Korean Job Discussion Forums

crimsonlily · Joined: 08 May 2006

Two simple questions (about severance and pension).

First of all, I followed the sticky about the pension offices and forms and now know what I need to bring and where I need to go. Great resource!

My contract will be up and I am also returning home at the end of August. My questions are: when should I visit the pension office to fill out the forms? When do I get the severance pay? Is this something I should ask for on my last pay day (hopefully mid-August), or is the severance something that should also be sent to my Canadian bank account after the fact? Oh and also how soon should I ask to have my ticket home in my hand? I know this is basic stuff, however with my school I need to know a precedent to tell my co-teachers ie. "this is how it's done at other schools." Otherwise, much humming and hawing ensues.

Thanks in advance for your replies.

Zark · Posted: Mon Jun 26, 2006 2:25 am Post subject:

#1 - Don't ask - they are your RIGHT.

You have to apply for your pension - after your contract is finished at your place of work. You can apply ealier - but nothing will be processed until after your contract has expired.

You will need your ticket out of Korea when you apply for your pension refund.

I am NOT sure that Canadians can get a pension refund. Double check on that issue - or others on this board can help you on it. I got mine just fine - but I am not Canadian.

You pension refund will be wired to your account - about eight weeks after you are gone. I used a local (Korean) account to be safe and had a friend send me the money.

SEVERANCE is your right - you should receive it with your last pay. Don't allow them to "send" it to you later. Make it clear that you EXPECT it as part of your last pay - and NOT later.

kendy · Joined: 13 Feb 2006

Don't make the mistake that I did. My director told me that he has been paying into my pension account all year (I'm in my 11th month of my contract). I called the pension office today (phone number:1355) and was told that I didn't have an account and that my employer hasn't been paying into it. Though he is deducting 133,000 every month for Tax and what I thought was pension (I make 1.9 mill). I know that I should be only paying about 25,000 won for tax. So he is pocketing the over 100,000 from each of my paychecks as well as my boyfriends. Is there anything that I can do about this? I don't want to risk getting fired and losing my next few months pay and severance.

So in response to the OP's question. Ask about your pension YOUR FIRST DAY and call the pension office the FIRST MONTH to make sure that they are contributing. We just got scammed for thousands of dollars.

kendy · Joined: 13 Feb 2006

oh yah...if forgot.

Canadians DO get the lump-sum pension refund.

Zark · Posted: Mon Jun 26, 2006 3:16 am Post subject:

Go to the pension office and tell them. They will whack his pee pee and make him pay up.

This is very worth doing - as you are talking about a lot of money between the two of you.

This is not an uncommon problem!

semphoon · Joined: 18 Nov 2005 Location: Where Nowon is

Do Brits get the pension refund or does it go to the UK government?

Grotto · Joined: 21 Mar 2004

To get your pension you should go down to the local pension office(every town has one) and have in hand....your ticket out of the country(so you should be making sure you have one PDQ), your passport and banking information for them to send the money to.

For your severance it should be given to you on your final day of work.

Yes Canadians do get their pension back.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

Zark · Posted: Mon Jun 26, 2006 5:55 am Post subject:

ontheway · Posted: Mon Jun 26, 2006 7:40 am Post subject:

For Semphoon:

Brits do not get a refund, nor does the money go to the UK government. The Korean pension office keeps the money. (Maybe they have a big soju party with it. Wink

)

semphoon · Joined: 18 Nov 2005 Location: Where Nowon is

ontheway · Posted: Mon Jun 26, 2006 9:15 am Post subject:

Some countries have made mutual agreements regarding pension payments.

Governments really do not give a dang about people, only maintaining their own power and perks. Socialism hurts the workers most.

kendy · Joined: 13 Feb 2006

crimsonlily · Joined: 08 May 2006

Thanks for the very thorough replies. I knew some of this stuff, but it doesn't hurt to repeat for all. Wink

Okay - the 1355 number - is that like the English tourist line? (The same across the country, you just put your respective area code ie: Daegu: 053-1355)

With so many stories of scams and not being paid, I have to wonder why people bother. But that is really getting off track - I'm sure there will be no problems for myself as I'm with trusty EPIK. I should probably ask my coteacher for my pension account number though, hey? And yeah tell them that I need the ticket home so I can go to the pension office. However - I was thinking I will probably go during my last two weeks here (mid-August) when I'm not working and have time to get downtown during the office hours... It shouldn't matter as it won't be processed until after I'm gone, right?

Thanks again for the replies. Very helpful!