Korean Job Discussion Forums

[SeoulNate]

Pension fund has been building over the last 5 years or so and I would like to actually put the money to use this year if its not too much of a hassle.

My contract finishes early in December and the new contract at the new school starts in early January (about 5 days before my E2 is up, yay). I will be flying home to the US for about 3 weeks w/ my fiancee and then returning the first week in January.

I have two questions:

1. Can I claim pension if I have a two way ticket that is coming back into the country? Or do I need a one way ticket out? The NPS website isnt clear on this.

2. Will collecting the pension and coming back on a different contract (but same E2) and starting to contribute to pension again cause any problems?

[bluethree]

I did round trip, but came back on a tourist visa. Not sure if theyll let you do it if you have a new work visa soon though. I hear if you try it that way theyll cancel the refund process.

Took about 2-3 weeks for the money to go to account.

[SeoulNate]

How would they really know though? I won't be transferring my e2 until I come back on jan 5th, and the transfer process should already be finished.

Anyone else tried this?

[beentheredonethat777]

[Skippy]

[YTMND]

[beentheredonethat777]

You had a good idea and guide.
Thanks@Skippy.
I poured over it a bit. I do suspect through your scheme might break one or two of the pension laws.
Which laws would this be ,exactly? I seriously do not want to encourage anyone to break the law. period.

If NPS ever caught up to you they might ask for you to pay back your lump sum refund and extra. I cannot see this happening. I have collected pension payments four times. This year was the first time I collected at the airport. It was a breeze. the other times I had the funds deposited into my Korean bank account.
They knew I had collected before and seemed genuinely happy that I'd decided to return to the Land of the Morning calm

Once again I suspect and highly doubt NPS will chase after ya.
100 % percent sure this will never happen.

The question I have is how is the lump sum refund technically to be checked on.

YOU can either call the pension office and they will tell you exactly how much it is,(after they verify your previous employment places with you) or you can go in person to check and file the paperwork to collect.

Is it by visa being canceled or person has left Korea for a spell.

Neither. The visa should NOT be cancelled and the person SHOULD not have left KOREA, yet.

Within one month of contract completion. You should take a one way ticket to the pension office and they will process the pension money immediately and tell you the exact amount.

If you collect at the airport, it's AFTER your pass through immigration and boarding gate, so they KNOW you are leaving the country. It works pretty easy, believe me!

The regulations and laws are vague on that. Maybe I missed something.

]Yes, you missed something. There are NO regulations .There is a booklet in English at the pension office that outlines the things to bring to receive your pension. I included these items in the HOW TO COLLECT YOUR PENSION AT THE AIRPORT AND RETURN THE NEXT DAY! guide.

For getting the refund and keeping on visa is likely going to rely upon timing and some luck on NPS not checking throughly on things.

[b]This is not true. The government Departments here are similar to my home country. They do NOT share information. There is no luck involved here. I have been on the SAME visa for several years. I have worked several jobs and I have collected several pension payments. This time I waited until I had a large chunk to collect

FYI: If you do not collect at the airport, the pension office waits until they receive verification of boarding the plane, and then process the payment

A)If you collect at the airport, they ALREADY KNOW that you are boarding the
plane (because the pension office and the bank are LOCATED past the boarding check. This makes a lot of sense to me.

B)If you decide to have the money send to your home bank account, it takes a lot longer BECAUSE verifications take a while to process/confirm.

C)If you have it deposited into your Korean bank account it takes a while, too, but less time than option B.

When my current contract is up, I will collect again, AT THE AIRPORT.

PERIOD.
[color=red]Edit: The above info applies to E-2 status. I have ZERO knowledge/am NOT sure about ANY OTHER visa series.

[beentheredonethat777]

[. If you were to change to a D10, would that allow you to also get a refund?

D10=NO REFUND!

It means "looking for work"

[YTMND]

[SeoulNate]

Well, I can't collect at the airport because they won't let me carry that much cash into the US :p, so it has to be desposit, probably into my Korean bank account though.

The plane ticket must be only 1 way? Already bought a 2 way ticket.

[beentheredonethat777]

The plane ticket must be only 1 way? Already bought a 2 way ticket.[/quote]

[b]Yes. This is a pension rule.[/b]

[schwa]

[SeoulNate]

Doesn't declare = pay tax on?

Sucks about the ticket, guess I can call them and see what they say too