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Tropic of Cancer
Joined: 28 Sep 2010
Location: Bundang
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 Posted: Fri Apr 15, 2011 3:26 am Post subject: Pension- Without leaving Korea |
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In 2011,
Are American citizens able to receive pension without leaving the country?
(I read on a post that you are able to receive pension w/o leaving)
Or
Can you leave for a month, then return, and also apply to receive pension?[/quote] |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Fri Apr 15, 2011 4:35 am Post subject: |
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No. You can't receive your pension refund without leaving the country. You have to be finished your job and exit the country. Before you leave, you go to a pension office and apply for the refund OR you can apply from outside korea (but it takes MUCH longer to get your cash). They will deposit the cash in your korean or home account (whichever you choose), but it will not be deposited until after you have left korea.
Yes, if you leave the country for a month and come back you can still get your pension refund. You pension money remains in your account until you take the refund or retire in korea. You could leave korea for a month, a year or three and return and your pension money would still be waiting for in your pension account, but if you returned to take a new job, you cant get the refund until you finish the new job and are going to leave the country again. |
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winterfall
Joined: 21 May 2009
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| Posted: Sat Apr 16, 2011 7:19 pm Post subject: |
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| OculisOrbis wrote: |
No. You can't receive your pension refund without leaving the country. You have to be finished your job and exit the country. Before you leave, you go to a pension office and apply for the refund OR you can apply from outside korea (but it takes MUCH longer to get your cash). They will deposit the cash in your korean or home account (whichever you choose), but it will not be deposited until after you have left korea.
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I'm confused.The pension brochure said something like they wait 3-4 months to make sure your not coming back before they process the refund. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sat Apr 16, 2011 7:38 pm Post subject: |
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If you apply at a pension office before you leave korea and arrange to have it deposited to a korean account, they will confirm you are finished your job and then they have to wait for your employer to make the final deposit. After you have left the country and the final payment is made, it is deposited to your account. This could take about up to month or so, but I did it twice and it never took more than two weeks. They even told me the date that I could expect the money to be deposited. It just depends when you employer is due to make their next payment.
If you apply while in korea and arrange to have the deposit made to your home bank it takes quite a bit longer. A couple months is the usual time frame.
If you try to apply after you have already gone home, it takes a ridiculous amount of time and is a serious pain in the ass to do from outside korea. |
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winterfall
Joined: 21 May 2009
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| Posted: Sat Apr 16, 2011 8:19 pm Post subject: |
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| OculisOrbis wrote: |
If you apply at a pension office before you leave korea and arrange to have it deposited to a korean account, they will confirm you are finished your job and then they have to wait for your employer to make the final deposit. After you have left the country and the final payment is made, it is deposited to your account. This could take about up to month or so, but I did it twice and it never took more than two weeks. They even told me the date that I could expect the money to be deposited. It just depends when you employer is due to make their next payment.
If you apply while in korea and arrange to have the deposit made to your home bank it takes quite a bit longer. A couple months is the usual time frame.
If you try to apply after you have already gone home, it takes a ridiculous amount of time and is a serious pain in the ass to do from outside korea. |
Thanks for clearing that up. I'll set up that plan with the bank to automatically transfer it once they get the money |
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