Korean Job Discussion Forums

[kiwiluvesyew]

I'm paying into pension and I'm pretty sure I won't make it through my year contract. Is it possible to get back ANY money that I paid into pension if I leave before my contract is up? My contract seems pretty clear on the topic, but there was another post that had a number of people say pension wasn't tied to the year contract.


Each month, four point five percent 4.5% will be deducted from the Employee� s monthly salary
for the Korean National Pension Program (as required by Korean Law) and four point five percent
4.5% will paid into it by the teacher� s Employer. The 9.0% total amount will be refunded by the
Korean Government once the teacher has completed his/her contract. All teachers, regardless of
nationality, are required to make pension payments but only Americans, Canadians, and British
citizens are eligible to receive the pension payment refund at this time.

Please help!!! If you give a link, please make sure it's in English b/c I can't read hangul!

Thanks!

[poet13]

I believe that the pension money is yours regardless of how long you worked. I know if you don't complete your first year, you are usually not eligible for severance. After your first year, if you do not collect severance at the end of the first contract, and don't make it through the second contract, then you are eligible for a pro-rated severance.

[yingwenlaoshi]

You get back whatever you and your boss have paid: 9% or around there. Amount differs depending on your salary, but it varies insignificantly, if at all.

You better make sure your boss has actually remitted the money to the pension office. Call them with your alien card number and find out.

[cruisemonkey]

http://www.nps.or.kr/

Click on the little 'English' at the top right.

[ttompatz]