Korean Job Discussion Forums

[Omkara]

I'm leaving Korea next month; I'll return mid-summer.

With the exchange rate, I'd not want to have the pension deposited in my US account.

Question 1: Can we have that money deposited in a Korean account? (I understand that we must tell them that we have no intention to return. But having an international K account will not imply necessary residence in Korea?)

Question 2: Do the pensions accrue interest? What rate? Greater than 5.5%?


I figure I could get at least 5.5% interest on the money, had I it in my possession; but if I have to deposit it in an American account, I lose too much; if the interest exists and is higher than 5.5%, I'd be better not to touch it until the end of my stay in Korea.

Opinions?

[Omkara]

I've just gotten word from my co-workers that the account has no interest.

So, can we have the money deposited in a K account?

[cruisemonkey]

Yes, they will deposit it in a K-bank account.

[Omkara]

Great, thanks!

Any other insights about the nature of the pension system will be most welcomed.

Are there advantages to not taking personal control and leaving it untouched?