Korean Job Discussion Forums

[Curious George]

Hey all, I was wondering if someone could give me a heads up on where I need to go/ what I need to do to file paperwork when I leave Korea in a few months.

Specifically, what do I need to do to get my pension money back and any other money I can reclaim (taxes?).

Also, when do I do this? a month before leaving? a week?

I asked my school and they said I do nothing. They told me they do it and put the money in my bank account when they get it. This doesn't seem right to me. And seeing as how now that they know I am leaving they are trying to screw me around on my plane ticket I am a bit skeptical to trust them to do this.

Anyone know?

Thanks

[canadian_in_korea]

when are you leaving? I'm leaving the end of april so the end of this month my husband and I will go to the pension office to fill out the paperwork. I think you are right, from what others have posted this is something you do yourself. I think your employer needs to give you a paper that kind of officially says you have been contributing to the pension fund. Of course this is what they are sending to korean pension from your pay check. I'll post something about what happens when I go apply for mine.

[Curious George]

Im leaving in early May. I did ask the school what I needed to do and they told me nothing. They said they would file all the paperwork and deposit the money in my bank account after I leave.

Anyone else know for sure if this is correct? Or are they trying to screw me about on this?

[Derrek]

I sure as heck wouldn't trust my school to that!!

George, are you on the pension for sure? When I got on it, I was given a sort of certificate a bit bigger than a bank check. If you don't have this, I'd find out where the place is and make sure they've been paying in your share for sure.

[hamlet12]

DO NOT
DO NOT
DO NOT

fall for the line that they are going to put it in your bank account when you leave. Heres a couple reasons. That Pension is in YOUR name, or should be, and it is up to YOU to go get it.

Any school that tells you they will get it for you, either lied and put it in thier name, lied cause they collected it form you, but never paid into the fund, orjust wants the money to stay in the system.

It is your money to get, so dont be convinced other wise

[coolsage]

This ought to be a sticky by now. Before you leave, go down to your local pension office. They will want to see your air ticket and an account number for an OVERSEAS bank account, into which they will deposit your, and your employer's, contribution. Hold the employer's feet to the fire on this one. Many are under the impression that severance and pension are one and the same. They are not. It's your money; get it back.

[bosintang]

On the same topic, does anyone know how long you have to pick up your pension? I never picked up mine from last year...but i'm worried to actually do so. I was only paying 1% of my salary into pension and .1% of my salary into taxes! Or maybe that was vice-versa, but either way..I'm afraid if I go try to claim a pension, I'll get nailed for all kinds of money I was supposed to be paying but didn't pay. Anyone have an experience or two to share with me?

As well, for Canadians, does anyone have any information of how picking up my pension here would affect my Canadian taxes, more specifically CPP contributions in Canada?

[Saunagukin]

Did you do a search? There's lots of info on this.

Anyway, not only do you need a ticket out, your school needs to report that you are leaving...assuming they've been paying, in the first place. If you go to the office and they haven't filed, they'll send you away without your refund.

Make sure you tell your school that you are going to the pension office to apply for your refund and when you are going. Don't let them tell you that they are waiting for your last paycheck. That's what mine said, I didn't believe them, asked pension and pension said that they take your last paycheck into consideration when they calculate your refund, so the school doesn't need to wait.

[HamuHamu]

To answer 2 peoples questions --

1. I also didn't pick up pension from a first job before I went home and returned to another job. My school called for me and as long as you RETURNED to Korea and RE-SIGNED on the pension plan within 12 MONTHS of the last time a contribution was made in your name, you can pick up your pension from the previous time. I didn't have to ask them anything at the pension office, when he wrote down how much I was collecting, I could easily see that it was the amount from 2 different contracts. Your alien card number is the same so it is tied to that.

2. About having a non-Korean bank account for the money to be deposited into -- I was always under this assumption, when my school contacted the office for the above reason they were told the same thing. When I got there, he asked me how I wanted the money -- did I want a cheque cut and mailed to me at home, did I want a transfer to a home account, or did I have a Korean account that I wanted the money deposited into. A friend from my school was with me, chose to have his deposited into his Korean bank account and told the guy at the pension office that he would be back in Korea in 2 or 3 months and he would withdraw it then. The guy said fine, and then asked him ticked off the box on his form that said "I have no intention of returning to Korea." !!!!!!! Weird huh? You have your choice of currency for the cheque, as well.

Finally, when it comes to having the money wired to you abroad, you can't just take your banking info written on a piece of paper - you have to have either a blank void cheque for the account, or a "yellow paper" from a reciept of a wire transfer that you have previously done to the account. Then again, the other rules were "bent" but the guy wouldn't budge on this one for me. I guess it is so there is no confusion over messy handwriting or something.

I went to the Pension Head Office in Jamsil, Seoul. Apparently you are to go to the one for your own GU, but the Head Office will process anyone.
It was quick, easy and painless....and I went in expecting a bureaucratic nightmare. Then again, I won't receive the money for 6-8 weeks, so maybe my opinion will change as I am waiting.......

[OCOKA Dude]

[HamuHamu]

At Jamsil I think it is exit 8 -- the exit sign actually says National Pension Fund, so it's marked on the subway map in the station. Out the exit, walk straight about a block. Its in the Hana Bank building on the left hand side, 2nd floor.

Out the station it's about a 2 or 3 minute walk, not far.

[canadian_in_korea]

[Jake E. Lee]

Question: If I contributed 100K won every month for two years, how much can I stand to receive when collecting pension? I am from California.

[Derrek]

[Hope]

I'm also completeing my contract at the end of April. Do I need to bring anything with me to the pension office from my employer?