Korean Job Discussion Forums

[oatmeal]

I have over 5 years worth of pension (saved? held for me?) by the (government?). I used to get a letter from them every year kind of updating me on what my pension is up to, but just curious what happens when I'm unemployed but still remaining in Korea?

Does the Pension refund just stay put even though I will be unemployed for a year or more? Basically, I'm not adding to the pension anymore so I'm not sure if I'm allowed to just take it out now or if I can ONLY take it out when I leave the country?

I just want to make sure the pension is safe even though I am no longer contributing to it due to being unemployed for a year or longer.

[pmwhittier]

I got my yearly pension letter today, and the only item listed in the informational brochure about this is a blurb about "Negative Prescription." It states: National pension payment cannot be received...if the recipient does not make a payment request within 5 years of the eligibility date (ex. departure date from Korea, or reaching 60 years old).

So if neither of those conditions has been met (left Korea for more than 5 years or turned 60 five years ago) it should just sit there until you claim it. And yes, you must leave Korea and apply for a lump sum payment (to be deposited in your non-Korean account or picked up in cash at ICN airport) to get the money on your pension. More info at nps.or.kr (has an English option at top right of the page).

[oatmeal]

hmm thanks for that reply. I hope I understood this correctly.
So even if I'm unemployed and not paying into my korean pension anymore, it's still going to sit there until one day when I leave Korea to claim it?

[ttompatz]

Yes.

It will remain there, stagnant, until you reach 10 years of payments OR take a cash refund.

.