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wolverine
Joined: 10 May 2009
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 Posted: Wed May 11, 2011 4:52 am Post subject: Korean Pension |
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Hello everyone,
I got a quick pension question for whoever in the know. I'm an American citizen who has worked in Korean public schools for 5 years. I'm still in Korea, intend on staying here longer, no longer working at a public school but want to collect the pension for those 5 years. I want to go to China or Japan for a few days then use that air ticket as a means of collecting it.
I've received conflicting reports from 3 different pension offices though.
One office said that it doesn't matter where you go (and a round trip ticket is ok too), or for how long, I will be able to collect as long as I travel outside of Korea. The 2nd pension office told me that I will need to return back to America in order to receive this. While a 3rd office told me I can go anyway but will probably need to stay there for at least 15 days.
Can't believe I received 3 different answers, it seems like no one is sure! Was wondering if anyone can give me a straight answer, would really appreciate it.
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Ramen
Joined: 15 Apr 2008
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| Posted: Wed May 11, 2011 4:28 pm Post subject: |
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combine all three answers together and you'll have the right answer. plus you can have your pension paid into your korean bank account as well.  |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Wed May 11, 2011 4:53 pm Post subject: |
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| The 2nd pension office told me that I will need to return back to America in order to receive this |
Only true if it is sent to your American bank account and you want to get some or all of the money from an ATM machine in America.
You could have it still sent there and then use a credit card and transfer funds abroad also.
However, if you want to stay in Korea, you should do as previously suggested. Have it sent to your Korean bank account.
This is not needed, but you can do it also. Set up your Korean account to be able to transfer funds to your American account online. This way if you lose your Korean ATM card you can use your American one. Just a safety tip. And you might forget your pin number like I have  |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Wed May 11, 2011 6:34 pm Post subject: |
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I am Canadian, but went to Australia for a year after leaving Korea. I had my pension money deposited into my Korean bank account about a month after I left. So no, you don't have to return to your home country.
I think the bigger issue for you is whether or not they will give it to you if you're only going to be leaving for a few days. If you're back in the country when they go to give you the money, you'll have problems. I'm pretty sure they check with immigration to confirm that you have left the country. They also look to see if you have a one-way ticket when you apply. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Wed May 11, 2011 11:52 pm Post subject: |
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| I'm pretty sure they check with immigration to confirm that you have left the country. They also look to see if you have a one-way ticket when you apply. |
That doesn't make sense. If you return on a tourist visa, then you shouldn't be penalized as you wouldn't legally be working.
If they check to see if the person returning is on a new visa, that's another issue. However, again, I don't think they would stop the application process. Your interest or growth from the previous pension period would stop and then you would start again from zero with the new job. This is what I think will happen. |
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