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yingwenlaoshi

Joined: 12 Feb 2007 Location: ... location, location!
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Posted: Sun Jun 15, 2008 9:45 pm Post subject: You can get your pension refund in ONE DAY! |
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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.
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ytuque

Joined: 29 Jan 2008 Location: I drink therefore I am!
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Posted: Mon Jun 16, 2008 5:02 am Post subject: |
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stupid question for you.... Do they pay interest on your pension money? If so, what is the rate of return? |
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SunnyD
Joined: 07 Nov 2006 Location: USA
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Posted: Mon Jun 16, 2008 5:54 am Post subject: interest |
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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%
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captain kirk
Joined: 29 Jan 2003
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Posted: Mon Jun 16, 2008 5:57 am Post subject: |
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Congratulations!
But you really shouldn't spend that $ 'til you're 65 and I know you're 39 |
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yingwenlaoshi

Joined: 12 Feb 2007 Location: ... location, location!
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Posted: Mon Jun 16, 2008 9:28 am Post subject: |
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ytuque wrote: |
stupid question for you.... Do they pay interest on your pension money? If so, what is the rate of return? |
Yeah, but it wasn't much. I'm going to look into it. It's supposed to be near 4%, but mine seems to have been a lot less than that.
I'll give you an update later. |
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yingwenlaoshi

Joined: 12 Feb 2007 Location: ... location, location!
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Posted: Mon Jun 16, 2008 9:29 am Post subject: Re: interest |
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SunnyD wrote: |
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%
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I knew about those rates, but they are, however, just examples. I think mine must've been less than 3%. I'll check it out. |
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yingwenlaoshi

Joined: 12 Feb 2007 Location: ... location, location!
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Posted: Mon Jun 16, 2008 9:30 am Post subject: |
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captain kirk wrote: |
Congratulations!
But you really shouldn't spend that $ 'til you're 65 and I know you're 39 |
Oh no! This will be chump change when I'm 65. |
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