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daemyann
Joined: 09 Nov 2007
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 Posted: Wed Feb 06, 2008 8:56 am Post subject: Confirm or Deny... |
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1. Upon finishing a contract and leaving the country, the Korean government refunds your pension money, to the average tune of 2000W/year.
2. Teachers working on e2's can be detained indefinitely, deported, and have their passport confiscated if they're caught teaching privates.
3. Teachers can technically be arrested for volunteering anywhere, anytime (besides the place where they're contracted to work).
More?... |
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caniff
Joined: 03 Feb 2004
Location: All over the map
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| Posted: Wed Feb 06, 2008 9:13 am Post subject: |
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| Sounds about right, but you better ask Tommpatz (sp?) for a definitive answer. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Feb 06, 2008 4:19 pm Post subject: Re: Confirm or Deny... |
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| daemyann wrote: |
1. Upon finishing a contract and leaving the country, the Korean government refunds your pension money, to the average tune of 2000W/year.
2. Teachers working on e2's can be detained indefinitely, deported, and have their passport confiscated if they're caught teaching privates.
3. Teachers can technically be arrested for volunteering anywhere, anytime (besides the place where they're contracted to work).
More?... |
1) Pension or Severance:
If your home country has a reciprocal treaty with Korea (USA, Canada, Australia among others) you can get a refund of your PENSION contributions when you leave. This is done through the National Pension Service. http://www.nps.or.kr/jsppage/english/main.jsp .
Your severance (equal to 1 months salary) is refunded by your employer and is required under the authority of the labor standards act (article 34, sub 1.)
2) Teachers who are caught teaching "privates" or doing other activities that are not covered under their status of sojourn MAY be subject to fines, detention and removal / deportation dependent on circumstances. If you are fined and ordered removed you may be held in detention or have your passport held by immigration until the fines are paid.
3) You can be charged with doing activities that are NOT covered or permitted under the terms of your status of sojourn. You CAN do these things BUT you must get the approval of the immigration service PRIOR to beginning the activity. (simple application at the immigration office and pay the application fee).
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Wed Feb 06, 2008 10:44 pm Post subject: Re: Confirm or Deny... |
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| daemyann wrote: |
| 1. Upon finishing a contract and leaving the country, the Korean government refunds your pension money, to the average tune of 2000W/year. |
Depends entirely on your salary. It's more accurate to say 9% of your total gross earnings. |
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goo_stewart
Joined: 08 Oct 2007
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| Posted: Wed Feb 06, 2008 11:53 pm Post subject: |
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I understand that I need to contact the pension service to get a refund of my contributions for the year, has anyone done this? How long does it take? When should I start the process? Does my employer need to be involved (or even do it for me)?
I have looked through the pensions site and can see no mention of UK having the reciprocal pension lump sum payment with Korea, anyone know if UK are included?
I am confused. Any help would be gratefully received. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Thu Feb 07, 2008 12:08 am Post subject: |
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| goo_stewart wrote: |
| I understand that I need to contact the pension service to get a refund of my contributions for the year, has anyone done this? How long does it take? When should I start the process? Does my employer need to be involved (or even do it for me)? |
Don't trust your employer to a damn thing with your money.
Go to the pension office yourself with your ARC, passport, and I'd bring along your contract and all bank info (whichever bank you're having the money deposited). Assuming your boss has been paying into the fund rather than pocketing the money, you'll be in and out in 15 minutes. |
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Roch
Joined: 24 Apr 2003
Location: Seoul
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| Posted: Thu Feb 07, 2008 12:11 am Post subject: Re: Confirm or Deny... |
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| daemyann wrote: |
1. Upon finishing a contract and leaving the country, the Korean government refunds your pension money, to the average tune of 2000W/year.
2. Teachers working on e2's can be detained indefinitely, deported, and have their passport confiscated if they're caught teaching privates.
3. Teachers can technically be arrested for volunteering anywhere, anytime (besides the place where they're contracted to work).
More?... |
All of them are correct. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Feb 07, 2008 1:14 am Post subject: |
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| goo_stewart wrote: |
I understand that I need to contact the pension service to get a refund of my contributions for the year, has anyone done this? How long does it take? When should I start the process? Does my employer need to be involved (or even do it for me)?
I have looked through the pensions site and can see no mention of UK having the reciprocal pension lump sum payment with Korea, anyone know if UK are included?
I am confused. Any help would be gratefully received. |
If you are from the UK you cannot get a payout/refund.
You CAN transfer it back to your national account in the UK.
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