Korean Job Discussion Forums

[cruisemonkey]

[princess]

What if you worked at schools all in different neighborhoods? When you go to file for your pension before you leave, will you have to go to the pension office in all of the different areas where you worked, or can you just go to one pension office near the place where you are currently working? I don't want to go to 3 different pension offices.

[thiophene]

Ok, I've read you should be contributing 4.5% into pension, but according to my statement I'm paying only 50,060 on 2.1mil for about 90 hours a month. I also pay tax of 13,310 which I'm pretty sure is too low. I'm on an f4 visa, is there a loophole I'm not aware of? If my math is correct, I should be paying 94,500 into pension. Many thanks.

[Sushi]

Why can't the teachers Union that is being formed petition government to police all English Institutes as to wether or not they offer the national pension. On top of that there would have to be some insurance that correct contributions were being made by the employer.

Some smaller companies actually ask their employees if they want to be included in the national pension. The more honest ones would actually explain the benefits available or not should they choose not to join. Those show a modicum of honesty even though by law everyone has to be incuded in the scheme.

There are some schools that offer the plan only to those who are eligible to recieve a payout.

[kiwiduncan]

[Bibbitybop]

Just read through the 7 current pages in this thread and have a few questions:

1. I am changing jobs and my employer will pay into a private pension fund. I have worked 2 years in Korea in the national pension fund. I want to get my money. I've heard that you can only receive a refund from the national fund if you leave Korea for good, not if you are just switching to a private pension fund. Is this true?

2. Assuming #1 is true, and I still want my money, I hear I can bring a one-way ticket to the pension office for a refund. I will leave the country for a few days, but come back. Is there any penalty for doing this?

3. My job ends in August. When is the earliest I can request my pension refund? Can I go in June? July? If I go early, when can I expect the money in my home country bank account?

4. Has anyone presented a one-way ferry ticket to the pension office before, like to Fukuoka, Japan?

Cheers, BB

[gajackson1]

I don't know how useful this may be for anyone, but Reedtea & I just went to apply for her pension @ the Anyang office today -

1) Galbijim wiki has basic directions to most of the offices. For the Anyang one (should you choose to go there), however, it is across the street/highway from the bus stop.

2) C. took her 1-way e-ticket reservation, alien reg card, passport, & banking info with her.

3) The clerk asked which country, then pulled out a 5-page form (bilingual), but only asked her to 'do' about 1 page of actual writing/fill-in work.

4) The important stuff! the last pension contribution WILL be subtracted from your last paycheck. This takes time. In her case, her last paycheck would be on the 25th; the Pension office said they should receive the funds by the 10th of the next month, and then about 1 week of paperwork time, to process the payment.

5) the choices were to deposit funds into a Korean bank account, or a US account (in her case), or to have a check mailed out to an address. You can also choose the currency for remittance (major currencies).

6) That being said, the clerk also said to deposit the money, in KRW, into a Korean bank, would be faster, BUT! she wanted to be sure we could access/withdraw the money in that case.

7) Based upon your ticket out of Korea, the Pension office WILL check to see that you actually leave. I do not know if that means that they will co-ordinate this somehow with Immigration and/or Labor, but she SAID 'we will check to be sure you left the country' - make of that what you will.

Now, after all this was done, we found out that C's Uni is NOT part of the national Pension Fund - they, like many, use a private pension fund. The clerk was nice enough to call on C's behalf - only to find out that her employer (C.'s Uni) will have to 'notify the fund, and apply for her' - which brings up a whole new set of issues best addressed in another thread.

Regards,

G.

[missionshk]

can anyone tell me how to check the amount or balance of my account online?

[yingwenlaoshi]

[sleepygrlozz]

hi guys~
one quick question...how does the pension office check if you really left the country?

[yingwenlaoshi]

[sleepygrlozz]

[Firearcher]

ok

[ben_and_bree]

Hi,

As an Aussie recently returned to Oz I have been following this talk of new rules for Aussies and pension.

I just got off the phone with Centrelink and they told me that the plan will not be implemented until the 1st of October 2008.

BUT!!

You will only be able to claim it once you actually retire for good, when you are about 60 or so.

Being 28 I found this distressing especially considering that my American wife got hers deposited into our account shortly after we left and she is NOT in her 60's.

Does this gel with anything that other people have found out? Centrelink is reknowned for giving you a different answer each time you ask a question.

Cheers,

Ben

[buymybook]