Korean Job Discussion Forums

Mosley · Joined: 15 Jan 2003

You HAVE to apply in Korea, and unless your Korean is spiffy, you'll need a translator. I applied in late August. You can choose payment by cheque or deposit to your bank a/c at home, if you have one.

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

Mosley · Joined: 15 Jan 2003

Well, like I said, it took the Japanese 5 months to send me my refund. So I'm relatively pleased w/2 months.

JohnnyFive · Joined: 08 Oct 2004

Wow! $5K seems like alot. I'm gonna be applying for my pension soon, and I was wondering if $5K was the 4.5% that you paid into the pension, or if its the total 9% that both you and your school paid into it.

I've been here 2 years, so it could all add up to a pretty good chunk of cash.

Thanks.

Mosley · Joined: 15 Jan 2003

That total is both my own & the employer's contributions.

lastat06513 · Posted: Tue Nov 09, 2004 5:53 pm Post subject:

Another post out of retirement..
__________________________________________________________

Can you or anyone else who is entitled to their pension able to get it, although you don't leave the country?

The answer is.....yes!

This is how I did it.

Get a one-way ticket out of Korea. Then go to the nearest pension office to sign all the necessary forms and be sure to bring your passport, bank account book (yes, they can also wire it to your Korean bank account [actually, it is faster- it took me only 3 weeks to get my pension opposed to the 2-3 months stipulated by using a foreign bank account], your ticket and your foreign registration card (if you don't have one, bring your identification from your home country.)
For me, the process took about 30 minutes.

I was sitting on 3,795,000 won for only 2 and a half years. Plus they calulate interest from the time you started contributing. So, I got about 4 million won when I withdrew my money.

and after all was done, I only went to the phillippines for a day.
(Sucked though!)

But, keep in mind, not every teacher is entitled to their pension. Call the immigration office or foreign help center for more info.

Patong Dong · Joined: 06 May 2003 Location: On Nut

Since I asked the original question I figure I should share the eventual outcome and what pension receipt facts I can vouch for.

I applied for my pension around Dec. 2nd in Suwon. I was directed to an English speaking staff member and filled out the forms in maybe 10 minutes at most. I needed passport, plane ticket, ARC, and bank book. I used my Korean bank account as I thought it would be less hassle on their side and besides, I didn't have a Canadian Bank book or cheque. She told me how much approx. when I asked and gave me the # and email of the person in the Seoul office who would be dealing with my case. She was helpful and efficient and told me it would take about 8 weeks. So imagine my surprise when I received my and my employer's contributions in full on Jan 1st.

In this instance I have to hand it to the Korean bureaucracy.

jajdude · Joined: 18 Jan 2003

Hmmm...

I have no idea how much I might have paid into the pension since 1997. I just thought mainly I was paying income tax around the usual 3-5 %.

maybe in the future i could get a few bucks?

katydid · Joined: 02 Feb 2003 Location: Here kitty kitty kitty...

If I am leaving Korea for good Very Happy

can I make a request to have the pension refunded to my American bank account or would I need to set something up to have an International Bank card with my bank to get at the money? Do they send checks?

Derrek · Joined: 15 Jan 2003

Mosley, you had a check mailed to you in Canada? Or a transfer to you in Canada?