Korean Job Discussion Forums

[Sympathy for Mr Vengeance]

Ok so I am almost done with a contract (my first). I was given an eticket today for July 13. I have been told that the alien registration is more important than my work visa. My work visa runs out July 9 and then my alien registration on July 17.

I was also told you get tax money back at the end. Can anyone tell me how you do this? I think you do it at the airport?

The bonus for completing a contract is also something I've been thinking about. When do you typically get this? I've heard sometimes they do it at the very end or worse case scenario they try to not give it to you at all. Thoughts?

Guess that's about it. I know a fair amount about living and working in Korea now but this was my first contract so the stuff pertaining to finishing a contract is still new for me. I am looking into another contract elsewhere but that would be after going back to where I'm from for a little bit first. Any advice on that, anything else related to leaving, or any other random stuff I should know about would be very much appreciated! Thanks.

[ttompatz]

Your departure is before the exiry of your ARC so you are fine there.

Most reliable hakwons pay out all of the money owed on your last day of work (less any outstanding bills for utilities on your housing).

The fact that they got your plane ticket to you this early is a good thing so you should have no problems at the end of your contract.

Not sure what tax money you are referring to but there is no refund at the airport (you are not VAT exempt since you were resident) and income tax was filed last Spring and next spring for the work from Jan-July.

/

[Sympathy for Mr Vengeance]

Well ok so how does Korean income tax work? The 3.3% that gets taken out and/or pension? I thought if you were a foreigner that usually gets taken out of your check but then you can get it back when you leave. Is that right? Does anyone know how that works? Could you explain or say some more? Thanks. This exit process is new to me.

I'm also wondering about what I should do w/ my money. I saved some up here but the exchange rate today is 1,187.40 to $1.00 US dollar. Pretty abysmal. It's been up to 1,000 or even 8 or 900 in the past. I think 1,100 at the absolute minimum is acceptable. Anyone have any ideas about what I could do in the meantime until it goes up more? Just take out a big wad of cash w/ me or something?

Anyway thanks. Trying to have a smooth exit so any comments are very much appreciated!

[barneygumbell]

if you're not british you can get your pension money back..get on that soon because over a year it's a lot of money.

as for your money..i've opened an account recently with KEB and they have given me a visa card that i can use abroad..i am gonna test it in the philippines and if it works ok i think i will leave my money in korea..and transfer it later.

i hope that helps.

[Sympathy for Mr Vengeance]

Yeah it definitely does. A friend said something similar about KEB earlier tonight. Wish I knew that earlier. I have KB. I may try to setup an account at KEB and/or take out a bunch of cash and wait for the exchange rate to go up. Basically all foreigners should go to KEB it seems like. Thanks.

[Sympathy for Mr Vengeance]

Actually ok I'm still confused. Is the pension part of the 3.3% tax or is that something else? I was told smaller hagwons (like mine) don't even take out the pension...? Anyone know? I'd like to have the facts and work this out soon!! Thanks.

[barneygumbell]

pension is superannuation..it should be about 99,000 won a month which your school will match which is 200,000 a month..multiply by 12 and you've got lots of money. i could get nothing back because i have a uk passport but my american friend had all his given back to him. nothing to do with 3.3% i don't think..

[Sympathy for Mr Vengeance]

Ok thanks. That's what I was trying to figure out. I don't think they even did it at my school then. They take out the 3.3%, which is 75,900 won. And then my bills which they pay for me and subtract from my income. And that's it.

So that makes it easy I guess. Sounds like all I need is my severance and about 7 days of pay for this month so a tidy little check pretty soon. Thanks.

[DeMayonnaise]

OK going to piggyback on here. My contract, my visa and my ARC all end the same day. My teacher says I have to work the last day of my contract, so I'd have to leave the next morning. I've read all sorts of conflicting things from different people, so please only let me know if you know for sure.

How long can I stay in the country for, and do I need to get the visa extension? Some sources would be nice, too.

[TheUrbanMyth]

[ttompatz]