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Korean Job Discussion Forums
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da_moler
Joined: 11 Nov 2006
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 Posted: Mon May 03, 2010 12:15 pm Post subject: Pension and healthcare |
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I'm considering returning to Korea after three years away, but I have one concern: coming back to Korea will mean losing the pension and health insurance I get from my current employer. Last time I was in Korea I didn't worry about these things, but now that I'm older and considering making this a permanent move, it's making me hesitate.
As a UK citizen, I'm not entitled to the Korean state pension (even though I'll have to pay into it every month!), and of course no Korean employer contributes to a private pension or healthcare. Therefore, I'll have to cover these expenses myself. Could anyone advise on how much I'd be looking at monthly for private pension and healthcare in SK? (And how problematic is it for a foreigner to enrol?)
Many thanks for any advice. |
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Sadebugo1
Joined: 11 May 2003
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| Posted: Mon May 03, 2010 2:02 pm Post subject: Re: Pension and healthcare |
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| da_moler wrote: |
I'm considering returning to Korea after three years away, but I have one concern: coming back to Korea will mean losing the pension and health insurance I get from my current employer. Last time I was in Korea I didn't worry about these things, but now that I'm older and considering making this a permanent move, it's making me hesitate.
As a UK citizen, I'm not entitled to the Korean state pension (even though I'll have to pay into it every month!), and of course no Korean employer contributes to a private pension or healthcare. Therefore, I'll have to cover these expenses myself. Could anyone advise on how much I'd be looking at monthly for private pension and healthcare in SK? (And how problematic is it for a foreigner to enrol?)
Many thanks for any advice. |
I don't know about pension, but the law requires the employer provide healthcare, right?
Sadebugo
http://travldawrld.blogspot.com/ |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Mon May 03, 2010 2:31 pm Post subject: Re: Pension and healthcare |
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| da_moler wrote: |
I'm considering returning to Korea after three years away, but I have one concern: coming back to Korea will mean losing the pension and health insurance I get from my current employer. Last time I was in Korea I didn't worry about these things, but now that I'm older and considering making this a permanent move, it's making me hesitate.
As a UK citizen, I'm not entitled to the Korean state pension (even though I'll have to pay into it every month!), and of course no Korean employer contributes to a private pension or healthcare. Therefore, I'll have to cover these expenses myself. Could anyone advise on how much I'd be looking at monthly for private pension and healthcare in SK? (And how problematic is it for a foreigner to enrol?)
Many thanks for any advice. |
Since you are thinking of making this a permanet move, then I would invest in bonds at different maturing rates. You could also leave Korea periodically to withdraw the pension money after some years and then become back for another job. At any rate, with the amount of money you will have you can put your money into reliable investments - bonds, CD's,
and when the economy starts stabilizing somewhat put some money into gold. However, I am not a financial adviser, but usually people for retirement purposes do get bonds and you can buy them from your home country when you visit or in Korea or both.
I hope that helps in terms of ideas... |
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