Korean Job Discussion Forums

Real Reality · Joined: 10 Jan 2003 Location: Seoul

By policy, the pension system makes reimbursements to workers from just 16 countries....Those countries include the U.S., Canada, Germany, Hong Kong, and Switzerland.

Foreign workers from 82 other countries, however, including Australia, Britain, China, India, and the Philippines, are refused the return of their contributions because their countries and Korea have not formalized any such agreement. Nonetheless, workers from the 82 countries often are told by employers - who may be unfamiliar with the distinctions between countries - that they can get their money back when they leave Korea.

For both Korean and foreign workers, pension contributions amount to 9 percent of their pay. Of the total 9 percent, 4.5 percent is withheld from the worker's earnings. The remainder is contributed by the employer.
The Korea Herald (October 15, 2004)
http://www.koreaherald.co.kr/SITE/data/html_dir/2004/10/15/200410150008.asp

National Pension Corporation
http://www.npc.or.kr/eng/g_index.html

http://www.npc.or.kr/social/index_en.html

jaganath69 · Joined: 17 Jul 2003

Face facts, things are f*cked in Korea for the average immigrant or temporary worker. We just have to deal with it. I am going to extract my revenge by making Korean's lives hell the world over when ever I get the chance. Twisted Evil

peemil · Joined: 09 Feb 2003 Location: Koowoompa

Here- Here!

manlyboy · Posted: Fri Oct 15, 2004 3:06 am Post subject:

Damn it! I read the article once, but now I can't get it to open again.
When I saw the headline "Foreigners Protest", I thought: "Good. Finally a concerted push to give these 'efforts' a nudge", but it sounds more like it's just a bunch of isolated individuals lodging grievances at a complaints department.
I believe that the Australian Ministry of Trade has been in talks over this with their Korean counterparts since 2002.
Can anyone enlighten me as to why this kind of reciprocal agreement takes years to implement?
I smell a rat.
What about getting some kind of Mithridates-esque petition going over this?

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

I guess that in this regard its good to be Canadian. Oh Canada, thy true North strong and free....

mindmetoo · Joined: 02 Feb 2004

Actually if you're a Canadian and you work as an H1B visa worker (specifically issued for either a skilled high tech professional or a super model, believe it or not) in the USA, you can't get your government pension plan contributions you made in the states. I'm actually surprised you can get a rebate in Korea.

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

I'm only referring to the contributions made by an E-2 holder. I'm Canadian and so I get them back.

shawner88 · Joined: 01 Feb 2003

Oh say can you see, by the dawn's early light... Very Happy

Kim Jong Jordan · Joined: 13 Mar 2004 Location: The Internet

Cheers Shwaner88!

coolsage · Posted: Sat Oct 16, 2004 1:57 am Post subject:

My fellow Hosers: Make sure that you hold your employer's feet to the fire on this one. Some will insist (and perhaps not through malice, simply through ignorance) that pension contributions and severance pay are the same thing. They are not. You are entitled to both upon termination of a twelve-month (or longer) contract.