Korean Job Discussion Forums

[U.S.A.]

Hey folks,

Don't forget to collect on your pension refund whenever you leave South Korea for good. It takes a bit of work and you'll most likely need a Korean along with you but it should be worth it.

I just got over six grand--woulda been more except the damn war wacked out the exchange rate.

Not sure about Canucks but us Yanks get the money about a month after the last paycheck. Make sure you don't get rid of your Alien Registration card before filing for the refund. Also, have a copy of your bank statement, social security card, bank name, bank address, wiring number, and routing number.

There are many people who have left Korea without filing to get their pension refunds. Even if you've only been in Korea for a year, you should be set to get several hundred dollars.

[Walter Mitty]

Could you let us know what you had to do - paperwork, where to go etc - to get your money back. I'm leaving soon and want to get this taken care of. My boss is (of course) clueless about what I've got to do to get this money back.

Thanks in advance.

[Len8]

Every country is different. A year ago Australians couldn't get it. I had to ring back to Canberra to get them to go to bat for us. They may have been able to do something in the meantime, but I haven't checked since.
The pension board has a list of the countries that are eligible.

[BTM]

Buddy of mine who left recently got his 3.5 mil (a couple years of pension) in his account (which I'm handling for him) about 4 weeks after he left.

University handled all the paperwork for him.

[The Lemon]

[Jenrose]

Do you get your pension after finishing at each school, or just when you are finished in Korea for good?

[Captain Obvious 2.0]

[rudyflyer]

[kimcheeking]

YOu can not get your pension until you leave Korea for good. If you return after leaving and collecting, theoretically they will ask for you to return your pension.

so far I've got almost 6 mil waiting for me.

[The Hammer]

I changed from one uni to another. The pension money from my first school was deposited in my bank account 3 weeks after I left the first school.

My first uni was a private school and my second is a public one.

The Hammer

[Jenrose]

[HamuHamu]

So I have to WAIT for my pension???

Being Canadian, I know (or, rather, am under the strong assumption) that I get back both my contribution and my employers, which in my hasty calculation is about ... uh....well, it's a lot anyway.

I figured I went in, showed the papers that I need to show and they would refund me within a reasonable amount of time (was hoping within 24 hours). So that's not the case? I have to wait a month?!?!? Do they deposit it to my home account in Can or do I have to keep a Korean account open?

Help! Sort me straight so I can budget the afterlife!

[schwa]

A Canadian friend of mine applied & was informed her accumulated Korean pension would go directly into the Canada Pension Plan. Can that be right? Does anyone from Canada know differently? I was rather looking forward to that nice lump of cash in hand one day ..

[rickhorton44]

[mary_73]

Pension paid in Korea does NOT go into the CPP (Canadian Pension Plan), you recieve it into your account. Yes, it does take about a month, but you DO recieve it. You can have it put into your account in Canada as long as you have all the info. (the same info. you need for wiring money, account number, address, etc.) I did this when I left (I thought for good) last year and I recieved it no problem, as did all the other teachers that I have talked to that applied for it. It is well worth it, for me it came to more than a million won for each year I was there.