Korean Job Discussion Forums

[knelly]

I have worked in Korea on and off (EPIK for three years, then hagwon for 1 and 1/2) and am now back and 1/2 way through a year-long contract that will be my last in Korea. In all this time (first started in 2000), I never applied for or collected my pension refund. Dumb, eh? So I'm finally clued in and realize that I can get a refund and should apply, my question is, is there a time limit, statute of limitations regarding pensions of does it all just hang there until I collect? Will I need old contracts? Old AR cards? or will all the old info be cross referenced under my passport number/name? Thanks in advance for any help anyone can offer!

[wylies99]

You can visit a pension office and check your balance.

[OculisOrbis]

You can't collect until you finish your current contract and are leaving korea. If you re-sign, you can't collect until you finish the new contract term and are leaving korea. Basically, your employment must be ending and you must be leaving korea to be eligible for the lump sum refund.

In the last month of your work term, go to the pension office with your arc, passport, bank details and an out-going plane ticket. It only takes about 15 to do and they will tell you when and how much money will be deposited.

If you were here at various times working, as long as your arc number remained the same then all of your pension contributions from all your jobs should be in one account.

Call or visit the pension office now (or you can check it online, but its only in korean). Check your balance to make sure all of your employers were putting in the correct share and not under reporting your income to reduce your benefits while pocketing the difference or just not submitting any money at to the pension office.

[Ya-ta Boy]

In my experience, the pension office is actually organized--unlike Immigration--and will have all your information in their computer. I've always found them very easy to deal with. Rules don't seem to change with the day of the week or the mood of the particular person you are dealing with.