Korean Job Discussion Forums

paul · Joined: 16 Jan 2003 Location: Taiwan

For those of you who have ever wondered what the heck you have to do to get your pension out of Seoul (after completing your one-year contract), then have a look-see at my experience.

It's so incredibly easy! A while ago I read an entire thread on how to apply and receive your pension if you are Canadian or Australian, and most of it simply is not true. Here's what I did:

I had completed a one year contract in September 2002, and figured it would be a hassle. But all you need to do is go in person to the Korean Pension office in Chungmuro (exit 5, five minute walk to Keuk Dong building, 18 F).

Anyway, have your air ticket with you and your passport or alien card, and it's a snap. And here's the weird thing. You must have the money sent to a bank account in your name...even if it's your Korean bank account! Shocked

So you could leave the country and come back a month later and have 2 million won in your account! I couldn't believe it! They were even going to let me run down and open an account!!!!

The other thing is, if you don't have an account anywhere, they will send you a lump sum cheque (that's check for you Americans). So that's what I did, I had them send the cheque to my parents and I'll cash it later. Cool

It's nowhere near as complicated as I thought it was to get your pension. As a Canadian, I get 2 million Won for every year I teach: one million from Korea and one milion from Canada.

So, if you are Canadian and you ever need some cash, just buy the cheapest one-way ticket you can find and collect your pension, and have it sent to your Korean bank account.

Of course you'll have to do it between contracts, and it is a little unethical, but there is the opportunity and you don't have to give up your alien registration to do this. Just prove that you are leaving the country. Razz

ratslash · Joined: 08 May 2003

i'm happy for you. i feel like the cow who jumped over the moon.

Ryst Helmut · Posted: Tue Nov 18, 2003 2:12 am Post subject:

Even easier than that....

I got well over 13 million:

1. Without going in person.
2. Without showing my departing plane ticket
3. Without showing my ID.

I still have no idea what the big fuss is.

Shoosh,

Ryst

ratslash · Joined: 08 May 2003

i happy for you too. i feel like the cow who jumped over the moon.

kylehawkins2000 · Joined: 08 Apr 2003

You got a million from Korea and a million from canada? That doesn't sound right.....

The documents I received state that half of my pension has been paid through deductions from my pay cheque and the other half has been contributed by my employer...

Juggertha · Joined: 27 May 2003 Location: Anyang, Korea

should this be done annually or when your planning on leaving for good?

kylehawkins2000 · Joined: 08 Apr 2003

When you're planning on leaving for good. (at least that is how the Korean government seems to have set things up)

Ryst Helmut · Posted: Tue Nov 18, 2003 7:15 am Post subject:

dulouz · Joined: 04 Feb 2003 Location: Uranus

Good work!

kylehawkins2000 · Joined: 08 Apr 2003

That's nice that you got lots of money ryst. I was simply pointing out that as it is "Pension" money, it is not intended to be received annually.

The poster questioned what 'should' be done. Not what you 'did'.

FYI: It is not uncommon for employers to make deductions from your pay cheques and not actually report (and pay) the government the money that is rightfully owed. Some of you will find that there is no pension money waiting for you.

Question: How can I find out how much money is waiting for me? Anyone have a phone number I can call? Is there a website by any chance?

Cheers,

Kyle

slap it · Joined: 21 Jan 2003

the pension fund is a benefit that we foreigners receive. if your school does not have you enrolled in the pension fund, you're the one losing out.........unless your an Aussie, NZ, Brit...sorry guys....you guys don't get your money back..YIKES.

some waygug-in · Joined: 25 Jan 2003

I got my pension back after my first year, but after this one I don't know. I know that I had it deducted off my pay, but I have no idea if they actually paid it or kept it. I never recieved any pay slips so I have no way to prove or disprove anything. Shocked

I am a bit reluctant to ask this year, knowing I will be back but it's a lot a mullah just to let slip through your fingers. Confused

MMMMM what shall I do? Question

Cheers

Ryst Helmut · Posted: Fri Nov 21, 2003 6:42 am Post subject:

waterbaby · Joined: 01 Feb 2003 Location: Baking Gord a Cheescake pie