject: |
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| Tiger Beer wrote: |
| Just curious.. WHEN should you apply for your pension? How many months before your 'end date'? |
You should apply at least three weeks because they need to see your outbound plane ticket for them to give you the refund. I got mine in less than a week and boy, did I ever need to resettle in the US. You get the pension payments you made PLUS interest. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Tue Nov 04, 2003 11:59 am Post subject: |
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| kimcheeking wrote: |
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. |
Hey King,
Have you been in Korea long enough that you got 2 different foreign resisident numbers? Like about 3 yrs ago they changed the system over, and everyone had to get new cards with new numbers.
Just wondering, as the people at the pension office haven't added my old #'s pension to my new #'s pension.
Also that piece of paper they send once a year is WRONG. It gave 3 different numbers for the foreigners who pay it at my school, but the kicker is I pay the most yet had the lowest figure by that paper's reckoning.
Just wondering if you've checked, cause 7mil isn't that much if you have been paying the past 3-4 years...but it is a hella lot if you only been paying 1-2 years.. I pay about 3mil a year and started paying when it became mandatory. (i pay 1.5mil a year, my school pays the other 50% for more clarification)
Anyways good thread for discussion! |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Tue Nov 04, 2003 2:34 pm Post subject: |
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| Homer wrote: |
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. |
Actually, it's not quite that simple. Like most dealings with bureacracies in Korea, it depends on which office you go to and which person you talk to.
I work at a private university which has a private pension program and therefore I stopped paying into the government scheme. I went down to the local pension office (NowonGu) and asked for my pension payments back. They wanted proof that I was paying into a private pension and my bank account number. A few weeks later the money was in my account. I never left the country. |
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posco's trumpet
Joined: 20 Apr 2003
Location: Beneath the Underdog
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| Posted: Tue Nov 04, 2003 7:03 pm Post subject: |
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Last edited by posco's trumpet on Sat Dec 06, 2003 9:18 pm; edited 1 time in total |
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kimcheeking
Guest
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| Posted: Tue Nov 04, 2003 7:38 pm Post subject: |
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| Mr. Pink wrote: |
Hey King,
Have you been in Korea long enough that you got 2 different foreign resisident numbers? Like about 3 yrs ago they changed the system over, and everyone had to get new cards with new numbers. |
Yes but my first few jobs didn't take the deductions off so it is only for my current job (3 years) |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Tue Nov 04, 2003 8:44 pm Post subject: |
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| kimcheeking wrote: |
| Mr. Pink wrote: |
Hey King,
Have you been in Korea long enough that you got 2 different foreign resisident numbers? Like about 3 yrs ago they changed the system over, and everyone had to get new cards with new numbers. |
Yes but my first few jobs didn't take the deductions off so it is only for my current job (3 years) |
Ahh, do you know if your school pays a portion of it? I heard some schools will even pay 60% of that. 7mil is a nice lil nest egg 
My school pays 50%, but when I first paid it with my previous employer, I think it was me paying 100%. So I kinda figure with my school paying 50%, it's like they pay me an extra 1.7mil a year. |
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Arthur Fonzerelli
Joined: 22 Jan 2003
Location: Suwon
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| Posted: Wed Nov 05, 2003 3:02 am Post subject: |
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| how can you check the amount you you actually have saved up in the pension account? |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Wed Nov 05, 2003 3:17 am Post subject: |
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| Fonz: You should get some kind of report about it. It'll be all in Korean and just look like a bunch of numbers, but yea. |
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Corporal
Joined: 25 Jan 2003
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| Posted: Wed Nov 05, 2003 3:27 am Post subject: |
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| Or if you have a Korean spouse, get him or her to phone them and ask how much it is. |
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Ryst Helmut
Joined: 26 Apr 2003
Location: In search of the elusive signature...
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| Posted: Thu Nov 06, 2003 1:46 am Post subject: |
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| dutchman wrote: |
| Ryst Helmut wrote: |
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 |
Did you work at a private university by any chance? |
Yes
Shoosh,
Ryst Helmut |
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Ryst Helmut
Joined: 26 Apr 2003
Location: In search of the elusive signature...
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| Posted: Thu Nov 06, 2003 1:51 am Post subject: |
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| Arthur Fonzerelli wrote: |
| how can you check the amount you you actually have saved up in the pension account? |
I don't remember which form, but have a national guide you through, as I've no time right now to search for it....but here's what you do.
Find the form, fill it out and send it to them. Once processed, you'll be able to log on to your pension account and see how much you've accumulated.
http://www.ktpf.or.kr/
Shoosh,
Ryst |
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rapier
Joined: 16 Feb 2003
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| Posted: Fri Nov 07, 2003 3:40 am Post subject: |
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I've heard that Americans and canadians are the only nationals allowed to claim back their pension, because of reciprocal agreements. Brits, kiwis and Aussies are barred.
Is this true? |
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kangnam mafioso
Joined: 27 Jan 2003
Location: Teheranno
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| Posted: Fri Nov 07, 2003 6:53 am Post subject: |
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i'm back in the usa and was impressed at how quickly i received my pension (about 4 million won for 2 years of work in the ROK). it's a nice bit of extra cash to go with severance pay and your other savings when you leave. the pension is really a nice benefit about working in korea -- you contribute so much every month and your employer by law has to match it. consider it an investment or nest egg. you will get your money as long as you follow the correct procedures. be sure to go to the pension office a month before you leave with your plane ticket and other documents. i guess if you are planning to stay in korea forever, you will get it when you retire. the other option would be to leave for a couple of months in between contracts, get the pension and return. either way, it's no big deal. unfortunately, kiwis can't receive pension at this time. it's nothing personal, there is just no reciprocity agreement with the 2 governments. i'm not sure about brits or australians.
for more information:
National Pension Office
02-2240-1082 (headquarters)
www.npc.or.kr
kangnam branch (sinsa station)
02-3416-6032-8
dongdaemun office (shinseoul-dong station)
920-0513
documents to take to the office one month before finishing contract/ departure:
1. contract
2. one way ticket out of korea
3. passport
4. alien card
5. copy of korean bank account
6. bank info in home country where you want pension wired
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Fri Nov 07, 2003 7:07 am Post subject: |
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| I don't know if I can get a plane ticket before one month of my departure.. but is that definetely true they'll do a wire transfer or direct deposit back home to the local bank in your home country? (or no)? |
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