Korean Job Discussion Forums

[Stan Rogers]

[Swampfox10mm]

I imagine the teachers at said univ are currently pretty worried and checking on their money?

[Mr. Kalgukshi]

[radcon]

I have always wondered about foreigners paying in to the Korean pension schemes. From what I hear the pension plan is doomed in the long run much like those in western countries. Who do you think will be the first ones out of luck if the Korean pension scheme has financial difficulties in the future?

[ontheway]

Pension money left behind in either the government's National Pension or a private pension like those set up by many universities both offer good opportunities for embezzlement.

An administrator working for either of these types of institutions would have the opportunity to fake a withdrawal, submitting forged paperwork and delivering cash "at the airport" or transferring funds to a bank account under their own control. It could be years or before the affected foreigner would discover the missing money. Many former foreign workers undoubtedly never even attempt to collect their money, so these thefts would be unlikely to ever be noticed.

In life, nothing is safe, and if you don't watch out for yourself, expect to be ripped off.

[12ax7]

[Mr. Kalgukshi]

This doesn't sound like good news for pension contributions gone missing:

http://bambooinnovator.com/2013/08/14/koreas-national-pension-service-nps-is-under-fire-for-poor-management-of-taxpayers-money-after-it-was-found-to-have-provided-pensions-worth-51-3-million-to-unqualified-people-between-200/

[Stan Rogers]

Similar scams happen in other countries with their pension plans. It's a drop in the bucket at best when you compare the amount of fraud to the size of the Korean pension fund. They have a well funded plan that is in much better condition than many western pension funds.

[Mr. Kalgukshi]

[TheUrbanMyth]

I'd tell him that his pension is gone and he is very unlikely to ever see a won of it...even if it is investigated and found in his favor as the time limit has expired.

This is from Korea's NPS

[12ax7]

[Mr. Kalgukshi]

It also makes zero sense in so far as the requirements under the U.S. - Korea Reciprocal Social Security Agreement. It you haven't read it, read it as it will do away with some of the myths being spread about here. You can find it on the U.S. Embassy, Seoul, website.

[atwood]

Unfortunately for your friend, I believe TUM is for once, proving the old adage about blind pigs, right. I've heard it from many sources that you can't let it sit there for more than five years after you quit working in Korea.

I agree it doesn't make sense, but that seems to be the SOP.

[Stan Rogers]

[Swampfox10mm]