Korean Job Discussion Forums

[elliemk]

Please someone answer if you can. Do I still pay pension after I turn 60 here in Korea? Thanks very much for your help.

[ttompatz]

[elliemk]

Thanks, as usual, Ttompatz!

[Sushi]

Any foreigener that has 10 years of recorded work experience in Korea and pension deductions for that time or part of the time goes on to the Korean pension scheme. That means you get a certain sum of money paid into any account in the world each month for life.

[Zaria32]

After you turn 60 you are no longer entitled to contribute to the Korean pension scheme...and of course your employer doesn't contribute either.

I'm 62, and was dismayed to find this out ...and it wasn't a "lying hogwon owner" who told me, it was the pension office, when my director and I were trying to get me signed up.

[poet13]

DP

[poet13]

http://wiki.galbijim.com/Korean_pension_plan

http://www.nps4u.or.kr/jsppage/english/main.jsp

From AGalbijim...
Korean nationals and foreign citizens who have retired in Korea can currently receive full retirement benefits at age 60. This age is being raised one year per every five years so that retirement will be at age 65 by the year 2033. You must have worked at least 20 years and can no longer be employed to retire at age 60 at the time of this writing.

If you have had insurance coverage between 10 and 19 years and are age 60 or older, you may be eligible for a reduced old-age pension and you cannot continue to be employed.

If you are between the ages of 60 and 64 and have the minimum of 10 years insurance coverage, you may retire with an active old-age pension and continue to be employed.

If you are between the ages of 55 to 59 with at least 10 years of coverage, you may be eligible for early old-age pension. However, you can no longer continue to be employed.

If you are a minimum of 60 years old with less than 10 years of insured coverage and either leave Korea permanently and give up your Korean citizenship, you will then be eligible for a lump-sum refund of your contributions to the pension fund.

[mj roach]

elliemk -

When I became eligible for pension (60),
someone at the pension office called me
to ask if I wanted to begin receiving payment immediately
or continue paying into the fund and delay recieving pension.

When it was explained that my employer
would no longer be paying into the fund
and I would be paying in alone,
I asked the young lady (who spoke English very well btw)
to do a 'quick' calculation and tell me the difference in
the monthly sum I would reieve if I continued to pay in.

I was offered the choice and I continue to work
even though I now recieve monthly pension (wired into my acount).

Hope that helps..if not ask away.

[elliemk]

Hi MJ, thanks for your post. I'll only have paid into it for a few months when I turn 60. Doesn't how much you get depend on how much you've paid in, like Social Security? Is there any place I can see exactly what my monthly pension would be?

[poet13]

According to the pension plans web site, the minimum time needed to receive a pension is ten years. At 10 years, you receive 50%. 1 = 55% etc, up to 20 for 100%. Less than ten years, and you will receive it back as a lump sum if you are from a country with an agreement. Different countries have different agreements on the disposition of pension payments.

[mj roach]

forgot to answer...no, you longer pay into the pension fund when you begin to recieve pension, even if you continue to work

yes, the amount you receive monthly is based on the amount you paid in.
the amount paid in and the amount of the monthly payment you are eligible to receive is shown on the statement sent to you by the pension office quarterly/annualy (?) don't remember...i'll check

[elliemk]

Do you receive interest with the pension lump sum? If not, I'll save my money elsewhere after I turn 60! Thanks for the replies!