Korean Job Discussion Forums

[Mirabilis85]

Im going to be leaving Korea around August 20th and plan to start another job overseas in late September (25th ish) I absolutely need to have my pension in hand before I can start this new job. What is the usual waiting period for people whove collected pensions lately? Ive heard as early as one week or as late as 8 weeks (according to the pension website). When I collected my first pension in Aug 2008 it was about 3.5 weeks...This is cutting it kind of close. Thanks!

[thoreau]

I would apply as soon as you have your ticket out.

[Big Mac]

I applied on February 2nd, I left Korea on February 9th and the money was in my Korean bank account on March 17th. So I would expect about a month and a half wait.

[Mirabilis85]

Even if I apply early, I think the disbursement of funds doesnt start moving along until you hand in your ARC. Is that correct??

[Big Mac]

I was told when I made my application that the pension office cannot do anything until they confirm your departure from the country through immigration.

They also have to wait until your school makes your final pension payment. I think they give them up to a month after your contract end date to make the final payment. So you're right, applying early will not necessarily speed up the process. Expect it to take at least a month and a half to be in your account.

[oldtactics]

I applied for my pension before the end of my contract, with my flight confirmation in hand, and I received my money exactly two weeks after my contract ended. Hopefully yours is just as fast, good luck!

I had mine sent to my KEB account in Korea (from which I transfer money to my account in Canada) so that might have helped speed up the process - I've heard that it takes longer if they have to send it to an international bank.