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aphong420
Joined: 06 Feb 2007
Location: KOREAAAAAAH
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 Posted: Thu Mar 20, 2008 10:13 pm Post subject: Pension Money |
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Hey guys, do you know if there's any way to recieve your pension money while you're still in Korea? As in .. has anyone ever done it before?
Facts:
- I'm employed in Korea, but no longer paying into the pension.
- I paid into the pension for a full year at my previous workplace.
Basically, I want a lump-sum refund paid into my Korean bank account... |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Thu Mar 20, 2008 11:03 pm Post subject: |
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| You are getting royally screwed if you and your employer is not paying into pension, especially if you get a refund. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 20, 2008 11:46 pm Post subject: Re: Pension Money |
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| aphong420 wrote: |
Hey guys, do you know if there's any way to recieve your pension money while you're still in Korea? As in .. has anyone ever done it before?
Facts:
- I'm employed in Korea, but no longer paying into the pension.
- I paid into the pension for a full year at my previous workplace.
Basically, I want a lump-sum refund paid into my Korean bank account... |
No problem, show a one-way ticket out of the country and file for your refund.
Refund the ticket after you have made your claim. Cost = 30k won. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Fri Mar 21, 2008 4:34 am Post subject: Re: Pension Money |
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| ttompatz wrote: |
| aphong420 wrote: |
Hey guys, do you know if there's any way to recieve your pension money while you're still in Korea? As in .. has anyone ever done it before?
Facts:
- I'm employed in Korea, but no longer paying into the pension.
- I paid into the pension for a full year at my previous workplace.
Basically, I want a lump-sum refund paid into my Korean bank account... |
No problem, show a one-way ticket out of the country and file for your refund.
Refund the ticket after you have made your claim. Cost = 30k won. |
Does the outgoing ticket have to be to your home country?
I wanted to ask the same question as the OP. I'm in the exact same situation. Who gives a rat's arse whether you get pension or not? I knew it before signing up for my current job. It's what you negotiate salary-wise before that matters. Even then, you can always go back to the pension office and claim your boss didn't pay pension. In my case, the employer outright said there was no pension. I said, "Ok, whatever." I'll just claim it later if I feel like it. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Mar 21, 2008 6:05 am Post subject: Re: Pension Money |
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| yingwenlaoshi wrote: |
| Does the outgoing ticket have to be to your home country? |
Nope. Just out of Korea and ONE WAY. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sat Mar 22, 2008 4:58 am Post subject: |
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| How quick can you get your refund? |
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aphong420
Joined: 06 Feb 2007
Location: KOREAAAAAAH
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| Posted: Sat Mar 22, 2008 6:55 am Post subject: |
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This is good news. Do I have to turn in my ARC or anything? I was actually looking at the forms on the website and it looks like they want the actual card...
In any case, I'm considering a purchase of a one-way ticket to be refunded per ttompatz's suggestion. This isn't illegal is it? Am I right in considering this a legal loophole (?) |
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cuckoo for kimchi
Joined: 27 Jul 2006
Location: somewhere lost in time and space...or korea
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| Posted: Sat Mar 22, 2008 7:06 am Post subject: |
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| now correct me if I'm wrong...but I'm quite sure they won't put your pension money in a Korean bank account........that would be the reason why they ask you for a bank account # in your home country when you file your pension return claim .... |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sat Mar 22, 2008 7:17 am Post subject: |
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| cuckoo for kimchi wrote: |
| now correct me if I'm wrong...but I'm quite sure they won't put your pension money in a Korean bank account........that would be the reason why they ask you for a bank account # in your home country when you file your pension return claim .... |
Why wouldn't they put it in a Korean account? I think other people have had that done. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sat Mar 22, 2008 7:19 am Post subject: |
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| aphong420 wrote: |
This is good news. Do I have to turn in my ARC or anything? I was actually looking at the forms on the website and it looks like they want the actual card...
In any case, I'm considering a purchase of a one-way ticket to be refunded per ttompatz's suggestion. This isn't illegal is it? Am I right in considering this a legal loophole (?) |
They wouldn't take your actual card. They just need to see it. Immigration needs your card when you "leave the country."
Nothing illegal about "changing your mind" and staying. It's your money anyway.
I think there's also an interest rate on the refund. |
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cuckoo for kimchi
Joined: 27 Jul 2006
Location: somewhere lost in time and space...or korea
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| Posted: Sat Mar 22, 2008 7:21 am Post subject: |
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| yingwenlaoshi wrote: |
| cuckoo for kimchi wrote: |
| now correct me if I'm wrong...but I'm quite sure they won't put your pension money in a Korean bank account........that would be the reason why they ask you for a bank account # in your home country when you file your pension return claim .... |
Why wouldn't they put it in a Korean account? I think other people have had that done. |
Well....from what I understand...the whole idea of collecting the pension is that you are leaving Korea. Like I said, I'm not 100% sure...I was also told by someone at the pension office when I was filling out the forms that it had to be in an account in your home country. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sat Mar 22, 2008 8:27 am Post subject: |
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| cuckoo for kimchi wrote: |
| yingwenlaoshi wrote: |
| cuckoo for kimchi wrote: |
| now correct me if I'm wrong...but I'm quite sure they won't put your pension money in a Korean bank account........that would be the reason why they ask you for a bank account # in your home country when you file your pension return claim .... |
Why wouldn't they put it in a Korean account? I think other people have had that done. |
Well....from what I understand...the whole idea of collecting the pension is that you are leaving Korea. Like I said, I'm not 100% sure...I was also told by someone at the pension office when I was filling out the forms that it had to be in an account in your home country. |
Well I don't really know about whether it should be an account in your home country not. I don't have any experience collecting my pension. Be nice to know for sure.
Here's what I got off their website:
| Quote: |
<Required documents>
- An Application for Lump-sum Refund (This form is available at any regional office.)
- An Alien Registration Card
- A copy of bankbook or similar (registered in the applicant's name)
- A copy of an airline ticket.
(the date of departure has to be in less than a month from the date of the claim)
※ In the case that an applicant is being insured under an other public pension scheme who previously was insured under the National Pension Scheme before July 23, 2007, he/she can receive a lump-sum refund if he/she submits a certificate of employment and a copy of a certificate of coverage.
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Doesn't say anyting about it having to be an account from your country. I'll call the pension office next week. I'd just tell them that I don't have an account in my home country. |
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yingwenlaoshi
Joined: 12 Feb 2007
Location: ... location, location!
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| Posted: Sat Mar 22, 2008 8:41 am Post subject: |
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I'm also wondering if they'll notice that I've been working in Korea (from my alien card) since March 2005, but wasn't signed up with pension until August of that year. I'll just say, "I don't know." And when they ask that it be a Canadian bank account, I'll just say, "I don't have one."
I just can't believe that this office would get all hissy about when payments started and about which account it goes into when in other cases where the boss claims your salary was lower than it was, they tell you that it's just the "Korean way." Or make you run all over hell's half acre when you have a complaint about non or under payments.
Fkn hypocrites. Korea sparkling. |
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