Korean Job Discussion Forums

Tiger Beer · Joined: 07 Feb 2003

I recall hearing once that you can only take out your pension once?

You aren't suppose to request it unless you are sure you aren't coming back to Korea again.

Just curious.. anyone ever make a request to get your pension money again a second time, after already having done it once?

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

This had better be a nasty rumor!

Scott in Incheon · Joined: 30 Aug 2004

This was true in Hong Kong. You pay into the pension and when you left you could take it out. But if you went back and started paying again, you had to wait until you were of retirement age before you could take it out.

Might be the same here...who knows...

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

I'm now with an employer who has a private pension plan. I was able to get my National Pension Plan refunded. It was in my bank account exactly a month after I applied. All I had to show was that my new employer had their own private plan.

I'm not sure what happens if you get a refund because you are leaving, and then come back.

It's a similar scenario though. I could end up working for another uni that pays into the National Plan. I'll cross that bridge when I come to it.

CT

Hater Depot · Joined: 29 Mar 2005

Official site of the National Pension Corporation:

http://www.nps4u.or.kr/eng/g-index.html

I couldn't find it again, but I remember reading that if you withdraw and then you want to start working and be covered by it again, you have to pay back what you got plus interest.

JongnoGuru · Joined: 25 May 2004 Location: peeing on your doorstep

Homer · Guest

You can collect your pension once (unless they changed the rules here) when you leave the country.

Thunndarr · Joined: 30 Sep 2003

I've gotten my pension twice, at the end of each of my first two contracts.

jacl · Joined: 31 Oct 2005

justagirl · Joined: 17 Jan 2003 Location: Cheonan/Portland

I went to collect it after my first job and was told I couldn't because I was returning to Korea in 2 months to work again. They said you collect it when you leave the country for good. I've also heard that it's possible to be fined if you take pension out and then return to do it again.

jacl · Joined: 31 Oct 2005

jacl · Joined: 31 Oct 2005

Actually, that rule does not make sense. It shouldn't change whether you're leaving Korea for good or not, but I'm talking out of my ass.

Zyzyfer · Posted: Mon Dec 12, 2005 4:33 pm Post subject:

idealjetsam · Joined: 28 Sep 2005 Location: Starting up and stopping.

Has anyone ever gotten the final skinny on this?

peppermint · Posted: Wed Mar 22, 2006 3:37 am Post subject:

There's no such thing as a final answer in Korea, because no one, including the people working there know the actual rules as they are at the moment