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mistermasan
Joined: 20 Sep 2007
Location: 10+ yrs on Dave's ESL cafe
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 Posted: Sat Jan 30, 2010 10:08 am Post subject: is it really a pension? |
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| is it really a pension? how many years must a foreigner work/pay into the system to qualify for that nice, life-long once a month paycheck? |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Jan 30, 2010 2:59 pm Post subject: |
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| 10 years, and yes, it's really a pension. |
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mistermasan
Joined: 20 Sep 2007
Location: 10+ yrs on Dave's ESL cafe
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| Posted: Tue Feb 02, 2010 11:04 pm Post subject: |
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thank you.
if one pays in for 10 years, what would be a "ballpark" figure of the monthly pension payout?
your help is greatly appreciated. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Feb 03, 2010 8:42 am Post subject: |
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| Ya-ta Boy wrote: |
| 10 years, and yes, it's really a pension. |
10 years ... plus attaining the required age of retirement. |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Wed Feb 03, 2010 9:12 am Post subject: |
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| mistermasan wrote: |
thank you.
if one pays in for 10 years, what would be a "ballpark" figure of the monthly pension payout?
your help is greatly appreciated. |
It all depends on how much you pay in. |
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Sadebugo1
Joined: 11 May 2003
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| Posted: Wed Feb 03, 2010 1:16 pm Post subject: |
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| wylies99 wrote: |
| mistermasan wrote: |
thank you.
if one pays in for 10 years, what would be a "ballpark" figure of the monthly pension payout?
your help is greatly appreciated. |
It all depends on how much you pay in. |
No one seems to know. That would worry me!
Sadebugo
http://travldawrld.blogspot.com/ |
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skinsk05
Joined: 09 Mar 2005
Location: Jeonju
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| Posted: Wed Feb 03, 2010 2:15 pm Post subject: |
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| most people don't know because those of us who've left Korea (even if we came back!) applied to and received our full pension (and employer contributions) back once we left. As it is in the USA, rates are calculated for retirees according to how much they paid in. I'd suggest contacting the Ministry of Labor, maybe? you may have noticed this forum more likely gets you less-than-helpful replies from people who prefer to complain! |
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Sadebugo1
Joined: 11 May 2003
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| Posted: Wed Feb 03, 2010 3:14 pm Post subject: |
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| skinsk05 wrote: |
| most people don't know because those of us who've left Korea (even if we came back!) applied to and received our full pension (and employer contributions) back once we left. As it is in the USA, rates are calculated for retirees according to how much they paid in. I'd suggest contacting the Ministry of Labor, maybe? you may have noticed this forum more likely gets you less-than-helpful replies from people who prefer to complain! |
Actually, I applied for mine in '03 and didn't receive it. Forgive me if I lack faith in the system because of that.
Sadebugo
http://travldawrld.blogspot.com/ |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Feb 03, 2010 4:07 pm Post subject: |
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| Not sure why others dont but every year I get a letter from the national pension people indicating how much has accumulated in my account & projecting how much I would receive monthly if I continue contributing until retirement age. About 350000 in my case. I've been paying in for 8 years with about 5 to go till I can collect. |
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Sadebugo1
Joined: 11 May 2003
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| Posted: Thu Feb 04, 2010 3:22 pm Post subject: |
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| schwa wrote: |
| Not sure why others dont but every year I get a letter from the national pension people indicating how much has accumulated in my account & projecting how much I would receive monthly if I continue contributing until retirement age. About 350000 in my case. I've been paying in for 8 years with about 5 to go till I can collect. |
Congrats on that but what does that work out to, $305 at today's exchange rate? Certainly better than nothing but some people on this board have implied they can live on their Korean pensions! You also have to consider currency value volatility and potential government rule changes. Hopefully, no one is basing their retirement Seoully on this!
