Korean Job Discussion Forums

adventureman · Joined: 18 Feb 2003

Ive heard conflicting reports on this.

When leaving Korea and filling for a lump-sum refund for the pension plan, are Americans only eligible to recieve HALF their contributions (i.e. only what the EMPLOYEE has contributed) or the ENTIRE pension back (including what the EMPLOYER has contributed)?

Just in case you were wondering, I have already have contacted the pension office directly in my province and they said yes, Amricans could recieve their ENTIRE pension back, but I'm still not sure...

If anybody have any first-hand knowledge of this it would be great.

Zyzyfer · Posted: Tue Apr 19, 2005 7:02 pm Post subject:

You get everything.

Derrek · Joined: 15 Jan 2003

I had always heard you get it all.

Someone was posting incorrect information, stating you get only what you put in if you are American. Not true.

JacktheCat · Joined: 08 May 2004

Yep, you get your contribution and your employeer's.

It can add up to serious hunk of change.

It's great to be American.

thorin · Joined: 14 Apr 2003

I was only counting on my half. That's awesome (and more evidence that Koreans secretly hate Canadians too).

dreamscape · Joined: 05 Aug 2004

Actually Canadians get it all too, plus employer's contribution.

adventureman · Joined: 18 Feb 2003

That's great to hear.

Thanks.

Just one more quick question: when they send the money back to your home under the then-current exchange rate (I was told it takes about six weeks), do you have any idea if they take out money for wiring expenses?

thorin · Joined: 14 Apr 2003

funplanet · Joined: 20 Jun 2003 Location: The new Bucheon!

yep, about 2million for each year...and you can go to the local pension office and get a statement of contributions...looks pretty good if you been here for awhile!!!

sadsac · Joined: 22 Dec 2003 Location: Gwangwang

Having worked with an American couple who have just gone through the pension refund ordeal, they presented a hard copy ticket confirming their departure to the local pensions office and a letter from the hogwan and they received all their pension, plus it was paid into their dollar account at the KB bank. They had access to all the money, about $10,000 in all. Smile

canadian_in_korea · Joined: 20 Jun 2004 Location: South Korea

I just applied for my pension refund last week. I'm not sure if the requirements are the same for americans and canadians but I had to bring my passport, flight ticket, ARC card, pension paper and passbook for the bank account the money was to be deposited in. I had to fill out two papers, she told me that it usually takes 1-2 months...and gave me a card for the man who takes care of canadian refunds.

darbyjh · Joined: 09 May 2005

I heard about this after I came back to the States. A friend of mine who returned a little earlier than me went to the Social Security office here and inquired about it. They told he would get the pension money from Korea after he retires. It now sounds like the office had no idea what they were speaking about.

My question, how do I go about getting this 5 and a half years worth of pension now that I am stateside...and I will be returning to Korea in about six weeks to work for a different institution...am I still elligle for this or will it carry over to the new job?

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Did all your previous employers pay into the national pension program? If your new employer pays into the program, then you should be able to increase what is currently in the pension account.

How is an application or claim under a social security agreement dealt with?
You may submit an application for a benefit or claim under the agreement to any designated agency in your country or in Korea (in Korea - the National Pension Corporation; in Canada - Social Development Canada; in the U.S. - Social Security Administration; in Germany-Bundesversicherungsanstalt F r Angestellte (BfA).
http://www.npc.or.kr/social/main_en.html?code=s_01_en.html#q8

Who is eligible for a Korean Lump-sum refund?
http://www.npc.or.kr/social/main_en.html?code=s_01_en.html#q7

Social Security Agreement
http://www.npc.or.kr/social/index_en.html

Download Forms
http://www.npc.or.kr/social/main_en.html?code=s_07_en.html

darbyjh · Joined: 09 May 2005

hey, thanks for the quick reply and the info. i will look into it.

guangho · Posted: Sat May 14, 2005 10:10 pm Post subject:

A question: I heard that Americans CAN get a lump sum refund but only one time. So if I work here for 2 years, go home, get my lump sum, come back and work another 2 years I won't get another lump sum refund. Is this accurate? If so, how long does one have until claiming a refund? Can I wait 10 or 12 years?