Korean Job Discussion Forums

[jjk]

My wife and I started paying into the pension October 1, 2004. We left Korea in June 2007 and started working here again March 1 2008.

Is the 10 year limit based on 10 years of active contributions- i.e the time after we left in 2007 is not included in the period? Also, is it 10 years to the start of payments or just the calender year? i.e our 10 years are Jan 2014 or October 1, 2014? I hope October 2014 as we are starting our last Korean job in March and hoping to stay for 2 years and then go back to Australia (which is why we didn't collect the first time as we couldn't in 2007).

Thanks in advance!

[cincynate]

It is 10 years of 'active contributions'.. However, if you left and requested a lump sum payment at the end of your last run, the clock resets. I hope you didn't leave it sitting in Korea all that time ?!?

[jjk]

It has been there the whole time, as when we left in June 2007 the agreement between Australia and Korea hadn't been finalized, so there was no choice there!

Good to hear that we should be able to complete 2 years and still get the money quite a few million there now and we wouldn't want to have it stuck there until 65!

[hwarangi]

You can contact the Pension Agency and ask them directly, although I'm sorry I dont have their contact details. You can also see details of your contributions and balance online if you have an alien registration number.

For what it's worth, I'm Australian - worked on and off in Korea between 1999 and 2010 and was able to get all my pension at the end of 2010.

[Weigookin74]

If you're here more than a year or two or are over 25, you'd best leave that pension in and not cash it out. Korea and Canada have a pension agreement signed. I assume other nations do too. Basically, to get some type of pension when you're 60 or 65, you have to make contributions for a total of 10 years. That's working and paying the pension tax or getting it withdrawn if you're on EI (Employment Insurance). Think you pay the premiums when on EI, too? If you leave your pension in here and don't cash it out when you leave, your time here is included in that 10 year total. If you pay into it for longer than 10 years accumulated time or for higher amounts you get more pension. Thats 10 years of accumulations, whether it is for 10 years or happens over longer than that due to being unemployed, a student, or whatever.

If you're here for a few years or more, you're an idiot if you cash it out. You might do better investing it, but the market could tank tomorrow and it all be for nothing. You can invest and take risks with other money. Don't touch your pension unless you're really young and only are taking one or two years worth out.

[Weigookin74]

The CPP is the Canada Pension Plan. This amount is set by how long you make contributions and how much you contribute. It is the largest amount of your pension. You get the most if you wait until 65. It gets reduced by a certain percentage every year earlier you collect it before 65. The earliest you can normally collect is at age 60, but you'll get the lowest amount. You get Old Age Pension at 65, I think, which is some more money but not as much. If you really poor, you can qualify for old age suppliment. (IE No savings, RRSP's, etc). If you have RRSP's of less than 100 or 200 K just spend it or buy property before you retire. You won't make money on this low amount during retirement, just cause the government to reduce some of your pension. If you have RRSP's over $ 250,000, then it becomes worth it because your payout will exceed any reduced pension you get. I need to lecture myself on this as much as anyone else to get saving for this. Ha ha. Anyways, that's my plan for retirement. You do whatever the he!! you want and make your own choice. (I have to say that for legal reasons. Ha ha>)

[ajosshi]

[Stan Rogers]