Korean Job Discussion Forums

[xCustomx]

My contract finishes at the end of February, but because of the amount of vacation I've accrued I can leave in January. If I leave Korea before my contract is over, will it be possible to collect the pension?

[OculisOrbis]

you can collect pension from your home country, but it takes a lot longer and is more hassle to do it that way. if it's possible get it set up before you leave. call the pension office and ask them what to do.

1355 and then 7 for english

Procedures on How Foreigner can Apply for a Lump-sum Refund
(If an applicant is a national from a country without a social security agreement with Korea)

Applying before departing Korea (If the applicant is in Korea)
The applicant should visit a regional office, having the following documents ready

<Required documents>

- An Application for Lump-sum Refund (This form is available at any regional office.)
- His/ger passport
- His/her Alien Registration Card
- A copy of bankbook or similar (registered in the applicant's name)
- A copy of an airline ticket.

(the date of departure has to be in less than a month from the date of the claim)
※ In the case that an applicant has been insured under an other public pension scheme since before July 23, 2007 and he/she had insured periods under the National Pension Scheme before being insured under the public pension scheme, he/she can receive his/her national pension contributions as a lump-sum refund if he/she submits a certificate of employment and a copy of a certificate of coverage.



Applying for a Lump-sum Refund if outside of Korea
An application can be made by an agent or mail.
(1) In the case of an application by mail in a foreign country

<Required documents>

- An application for Lump-sum Refund (it must be notarized from a notary's agency in the country where the applicant resides and be attested by the Korean embassy).

- A copy of bankbook or similar (registered in the applicant's name)

※ If the applicant applies for overseas remittance, an application for overseas remittance and a bank statement or void check which shows his/her name and account number are required.

- A copy of his/her passport



(2) In the case of an application by agent in a foreign country
In case that an applicant resides in a foreign country, he/she may apply for the benefit by notarizing his/her letter of attorney in the country where he/she resides and has it attested by the Korean embassy.

<Required documents>

- A letter of attorney (it must be notarized from a notary's agency in the country where the applicant resides and be attested by the Korean embassy).

※ An applicant should specify that he/she intends the agent in Korea to receive his/her lump-sum refund on behalf of him/her. In this case the applicant must provide a signed or stamped letter of attorney containing the agent's full name, address, etc.

※ An agent living in Korea who has received the letter of attorney should get their Korean-translated texts notarized again so the letter's contents can be generally identified.- A copy of the applicant's passport

- An application for Lump-sum Refund

※ An applicant must fill out the "Application by Agent" section in the "Application for Lump-sum Refund" form and then notarize it in a notary's agency of the country where the applicant resides and attest it in the Korean consulate or embassy. If the applicant's letter of attorney is tested by a public notary in the country where he/she resides or a Korean consulate or embassy, the "Application by Agent" is not necessary.

- A copy of applicant's ID card (public documents issued by the government of the applicant's home country including a passport, social security card or other forms of identification)

- applicant's bank book (it must be notarized from a notary's agency of the country where the applicant resides and be attested by the Korean embassy)

[mmstyle]

You may have a delay in receiving it, depending on when your school pays in to the pension program. (This is based on my experience. My school paid pension quarterly, I believe, and it was two weeks after I left, so the process did not begin until after they paid it all in.) But you should have no problem putting your app in. The pension office should be able to tell you when the "bill" for pension payments comes due, so you will have a better idea.

[xCustomx]

OK, so it looks like I can make the request no sooner than 1 month before the end of my contract. I'll call the pension office, but if I made a request for my pension the first week of February, that means my school probably wouldn't have paid my pension for February yet. I just need to make sure that I can collect the pension from my final month.

Thanks Oculis

[redhed]

I don't have a bank book for my bank at home. I don't think I've had a bank book for any account I've had since I was like six, and opened a savings account with some Christmas money. What is "or similar"? Will a check with the routing numbers work? Or should I print off some sort of transfer form from my banks website? I can't be the only one without a bank book, what do you use?

[OculisOrbis]

you can have them deposit into your korean account and then internet wire transfer it to your home account when youre back in your own country. of course, you'll need internet banking and the wire transfer info already set-up with your korean account before you go home.

you could also open an account with KEB that automatically and instantly wires any funds desposited to a pre-arranged foreign account. i cant think of specific name of right now....maybe, remittance account.