Korean Job Discussion Forums

[T-dot]

Is there a cap regarding how much pension a person can claim?

How about a time limit?

I dont plan on going home anytime soon, so will the money sit there till I collect?

[carleverson]

Some universities have been known to fire teachers right before they are forced to increase contributions to the teacher's pension account. Most pension systems (there are several) in Korea have quite a big bump in % of contribution the employer must match after 4-5 years of employment, thus the incentive for employers to fire teachers nearing 4-5 years of employment and hire new teachers that cost less.

There is no time or cap limit to collect pension money. It will stay in your pension account as long as you don't collect it. The money in your pension account will collect a tiny bit of interest (most are 1-3%) with the rate depending on the pension corporation you have an account with.

[ttompatz]