Korean Job Discussion Forums

slancaster · Joined: 10 Nov 2005

I've just discovered that my otherwise legitimate academy is not withholding pension monies. I mentioned this to them, saying that I thought it was mandatory for those foreigners from the U.S. and Canada (I'm from the U.S.) but my manager and owner didn't seem to know much about it even though the school is eight-years-old. Supposedly they are looking into it, but what recourse do I have if they indeed choose not to address this issue properly?

Also, if I finish my contract and I decide to continue working in Korea, either with the same employer or a different one, how would I apply for the pension refund? Do I have to wait until I leave the country for good? Thanks.

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

a) You can contact the pension office in your area directly and ask them if they are receiving your contribution. When they discover they are not, they will contact your boss.

b) Yes, you will get a refund when you leave the country. You have to go to the office and fill out a short form, show them your plane ticket and provide them with your US bank account number so they can deposit the money after you leave.

MollyBloom · Joined: 21 Jul 2006 Location: James Joyce's pants

Yes, I have been having questions about this as well. The private school I will be attending soon does not do the pension plan. I was concerned because I have been reading that a foreign worker that works over 80/hrs a month is required to get it, that it is illegal if you don't pay into it, but if you work under 80 hrs a month it is by the discretion of the school. But the manager of the school and some other people involved said it is to the discretion of the school, thus they don't do it.

I feel really wierd about not getting it because of all the talk on this site, but my boyfriend says we will get bigger paychecks, and if we were to collect the pension when we leave, it would equal around $1200 USD. He agrees it sucks, but he dosen't want to make a big stink about it to the employer and then in turn piss him off, making our year hell.

I guess I am overly cautious/paranoid since I have been reading this board. I feel pretty knowledgeable about a lot of stuff, though I definitely could always learn more. I just want to be careful going into this job because I don't want to get screwed.

TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

kat2 · Joined: 25 Oct 2005 Location: Busan, South Korea

Since you are from the US, it would do you some good. Yes, you would have to pay a big lump of back payments, but so would your employer. You would still get his contributions back when you leave. So you still come out on top. Call the pension office!

slancaster · Joined: 10 Nov 2005

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Young FRANKenstein · Posted: Sat Oct 28, 2006 12:25 am Post subject:

Smee · Joined: 24 Dec 2004 Location: Jeollanam-do

Double check with your boss, b/c maybe his/her English isn't good enough to figure out what you're saying. It's mandatory.

Also, check with your local pension office. Here's a list with pension offices in the country, with directions on how to get to each one.

http://wiki.galbijim.com/National_Pension_Offices

(There's also one in Bundang that isn't listed on there . . .)