Korean Job Discussion Forums

[seoulunitarian]

I have a question. I will be visiting my parents in the US this summer after working in Korea for two years straight. I will be coming back at the end of the visit to work at the same school. Some people have told me I can get a pension refund as long as I have a ticket back to America. Others (my workplace) has said I must be changing schools or leaving for good to get my pension back this summer. I have some school loans to pay off, and the pension money would be nice to have this summer. So what's the deal? Can I get it back this summer, and, if so, how?

Thanks,
Daniel

[T-dot]

i believe you can only get the pension refund ONCE. you can claim it now, but it might be better to claim it when you decide to leave Korea for good.

[Homer]

[schwa]

Others here have attested to getting pension refunds more than once.

But regarding the op's situation, I'd say the school is right. If youre extending your visa with the same school, the pension folks will reject your claim.

You need to show at least the intention of leaving for good. I suppose you could pull it off if you officially terminated your job & turned in your ARC on exiting the country. Then you'd have to get a new E2 from your consulate (blue letter, credentials check, all that rigmarole) or come back as a tourist & do a visa run, & get a new ARC, etc.

Your school would have to be willing to play along too.

edit: Homer's remark popped up while I was typing. I could be wrong about claiming twice, but I think I've heard otherwise. Anyone with firsthand experience or official sources?

[Homer]

Well that was probably through a mistake on the part of the the agency controlling pension refunds or through a different deal between their countries and Korea.

Legally the refund is once as it should be. As I said, this is not some savings account. There are also agreements out there to transfer your pension to your home countries pension scheme. This however may involve income tax audits...

[quiksilver]

If I remember correctly the people who said they got the refund twice happened to get a new alien card with a different number and that's how they got around the "one-time" refund. Everything I've ever read states that it is a one-time thing but if they go by your number (ARC, or whatever) and not your name then you might be able to get away with it.

[Homer]

[Grotto]

I have recieved my pension each time I have left Korea. In all honesty the first time I did not have any set plan to return...the second time I knew I was coming back.

I believe it is a typical Korean thing...you knows laws and regulations are guidelines...not set in stone

[OiGirl]

[OiGirl]

[Homer]

oigirl,

The point would be then not to claim your pension right as you leave but rather to wait later until you are sure of your decision.

[OiGirl]

I will know I have left Korea for the last time only when I die.

[Homer]

Then...claim your pension on your deathbed!

Or wait a few years here and then claim the amount.

Or simply have it tranfered to your pension scheme at home.

Its not that complicated it seems.