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ESL Girl
Joined: 03 Sep 2007
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 Posted: Mon Sep 01, 2008 12:15 am Post subject: 2 months for pension refund??? |
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I applied for my pension refund last week, as my contract ends Sept 12 and I leave shortly thereafter. I was told that my refund will be paid November 7th!!! Is there anyway to get this quicker? I am weary of trusting the Koreans get my money 2 months down the road - for some reason I feel more comfortable (and assured) if they would pay it in a month or less.
Is there anyway to get my pension refunded any sooner after I leave the country?
On another note, I have a friend who applied to same day as me - and they told him October 8!!! Why aren't we bing paid on the same day? |
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CentralCali
Joined: 17 May 2007
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| Posted: Mon Sep 01, 2008 12:22 am Post subject: |
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You were told by whom? If the person informing you was your boss, why are you even asking him?
If the person informing you was someone at the servicing Pension Office, that's quite likely the correct answer. There's a verification routine they follow for ensuring you've left the country and have not returned within a certain time for work. |
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ESL Girl
Joined: 03 Sep 2007
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| Posted: Mon Sep 01, 2008 12:48 am Post subject: |
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| CentralCali wrote: |
You were told by whom? If the person informing you was your boss, why are you even asking him?
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Of course it's the person from the pension office. I've been in Korea for almost a year, and I think anyone who's been in this country for more than 3 months figures out where to look for the most credible information. Yet even when we are at the most authoritative sources for certain information, those people can give bad answers.
But why would they give me a date a month later than the person who sat down 15 minutes before me? Literally - my friend arrived and got his papers done 15 minutes before me (same place), and they gave me a refund date a month later than his.
I have been given SO MUCH bad information from all walks of life here in Korea. All the way from the average Korean on the street to the manager at the bank and all the way - of course - to the people at my school. I just don't want to be waiting in my home country for 2 months and unsure if this money will actually come. |
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plynx
Joined: 03 Jun 2008
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| Posted: Mon Sep 01, 2008 2:07 am Post subject: |
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| ESL Girl wrote: |
| CentralCali wrote: |
You were told by whom? If the person informing you was your boss, why are you even asking him?
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Of course it's the person from the pension office. I've been in Korea for almost a year, and I think anyone who's been in this country for more than 3 months figures out where to look for the most credible information. Yet even when we are at the most authoritative sources for certain information, those people can give bad answers.
But why would they give me a date a month later than the person who sat down 15 minutes before me? Literally - my friend arrived and got his papers done 15 minutes before me (same place), and they gave me a refund date a month later than his.
I have been given SO MUCH bad information from all walks of life here in Korea. All the way from the average Korean on the street to the manager at the bank and all the way - of course - to the people at my school. I just don't want to be waiting in my home country for 2 months and unsure if this money will actually come. |
i realize that we all turn into skeptics after being here for an extended period of time, but relax. your money WILL come. almost everyone receives the "2 months" quote. some people, for various reasons (possibly the person dealing with them was in a good mood, bank account info, country info, length of stay, etc.) get another reply. i was told i'd get the money in two months. it was deposited less than a month later. the pension office won't scam you. they're the ones who deal with the "bad guys." if anyone out there has had a negative experience, please correct me, but we'd probably have heard of it by now. you can breathe now. |
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ESL Girl
Joined: 03 Sep 2007
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| Posted: Mon Sep 01, 2008 2:30 am Post subject: |
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| Bless you for the reassurance, Plynx. My pension is a lot of money (to me) and I am really counting on it. |
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Chris_Dixon
Joined: 09 Jan 2008
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| Posted: Mon Sep 01, 2008 5:38 am Post subject: |
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| does take awhile to be sorted. but dont worry that lead time is legit, and itll come thru |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Mon Sep 01, 2008 7:04 am Post subject: |
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| My refund did indeed take 2 months, but that was only the part the school had paid in up until the day I applied. I got the rest 7 months after completing a contract and applying for refund as the school waited until sometime later to pay the rest in full to the NPS. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Mon Sep 01, 2008 8:52 am Post subject: Re: 2 months for pension refund??? |
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| ESL Girl wrote: |
I applied for my pension refund last week, as my contract ends Sept 12 and I leave shortly thereafter. I was told that my refund will be paid November 7th!!! Is there anyway to get this quicker? I am weary of trusting the Koreans get my money 2 months down the road - for some reason I feel more comfortable (and assured) if they would pay it in a month or less.
Is there anyway to get my pension refunded any sooner after I leave the country?
On another note, I have a friend who applied to same day as me - and they told him October 8!!! Why aren't we bing paid on the same day? |
Questions to help with your conundrum:
1) Do you and your friend have different employers?
2) Do you and your friend have different pay days?
3) Do you and your friend finish your contracts on different days, perhaps in different months?
I suspect #3.
If your last working days are in different calendar months, then the pension office would be waiting for final payments from your respective employers in different calendar months.
Pension is billed in monthly installments to employers based on your reported income. Your pension is a flat amount. It is the same every month. There is no adjustment for your actual pay, overtime, hours worked etc. Partial months are treated the same as full months.
So, if your friend worked his last day on August 29th, but you work your last day on September 12th, then your employer would have to pay one more payment to the pension office. The bill for that would be sent out one month later and you would receive your money one month later.
Applying on the same day would not be the determining factor. |
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SirFink
Joined: 05 Mar 2006
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| Posted: Mon Sep 01, 2008 3:13 pm Post subject: Re: 2 months for pension refund??? |
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| ESL Girl wrote: |
| I applied for my pension refund last week, as my contract ends Sept 12 and I leave shortly thereafter. I was told that my refund will be paid November 7th!!! Is there anyway to get this quicker? I am weary of trusting the Koreans get my money 2 months down the road - |
You should get it. You applied at a gov't office? I was told 6-8 weeks and that's how long it took. |
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seethetraffic
Joined: 22 Nov 2005
Location: Seoul
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| Posted: Mon Sep 01, 2008 4:37 pm Post subject: |
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As mentioned, it will depend on when your
employer tidies up the last payment. After
the pension office explained this, I simply asked
the hagwon if and when they had sent in my last
pension payment. They said they would. I asked
them to please do it sooner rather than later.
The pension office quoted me two months and I
received it in 2 weeks. It was a pleasant surprise. |
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