Korean Job Discussion Forums

[yingwenlaoshi]

Easy as pie.

I applied for my pension refund last Tuesday (the 10th). I had an exit order for Saturday (the 14th) and my flight out of Korea was Friday the 13th. I did a same-day return flight. Anyway, it took some convincing, but the young woman there ended up calling her boss and he said that it doesn't matter whether I was coming back to Korea or not. Just as long as I exit. The only thing is that she said she would check with immigration to find out for sure whether I left or not. I did leave, on Friday, and the money was wired to my account this morning. One business day later.

The deal with people getting their pension refund 4 or 5 weeks later is because their flight out is 3, 4, or 5 weeks later. It seems that it has nothing to do with when you go in and apply (although you have to have a ticket that has you leaving Korea no more than 4 weeks after you apply).

Or maybe I'm a convincing fella. I was crying poor and told her that I was planning on touring Asia and couldn't get out of the country again unless I had those funds.

See how it works?

Three years worth of pension.

[ytuque]

stupid question for you.... Do they pay interest on your pension money? If so, what is the rate of return?

[SunnyD]

Here's from the http://www.nps.or.kr website:

"Like Korean nationals, a foreign national working and residing in Korea also receives, a lump-sum refund, of which the total amount of the contributions that he/she has paid during his/her insured period includes interest on the sum during the same period, and interest earned until the day on which the person becomes eligible to receive his/her pension benefits.

※ The interest rate that is applied to the benefits is determined by taking an average from nation wide banking institutions established under the Banking Act, announced January 1st of each year.

※ Example) Interest rate of time deposit with a maturity of three years for 2008 - 4.2%

Interest rate of time deposit with a maturity of one year for 2008 - 3.8%
"

[captain kirk]

Congratulations!

But you really shouldn't spend that $ 'til you're 65 and I know you're 39

[yingwenlaoshi]

[yingwenlaoshi]

[yingwenlaoshi]