Korean Job Discussion Forums

[naturegirl321]

I've been told by some people that if you get an F2 / F5 visa and aren't married to a Korean, then you don't get your pension back when you leave. Anyone know if there's any truth in this?

[r122925]

Not true.

Some nationalities don't qualify for a lump some refund, and there are some other situations where you may not be able to get a lump sum refund... but it has nothing to do with your visa type or marriage status.

The biggest thing to consider as a long term resident is that after paying into the pension scheme for 10 years you become "vested" or "locked-in". That means that if you pay into the system for more than 10 years you cannot get a lump sum refund when you leave Korea. Instead, you will be entitled to monthly pension benefits when you reach retirement age.

I'm going to make a guess about what some of these people you talked to may have meant....

Many E-2 holders will claim their pension balance between contracts. (leave on a one way ticket, come back a few weeks later on a new visa). That will become very difficult once you've got an F-2. Since once you leave and cancel that F-2 visa, it's not going to be easy to get another one like it is for an E-2 or for someone who is married to a Korean.

But you can still claim all of your pension money when you leave Korea for good, provided that you have paid in for less than 10 years.

[naturegirl321]

Thanks so much for the info!

So those 10 years are in a row, right? I mean, peopel could leave, claim the money and come back again and work another 9 years or so?

I guess the clock is ticking as to how long I can stay.

Thanks again!

[r122925]

[naturegirl321]

[Who's Your Daddy?]

[naturegirl321]

[r122925]

[Who's Your Daddy?]

You asked? They don't want you to know how.

I did it in February.

[naturegirl321]

[Died By Bear]