Korean Job Discussion Forums

[davejohnson333]

Someone said this on another thread:

"You can be eligible for retirement here after only ten years.
10 years is 50% pension. It won't kick in until you're about 63,
and it's only a few hundred thousand won a month, but it is
what it is....for life. You don't have to live here to collect it either."


Can anyone confirm this and elaborate on the pros and cons etc.
of this retirement package? It seem to me that it would be worth
working in Korea if you were in your 50s and needed some social
security when you get older than 62.

Thanks for your input

[pkang0202]

For every year after the initial 10 years you pay into it, the amount you get paid goes up. Also, they'll pay it out, even if you don't even live in Korea anymore. Not a bad deal, in my opinion.

[Guri Guy]

The downside being you'd have to live in South Korea for more than 10 years. With the pollution being what it is here, you'd probably lose 5 years off your life just living here. Well, in Seoul/Incheon anyway.

[MrRogers]

FYI:

contrary to what I had read on other threads, and to what the OP is saying,

the PS stopped paying into my pension fund when I turned 60 - without my knowledge

I have brought this up to the Pension office and they refuse to do anything about it

[Typhoon]

That is pretty common. It has happened to several old co-workers of mine. As for the pension. They cut the payments about a year and a half ago. And they will have to do so again as the input does not match the output and will be out matched even more in the next decade, especially with a failing economy and the corruption in the gov't. There won't be much left of the pension program in about 10-15 years. I wouldn't start counting on Korean pension to give you anything.

[12bme]

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