Korean Job Discussion Forums

[RuffledFeathers]

I got a letter this morning on my desk, seems to be for pension, is it just an update?

My contract is done in March, do I claim all my pension then, or do I have to do some now, and some later??

[jcan]

My co-teacher gave me one yesterday. Mine was just an update.

[Easter Clark]

I got the same letter (presumably). I had my gf look at it and it just states the salary the pension deduction is based on, how many months it has been taken out, and how much you and your employer have contributed (that amount would be on the second page).

Claim your pension when you leave the country, although I have heard of people who present a (refundable) one-way ticket to the pension office in order to get it without leaving the country--is this still possible?

[cruisemonkey]

I got the same last week. It's the yearly update on your contributions and benefits.

[RuffledFeathers]

oh ok, great.

Thanks!

[I_Am_The_Kiwi]

Do they send this to everyone, even if youre not entitled to a refund? Cos i just got one - and i know NZers don't get the refund....unless something changed.

[RuffledFeathers]

There is 3 different set of numbers on it, all in won.

How do I know which one is the amount I"ve paid into it so far?

I've been here since March, and the numbers are:

1.18mil
594,000
684,000


From what I've seen on pay stubs I'm paying W98,000/month. So shouldnt' I get about 2.35mil back when I leave Korea in March?

[sojourner1]

Yes, RuffledFeathers, that's correct.

I got one last week too. It only shows 199,800 in my account paid on July 4th. This statement goes from January 1st to September 27th. I should have a total of 5 months right now for a total of 999,000. I'll ask my school about it. I bet they're behind since it's not an urgent requirement to be on time with this.

When you quit teaching in Korea, if the school late in paying NPS, then NPS will pay you later into your home bank account. I completed a contract last January, but didn't get part of my pension until July 17th as the school was late in paying the last 4 months, but I would imagine it had something to do with them detecting my re-entry at the end of June and planning on screwing me if I never came back. I'm sure the director had an alert set up to detect if and when my passport came through immigration. If a Korean has info on you such as ARC number or passport, then they have access to real time info such as immigration, banking, and all other agencies info on your official business activities in Korea. There is no right to privacy and definitely not for foreigners. This gives Koreans a 6th sense of intel. This means hagwons you taught for can still watch what you're doing if they're still interested.

I have verified this with a couple Korean wives of foreigners and a Korean teacher I know. It's really nothing to be that scared of, but something to be aware of.

[Juregen]

[ttompatz]