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Gideon
Joined: 24 Feb 2004
Location: Seoul
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 Posted: Thu Jan 20, 2011 6:07 pm Post subject: |
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| PatrickBateman wrote: |
Question...
So, my contract is coming to an end in the spring. I plan on returning home for a month or two and then returning. Is everyone saying that I can't collect my pension during the time I'm home? Also, if I do I have to pay it back upon my return?
(From The US)
Any information on this would be helpful. Thanks! |
Depends if your with the National Pension Fund OR the Private Pension Fund. If you are with the Private Pension Fund (www.ktpf.or.kr) then you can get your pension money at any time.
The national is only given if you are leaving the country for good. Although I've heard conflicting stories. |
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Rutherford
Joined: 31 Jul 2007
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| Posted: Thu Jan 20, 2011 6:24 pm Post subject: |
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YOu can not get your pension until you leave Korea for good. If you return after leaving and collecting, theoretically they will ask for you to return your pension.
so far I've got almost 6 mil waiting for me. |
Not true. I collected after my first year, came back six months later and had no problems. |
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Mikejelai
Joined: 01 Nov 2009
Location: Seoul
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| Posted: Fri Jan 21, 2011 12:50 am Post subject: |
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| Under the relatively new law you will only get matching funds from a private university if you stay at that university for more than five years. In the old days you got matching funds regardless of length of stay (plus you got an extra one month bonus for each year you worked at that university) |
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toonchoon
Joined: 06 Feb 2009
Location: Gangnam
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| Posted: Fri Jan 21, 2011 9:32 pm Post subject: |
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| i had them deposit my pension into my KEB account a few years back, when i was getting ready to leave Korea. they looked at me funny, but i didn't see it as a problem, and obviously they didn't. got the money into my account, and i was back to ROK 3 months later teaching at a new gig. |
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megandadam
Joined: 28 Dec 2008
Location: toronto, canada
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| Posted: Sat Jan 22, 2011 4:30 am Post subject: |
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| Rutherford wrote: |
| Quote: |
YOu can not get your pension until you leave Korea for good. If you return after leaving and collecting, theoretically they will ask for you to return your pension.
so far I've got almost 6 mil waiting for me. |
Not true. I collected after my first year, came back six months later and had no problems. |
a fellow teacher at my school collected then left for a while decided to come back and had to pay it all back over 12 months, only in order to get it back when he left. |
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