Korean Job Discussion Forums

dulouz · Joined: 04 Feb 2003 Location: Uranus

I'd like to get my pension money. I'm going to get a ferry ticket and use that as my one way ticket proof at the pension office. Then I will get a refund for the ticket. I'll let you know how that works.

Grotto · Joined: 21 Mar 2004

if you book through Air Canada you can get a fully refundable ticket and get that refunded once you have applied for your pension...worked for me.

hack · Joined: 24 Jan 2003

dulouz · Joined: 04 Feb 2003 Location: Uranus

They never audit that you go away and never come back. You just need a one way onward ticket. It seems better if you have the money sent to a Korean account. Its quicker and there is no transfer fee. I understand you can also apply a long time before you leave but I'm not certain when they release the funds.

Grotto · Joined: 21 Mar 2004

You can apply for your pension in the last month of your contract.

You can have it sent to your Foreign account or a Korean account.

It usually takes about 3 or 4 weeks for it to come through.

hack · Joined: 24 Jan 2003

Great info guys, Thanks

canukteacher · Joined: 21 Jan 2003 Location: Seoul, Korea

If you are at a university that has a private pension plan you can apply to get a refund of your National Pension Plan contributions. It is all on their website, which is now a sticky.

I applied a month ago, and am told it will take about 2 months to see my refund in my Korean bank account.

Good luck!

CT

dulouz · Joined: 04 Feb 2003 Location: Uranus

Yea, I went there today. You have to go to a Hana Bank on the second floor near the pension office. You fill out the forms and it goes fairly quickly. However, the forms have some aggresive punishment wording about coming back to work again etc. That was the only hangup or detraction.