Korean Job Discussion Forums

cari83 · Joined: 20 Mar 2011

I have a question as I'm not sure about renewing my contract or not yet. I read recently that we have to wait 2 months after we leave to get our pension. I'd thought we could get it right away.

I'm wondering if I would receive my last paycheck, severance pay, and exit allowance before I leave. I'm trying to figure out how much I could transfer home to take with me if I don't renew. I've worked 2 years so I assume my pension would be around $4k but, I guess I would have to wait a couple of months for that.

I'm asking about the last paycheck because I heard they might hold onto it in case I have any unpaid bills in Korea. I don't have any unpaid bills here, and I'm wondering if/how long they would hold onto it.

nicwr2002 · Joined: 17 Aug 2011

They have two weeks after your quit to pay everything due to you. That being said, they should give you all your money before you leave. Even at my first bad hagwon, I was paid everything before I left and I worked with my boss to clear all debts owed.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

NO....

You are confusing PENSION (from the National Pension Service) with other payments from the employer.

Payments from the employer (severance, wages, exit allowance, etc) are required by law to be paid out within 14 days of termination of employment.
They should be paid out by the end of your employment.

PENSION payments, under treaty with the 3 countries who can get a refund, WON'T be paid until your departure from Korea, cancellation of your status of Sojourn and confirmation from the NPS that all contributions have been made to your account. This usually takes between 30-90 days and then the funds are transferred to the account of your choosing (at home or in Korea (if you have international access to that account).

YTMND · Joined: 16 Jan 2012 Location: You're the man now dog!!

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

1,2,3,4,... OK.

5 ... NO. See my post above or read the respective treaty with respect to YOUR particular country for SPECIFICS of a refund...

SOMETIMES you can get it (from the NPS / tax refund counter) at the (ICN) airport on your way out but there ARE restrictions and you need to apply for it early enough to get the paperwork done .... so don't count on it.

For your PENSION.. you need to APPLY for it BEFORE you leave.
It will follow you. It comes from the NPS and NOT the employer.

I wouldn't trust ANY employer (NOT EVEN EPIK/GEPIK) to pay their required benefits after you leave and it almost certainly won't be paid in a timely fashion if you are out of the country.

.

YTMND · Joined: 16 Jan 2012 Location: You're the man now dog!!

cari83 · Joined: 20 Mar 2011

Thank you guys so much for this info, Ttompatz, nicwr2002, and YTMND.

So it is technically possible to get my pension at the airport if I apply early enough? I'm wondering how early I would need to apply.

Also, Ttompatz I think I've read elsewhere you said that it is possible to get pension even if we leave mid-contract? I'm not planning on doing that but I'm just curious.

It's good to know that I'll receive all the other payments within 2 weeks of the end of my contract. I would not leave Korea until I had all of that. I understand I would have to leave without my pension, most-likely.

Who's Your Daddy? · Joined: 30 May 2010 Location: Victoria, Canada.

Just a note on public school. Some teachers contracts end Aug. 31st, and some want to leave mid-august after their camps, but my POE won't pay them until Aug. 31st.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

funkmachine · Joined: 20 Jun 2013

I concur with Ttompatz. You go to the local pension office before you leave - someone at your school should be able to help you figure out where this is. As I recall you need to tell them when you are leaving, your bank information, and fill out some paperwork.

The guy at my pension office just wrote a total on a scrap of paper and handed it to me. I thought it was a bit sketchy, but about a month after I returned to the U.S. the money appeared in my U.S. bank account.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

To apply for your pension refund at the pension (NPS) office you need your:
-ARC
-passport
-exit ticket (e-ticket printout of your itinerary and and receipt).
-bank information (account number, name of account holder, swift code or bank routing information and bank address) for the refund to be wired to.

.

cari83 · Joined: 20 Mar 2011

Great, I will bookmark this post for future reference. Thank you!! I am happy to hear that I can get my pension at any time & thanks for listing what I need to bring to the pension office. This makes it a lot easier.

MiXX · Joined: 30 Aug 2012

When should we go to the pension office before we leave?

2 weeks or a month prior?

Also how much should I expect to arrive in my US bank account for a typical 1 year contract @ 2.1 won month salary? Roughly 2,000 usd?