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OBwannabe
Joined: 16 Feb 2008
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 Posted: Fri Apr 09, 2010 4:35 am Post subject: Lump-sum pension...unlimited withdrawls? |
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I'm from one of those countries that allows for a lump-sum withdrawl from the Korean pension scheme.
Can you withdraw an unlimited amount of times? I heard a rumour that it's a one time only thing.
Sure hope not. This will be my second time applying for it and have over 3 years of contributions waiting for me |
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Juregen
Joined: 30 May 2006
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| Posted: Fri Apr 09, 2010 5:45 pm Post subject: |
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| As far as my experiences goes, it is a one time lump sum payment. |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Fri Apr 09, 2010 6:34 pm Post subject: |
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Really? Does that mean you withdrew once and tried a second time but were denied?
That's the worst news I could have gotten. Crap!
Anyone else out there try to withdraw from the Korean Pension Plan more than once? |
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languistic
Joined: 25 Nov 2009
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| Posted: Fri Apr 09, 2010 6:42 pm Post subject: |
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| If you are asking if it is like a bank where you can take out at will, the answer is no. AFAIK, you can take out the money when a contract has ended and you are ready to go back to your home country, one-way ticket in hand as proof. |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Fri Apr 09, 2010 6:53 pm Post subject: |
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| languistic wrote: |
| If you are asking if it is like a bank where you can take out at will, the answer is no. AFAIK, you can take out the money when a contract has ended and you are ready to go back to your home country, one-way ticket in hand as proof. |
Sorry, I see now I wasn't as clear as I should have been.
My current contract ends in a couple months and I am moving back to Canada. In all likelyhood I'll be back though.
I've been at the same hagwon for the past 3+ years.
Will I be able to withdraw even though I did so back in 2007?
cheers |
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languistic
Joined: 25 Nov 2009
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| Posted: Fri Apr 09, 2010 7:00 pm Post subject: |
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| Then sure...a one-way ticket outta here gets you your cash each time a contract ends. |
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OBwannabe
Joined: 16 Feb 2008
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| Posted: Fri Apr 09, 2010 7:02 pm Post subject: |
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| languistic wrote: |
| Then sure...a one-way ticket outta here gets you your cash each time a contract ends. |
Sweet! |
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air76
Joined: 13 Nov 2007
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| Posted: Fri Apr 09, 2010 7:18 pm Post subject: |
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| You may want to check with the pension office to make sure that your hagwon has been paying into the system....if they haven't then you'll still have time to file a claim before you leave the country. |
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