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piratebryan
Joined: 21 Feb 2008
Location: Nonyeon
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 Posted: Tue Aug 24, 2010 3:53 am Post subject: Pension question. |
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| Is it possible to cash in pension if I'm in the middle of my contract? I have a flight home for a vacation in a few weeks and was thinking of cashing out and putting the money into an interest bearing account back home. I heard you just have to have a flight out of the country, but is it a problem if its a return flight? |
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salgichawa
Joined: 18 Mar 2010
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| Posted: Tue Aug 24, 2010 3:40 pm Post subject: Re: Pension question. |
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| piratebryan wrote: |
| Is it possible to cash in pension if I'm in the middle of my contract? I have a flight home for a vacation in a few weeks and was thinking of cashing out and putting the money into an interest bearing account back home. I heard you just have to have a flight out of the country, but is it a problem if its a return flight? |
Hi There,
I think the return flight will be a problem. Pension pay outs are for when you leave Korea for good, though they can't normally argue with it if you are finishing a contract. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Tue Aug 24, 2010 4:30 pm Post subject: |
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| You cant cash out your pension if youre just taking a vacation and returning to the same job. You need to have completed your employment, left the country and turned in your ARC when you left. If you plan on returning to work (even at the same job) you will need to go through the whole visa process again to take advantage of the pension refund. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Aug 24, 2010 5:17 pm Post subject: Re: Pension question. |
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| piratebryan wrote: |
| Is it possible to cash in pension if I'm in the middle of my contract? I have a flight home for a vacation in a few weeks and was thinking of cashing out and putting the money into an interest bearing account back home. I heard you just have to have a flight out of the country, but is it a problem if its a return flight? |
You have to hand in your ARC (end of visa) before they forward the funds.
A vacation home won't cut it.
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