Korean Job Discussion Forums

[sojusucks]

Is there a rule with the Korean pension office that any foreigner who works in Korea for more than 5 consecutive years can't withdraw the pension money when they leave Korea? I've been getting conflicting "information" on this, even from the Pension office.

[schwa]

For Canadians, 10-year cut-off. Fact, confirmed to me by both govts.

[Stan Rogers]

[Ramen]

How about americans?

[Swampfox10mm]

So you just lose it all, unless you withdraw early enough?

You're talking just national pension, right?

[Weigookin74]

With Canadians, if we leave it in, we get credited by the Canadian goverment and it means we qualify for a pension when we retire. But in Canada, you must contribute to the CPP for a minimum of 10 years to qualify. I will leave my Korean pension in because of that.

[Weigookin74]

With Canadians, if we leave it in, we get credited by the Canadian goverment and it means we qualify for a pension when we retire. But in Canada, you must contribute to the CPP for a minimum of 10 years to qualify. I will leave my Korean pension in because of that.

[Stan Rogers]

The pension agreement between South Korea and Canada covers all pensions, national and private.

And yes you can leave your Korean pension money in the system and get credit for it from CPP in Canada. Some people choose to go that route, but most decide to withdraw their pension money.

[Konglishman]

[penguin]

"The pension agreement between South Korea and Canada covers all pensions, national and private."

Stan Rogers, where did you get this information?

The Canada-Korea Agreement says (Art. 2(1)) "This Agreement shall apply to the following legislation:

(a) with respect to Korea, the National Pension Law and enforcement rules and regulations thereto;"

Also, Stan Rogers & Schwa - where in the Agreement does it say there is a 10-year cut-off?

Thanks.

[busanmum]

[ZIFA]

[PatrickGHBusan]

[sojusucks]

[busanmum]