Korean Job Discussion Forums

[jackson7]

Hey All,

I'm going to get my national pension refund for the last two years so I can pay off some high-interest debt, but I'm not leaving Korea.

I've read the e-ticket won't be a problem.

Does the destination make a difference? I don't want to buy an expensive ticket to the U.S. and when I could easily buy a cheaper one to Japan or China. Yes, I realize that I'll be getting a refund, but I'd worry less about how long it would take to get a 400 dollar refund rather than a 1400 dollar one.

Thanks for your input!

[kprrok]

So you're admitting you plan to commit fraud by requesting your refund before you are actually departing Korea?

No wonder we foreigners have such a sterling reputation here!

As for the rest of my answer, I've heard it doesn't matter where the destination is, so long as it's one-way out of Korea.

KPRROK

[yingwenlaoshi]

Does it matter if it goes to a Korean account? That's my question.

Fraud? Whatever. It's not fraud. They can't read your mind. For all they know you haver every intention of leaving, but changed your mind and decided to stay and work. Big deal. Besides, the money is yours.

And if you think it's fraud because you aren't paying pension at your current job, think again. The boss refuses to pay pension, so there's really nothing you can do save giving yourself a headache for going into the pension office only to have them tell you that it's a common thing for employers to do this for "tax breaks." Fk 'em. Nothing to do with fraud. Like I said, they can't read your mind.

[CentralCali]

Well, you'll enjoy the answer you get from your local pension office, no doubt. The established procedure--and the one the office is supposed to follow--is:

• You present proof of your one-way ticket out of Korea.
  
• You apply for a refund of your pension funds (to include employer's contribution).
  
• As part of that application, you provide the information for the bank account to which the funds will be transferred.
  
• You depart Korea.
  
• After an established period (I don't recall the term, perhaps two months), the Pension Office checks with Immigration to determine if you have parted Korea or if you have a current visa to remain in or return to the country.
  
• After Immigration concurs that you have departed Korea permanently, the Pension Office transfers your funds to the aforementioned account.

It doesn't matter if it goes to a Korean account. The Pension Office in Incheon advised my buddy who left Korea two years ago to set up an account with Fine Bank (I forget their new name) and use their international ATM card to withdraw the funds. Worked like a charm.

[kprrok]

[yingwenlaoshi]

[yingwenlaoshi]

[gmat]

You can collect it before you leave as long as you have an outward ticket, even if it is only to Japan via ferry. I had it within days in my Korean bank account before I left the country.

[kprrok]

I did go to Japan. Only problem is I came back before it was deposited. My wife called today and they said to call back on Thursday.

KPRROK

[lastat06513]

I've collected my pension 2 TIMES while living in Korea and not going anywhere.

You need:

~ SSN (if you're an American)
~ Korean bank book
~ A "one-way" ticket out of Korea (I've used China and the Philippines)
~ ARC
~ Passport
~ Release letter from your job

I think alot has changed since 2005, so the best thing to do is to go to the local district pension office, tell them you are 'leaving' Korea and jot down all the documents you need to file for your pension. Also let them know that you have a 'friend' in Korea who will transfer the money for you once it is in Korean bank account.

If it is transferred into a Korean bank account, it can take anywhere from 4 days to a week to get.......good luck!

[Zaria32]

People bandy the word fraud around all too readily. There's no fraud here.

[lastat06513]

[jadarite]

[cruisemonkey]

[CentralCali]

Those are the rules the pension office is supposed to be following.