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Korean Job Discussion Forums
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daxdefranco
Joined: 04 Jul 2009
Location: chipyeong-dong, gwangju
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 Posted: Tue Dec 21, 2010 8:00 pm Post subject: Pension question |
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I have a question regarding pension over two contracts. Last year I was in Korea, my hagwon went bankrupt, blah blah blah. Collected my pension when I left the country and that was that.
I'm back and my current contract is nearly over (about 3 months) and I'm starting to look for other jobs. I'm not planning on leaving the country in between contracts, and I know that pension will accrue interest - so here's my question: Since your pension fund is, so far as I can tell, tied to your ARC ID and your ARC is tied to your contract...how would I get pension after my next contract...is there two funds that I need to collect from?
I've looked on the npc.or.kr site and some of the pension stickies, but haven't found anything that answers this (not that it isn't there, I just didn't find it). Anyone know? I know this isn't a unique situation. Thanks! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Dec 21, 2010 8:16 pm Post subject: Re: Pension question |
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| daxdefranco wrote: |
I have a question regarding pension over two contracts. Last year I was in Korea, my hagwon went bankrupt, blah blah blah. Collected my pension when I left the country and that was that.
I'm back and my current contract is nearly over (about 3 months) and I'm starting to look for other jobs. I'm not planning on leaving the country in between contracts, and I know that pension will accrue interest - so here's my question: Since your pension fund is, so far as I can tell, tied to your ARC ID and your ARC is tied to your contract...how would I get pension after my next contract...is there two funds that I need to collect from?
I've looked on the npc.or.kr site and some of the pension stickies, but haven't found anything that answers this (not that it isn't there, I just didn't find it). Anyone know? I know this isn't a unique situation. Thanks! |
Your pension is tied to your ARC.
Your ARC is tied to YOU and NOT your contract.
When you change jobs you usually retain the same ARC number (scan your arc and e-mail yourself a copy if you want to retain it for future reference).
When you change jobs your pension is still under one account number (assuming you are always enrolled in the NPS). Some universities have a private pension plan that is separate from the NPS.
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