Korean Job Discussion Forums

chrisbem1 · Joined: 14 Apr 2003 Location: south korea

OK, so how does one going about getting the pension $ back? Is there a form I have to fill out, or do they just send me a cheque? How long do I have to leave Korea before I get it, or do I get before I leave?

dominic · Joined: 10 Mar 2003 Location: Seoul

u have to go to the office with ur school and file out the forms. it takes a few weeks to get it after u leave, u never get it before

chrisbem1 · Joined: 14 Apr 2003 Location: south korea

Thanks. What if I stay in the country, but switch hogwons? Do I have to do it with each place that I work for, or only when I leave the country on a permanent/semi-permanent basis?

dominic · Joined: 10 Mar 2003 Location: Seoul

u have to prove that u are leaving the country, if u dont leave, u dont get it until u do and usually they send it to ur home country's account, but i heard that u can get it sent to a korean account too, ask them what happens if u dont leave...if u can still get it

justagirl · Joined: 17 Jan 2003 Location: Cheonan/Portland

If you are staying in Korea, they will not give you your pension back. You can only get it when you leave Korea "for good." This will include showing them a 1-way ticket home.

As the other poster said, it will take 4-7 weeks to get your pension back, transferred to a bank in the US (or in Korea...they will do that, but then they will want to know if you are coming back to Korea and if you say yes, they won't give you your pension money).

You'll need to go to your local pension office with your boss, who will help finalize all the documents needed to close off the pension payments and transfer them to your bank account. Don't forget to take your passport, your alien ID, your ticket home and your bank account number in your home country...something makes me think you might need your Social Security number, too. (americans)

justagirl

sneppl · Joined: 05 Nov 2003

My friend worked up in seoul and got his money, and he didn't leave korea, he is working in my town at a diff hogwan. he moved from seoul in summer 2002.

I am wrapping up my contract in six months and will likely switch hogwans and i assumed i could get the money before i left. maybe it depends on which tax office you are dealing with?

Gollum · Joined: 04 Sep 2003 Location: Japan

So I've worked at 3 hagwons before. If they were all taking out pension (or at least some of them) would I get all that back from all 3 hagwons?

Thanks.

camus' plague · Joined: 03 Feb 2004

You don't actually have to be leaving the country for good, you just have to make them think you are. I left last August, got my pension a couple of weeks later, and then came back in October.

Also, sometimes, the Hagwons will match your pension, so that your pension is doubled. It's actually a pretty sweet deal, so ask your hagwon if their hooking you up.