Sadebugo
http://travldawrld.blogspot.com/ |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu Feb 04, 2010 4:37 pm Post subject: |
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| Sadebugo1 wrote: |
| schwa wrote: |
| Not sure why others dont but every year I get a letter from the national pension people indicating how much has accumulated in my account & projecting how much I would receive monthly if I continue contributing until retirement age. About 350000 in my case. I've been paying in for 8 years with about 5 to go till I can collect. |
Congrats on that but what does that work out to, $305 at today's exchange rate? Certainly better than nothing but some people on this board have implied they can live on their Korean pensions! You also have to consider currency value volatility and potential government rule changes. Hopefully, no one is basing their retirement Seoully on this!
Sadebugo
http://travldawrld.blogspot.com/ |
What kind of government pension do you expect? Hopefully nobody is so naive to completely really on a government pension when you retire. It should only be a small part of the large amount savings people will have to rely on. Don't know what other country's pension payouts are like, but in Canada if you were on the high-end of contributing your max payout is only $1000 a month, not that much.
Save huge now, unless your government moves to some unconditional basic income scheme, pay down your mortgage and start saving. |
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scott
Joined: 15 Jan 2003
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| Posted: Thu Feb 04, 2010 11:51 pm Post subject: |
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space
Last edited by scott on Mon May 14, 2012 6:30 pm; edited 1 time in total |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Fri Feb 05, 2010 7:15 am Post subject: |
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| scott wrote: |
most young koreans i've talked to, meaning they still have 20 or more years to go before retiring, don't actually believe they will get their pension from the national pension plan. supposedly, the korean version is in worse shape than U.S. social security, partly because of declining birth rates.
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Hmmm... I thought most people in the world thought like this. I sure do about Canada's pension despite their nice little mailings that says they're fine. |
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Sadebugo1
Joined: 11 May 2003
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| Posted: Fri Feb 05, 2010 5:56 pm Post subject: |
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| jvalmer wrote: |
| Sadebugo1 wrote: |
| schwa wrote: |
| Not sure why others dont but every year I get a letter from the national pension people indicating how much has accumulated in my account & projecting how much I would receive monthly if I continue contributing until retirement age. About 350000 in my case. I've been paying in for 8 years with about 5 to go till I can collect. |
Congrats on that but what does that work out to, $305 at today's exchange rate? Certainly better than nothing but some people on this board have implied they can live on their Korean pensions! You also have to consider currency value volatility and potential government rule changes. Hopefully, no one is basing their retirement Seoully on this!
Sadebugo
http://travldawrld.blogspot.com/ |
What kind of government pension do you expect? Hopefully nobody is so naive to completely really on a government pension when you retire. It should only be a small part of the large amount savings people will have to rely on. Don't know what other country's pension payouts are like, but in Canada if you were on the high-end of contributing your max payout is only $1000 a month, not that much.
Save huge now, unless your government moves to some unconditional basic income scheme, pay down your mortgage and start saving. |
Civil servants in the US have a three-part retirement plan broken down as follows.
The defined pension for me would result in about $1500 in todays dollars. The 401(k), which the government matches up to 5% per month, would add a substantial amount more after 20 years of service. Then, there is social security which would equal about the same as number one based on projections by the SSA. As you suggested, I save money especially when overseas where the government provides free housing, temporary promotions, a per diem (including meals and incidental expenses) and various other benefits. Plus, I can continue living the EFL life by going to poorer (for pay) countries such as Slovakia and Georgia while still getting a US salary. Finally, my four-bedroom house is paid off. I guess you could argue the government won't be able to make these payments much longer, but then no one's savings will be secure if that happens.
Anyway, I beg you. Please, no one insult my intelligence further by implying that working in Korea is a better deal than what I'm doing now.
Sadebugo
http://travldawrld.blogspot.com/
Last edited by Sadebugo1 on Sat Feb 06, 2010 4:11 am; edited 1 time in total |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Fri Feb 05, 2010 6:40 pm Post subject: |
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The ~W350,000 a month figure is what was quoted to me just before Christmas. It will be sent to any address anywhere in the world, or so I was told.
I look at it as essentially a life-long monthly meal ticket since that is the approximate amount I spend on food per month. |
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