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adamwatch
Joined: 10 Aug 2010
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 Posted: Mon Sep 13, 2010 10:32 pm Post subject: How much is the Korean pension? |
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| Anyone any idea how much the Korean pension is at the moment. I ask as I am forced to pay it and was wondering how much I will eventually get. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 13, 2010 11:01 pm Post subject: Re: How much is the Korean pension? |
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| adamwatch wrote: |
| Anyone any idea how much the Korean pension is at the moment. I ask as I am forced to pay it and was wondering how much I will eventually get. |
Depends on where you are from - will you qualify for the cash refund or need to wait till you are vested and then draw it when you are old and gray.
Your premiums should be 4.5% of your salary (matched by your employer).
If you are from Canada, USA or Australia you will be entitled to the full refund (your contributions + your employers contributions) when you leave Korea.
If you are from the UK then the full details are available in the UK/Korea treaty (available for download from the NPS website).
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Tue Sep 14, 2010 7:59 pm Post subject: Re: How much is the Korean pension? |
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| adamwatch wrote: |
| Anyone any idea how much the Korean pension is at the moment. I ask as I am forced to pay it and was wondering how much I will eventually get. |
Depends on how much you pay and how long. As another poster already said it also depends on what country you are from. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 12:56 am Post subject: |
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| Can I get the pension money back after leaving the country just for a 2 week vacation to my home country? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 15, 2010 2:21 am Post subject: |
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| Slowmotion wrote: |
| Can I get the pension money back after leaving the country just for a 2 week vacation to my home country? |
As long as your visa was canceled, yes.
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 4:49 am Post subject: |
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| ttompatz wrote: |
| Slowmotion wrote: |
| Can I get the pension money back after leaving the country just for a 2 week vacation to my home country? |
As long as your visa was canceled, yes.
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What if i'm on an F series visa? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Wed Sep 15, 2010 5:09 am Post subject: |
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| Slowmotion wrote: |
| ttompatz wrote: |
| Slowmotion wrote: |
| Can I get the pension money back after leaving the country just for a 2 week vacation to my home country? |
As long as your visa was canceled, yes.
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What if i'm on an F series visa? |
F2/4/5? Currently contributing to the private plan? Currently contributing to the national plan? Work/visa status?
http://www.nps.or.kr/jsppage/english/agreement/agreement_01_01.jsp#btn04
http://www.nps.or.kr/apppage/english/qna/qna_01.jsp
This was a few years ago, but i was able to get the refund within 2 days after providing the necessary paperwork after changing workplaces and pension plans(ie., to the private one). |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 4:41 pm Post subject: |
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| denverdeath wrote: |
| Slowmotion wrote: |
| ttompatz wrote: |
| Slowmotion wrote: |
| Can I get the pension money back after leaving the country just for a 2 week vacation to my home country? |
As long as your visa was canceled, yes.
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What if i'm on an F series visa? |
F2/4/5? Currently contributing to the private plan? Currently contributing to the national plan? Work/visa status?
http://www.nps.or.kr/jsppage/english/agreement/agreement_01_01.jsp#btn04
http://www.nps.or.kr/apppage/english/qna/qna_01.jsp
This was a few years ago, but i was able to get the refund within 2 days after providing the necessary paperwork after changing workplaces and pension plans(ie., to the private one). |
I work at a public school, so i'm assuming it's the national one right?
I pretty want my much want my pension so I could increase my key money account and get cheaper rent. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 15, 2010 5:06 pm Post subject: |
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not gonna happen.
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 5:14 pm Post subject: |
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| Well how am I supposed to get my money out? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Wed Sep 15, 2010 6:05 pm Post subject: |
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| Slowmotion wrote: |
| Well how am I supposed to get my money out? |
At the end of the contract (when you are leaving) or when your visa is canceled.
And you only get it in a lump sum if you are Canadian, American or Australian. Otherwise it goes to your pension account back home and you get that when you are at retirement age. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 6:17 pm Post subject: |
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| I plan to re-sign with my school. Is it possible to go back to my home country (USA) and get my lump sum and come back a few weeks later and resign with my school? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Wed Sep 15, 2010 6:26 pm Post subject: |
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| Slowmotion wrote: |
| I plan to re-sign with my school. Is it possible to go back to my home country (USA) and get my lump sum and come back a few weeks later and resign with my school? |
It is possible...it's also possible the pension office might give you a hard time about it....you are only supposed to take it out when you leave Korea for good. I guess you could always say you changed your mind.
You'd have to start paying into the pension scheme again though whatever happens. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Wed Sep 15, 2010 6:34 pm Post subject: |
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Yeah I don't mind paying into it when I come back, just I could use the money in there at the moment to make my rent cheaper. At least put that dead money to use for something.
I'm guessing my ticket shouldn't be a round trip ticket then when I go down there right? |
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