Korean Job Discussion Forums

[tacitus14]

I'm returning to Canada for 4 months and then coming back to Korea, not to work, but to go to school. would you cash your pension out now if you were me, or would you hold on to that sucker. I've been here three years and I'm worried about taking a hit because of the low won.

[pkang0202]

Have your pension be deposited into a Korean bank account. Then put that money into a CD or savings account to get interest.

[Ramen]

[nate2008]

[tacitus14]

Thanks pkang that does sound like a pretty good idea.

[poet13]

I definitely would not sell won.

[loose_ends]

[TheChickenLover]

The national pension plan adds an annual interest rate of 4.5% to your balance (I know this becaus I received some 'extra' when I cashed mine in last summer. Regardless whether you take it out or not, you WILL be making interest on the balance they have.

Chicken

[poet13]

I knew they paid interest, but I didn't think it was that high.

[TheChickenLover]

I was a little surrpised as well when the lady at the pension office showed me my balance + 'alpha' (interest). This isn't a cheap bank...they are the gov't and can afford to give whateverinterest they want to give. This interest is calculated monthly btw..so you dont' lose out on much. And yeah....4.5% isn't so bad compard to non fixed term deposit rates.

Chicken

[Unposter]

If you don't need the money, I would keep your pension. The interest rate is better than you could get at a bank.

But, don't take my word, all you have to do is contact the national pension and find out.

[karoly]

My Korean friend tells me that they consider the pension lost money, and that they'll never get it back. This, after asking him who would get the funds if I died. The reply was that the gov't would keep it.

Take the dough and put it somewhere safe; bird in hand theory at work here.