Derrek
Joined: 15 Jan 2003
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 Posted: Thu Dec 09, 2004 3:44 pm Post subject: |
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| coolsage wrote: |
| For now, if you are from the UK, OZ, SA, or NZ, you're being ripped off , and frankly, if I were from one of those countries, I wouldn't stand for it. |
What do you suggest these people do? Change nationalities?
There is nothing they can do. It's because of reciprocal agreements between governments that someone either receives or does not receive pension, based on their country of origin.
Quote from EFL-LAW:
Under the National Pension Act, a lump-sum refund may only be paid to non-Korean nationals if they are nationals of countries with social security systems that pay corresponding contribution refunds to Korean nationals or if provided for by an agreement. All foreigners are eligible for a lump sum refund of Premiums paid, if they are from countries that have 'totalization agreements' with Korea, and if the foreigner leaves Korea or meet other eligibility requirements, (N.B. Australians do not) The United States and Canada have negotiated totalization agreements with Korea. The U.K. has negotiated a contribution only agreement. This means that a foreigner from the U.K. who is employed in Korea may benefit from the elimination of dual coverage, but will not get a lump sum refund. In Korea the refund is processed by the National Pension Corporation, in Canada by the Human Resources Development Org', in the U.S. by the Social Security Administration. If you submit your application in your home country, that agency will forward it to Korea. Many teachers do apply in Korea before leaving the country and arrange the refund as well. Countries such as New Zealand, Australia and South Africa have not signed any agreement therefore citizens from these countries cannot claim any refund or reciprocal payments after paying Korean Pension tax. |
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