Korean Job Discussion Forums

[rhur0011]

HI Everyone, Happy new year. I am a New Zealand citizen. Does anyone know if we can claim our pension when we leave the country? Any information is appreciated.

[PRagic]

Best place to ask is the national pension office.

[denverdeath]

From what I know, as a NZer, you have to contribute, but get no claim upon exit.

[PRagic]

Again, check with Korea's National Pension Office. You might be able to get out what you paid in, plus some interest, once you hit retirement age.

[ttompatz]

[denverdeath]

[withnail]

What is the situation for Brits?

[Drew345]

What if we are American, but we never leave (say ... 15 years) ?
Do we get a cash payout at retirement?
Do we get pension at retirement?

I never thought I would actually get pension here, but reading your above response makes me very curious.
Thanks,

[CentralCali]

What are the rules regarding pension for Korean citizens who emigrate?

[PRagic]

If you're American, and if you've paid in 15 years, then upon hitting retirement age, you'll qualify for pension payouts. You can contact the pension office if you want to know exactly how much you'll be getting. They provide a rough basis for an estimate on their web page, too.

Not sure, but I believe that Americans can opt for a one-time payout. If you're married, though, the monthly pay out may be better as there is a reduced survivor pay out should you wind up pushing up daisies before your spouse.

Another thing to keep in mind is that you can roll your contributions over to a qualified program back in the US if you move back and start working there. That's a great option to pursue, because there'll be a big difference in your pension pay out after, say, 20 years, as opposed to the 15 you did in Korea.

For Koreans who emigrate, it would all depend on how long you paid into the system before you left and/or whether or not you rolled your pension contributions over to a plan in the country to which you emigrated. Really no difference between a Korean and a foreigner in this regard.

If you work at least 10 years and pay into the pension plan, then UPON RETIREMENT AGE, no matter where you are, you're entitled to your benefits. 20 years of contributions is the 'magic number' as that's when your benefits go up substantially.

AGAIN, take the time to visit the National Pension Office. They're happy to help!

[PRagic]

Drew345...also, be sure that you and YOUR EMPLOYER have been paying into the pension system over the ENTIRE course of your 15 year sojourn. You'd be surprised by how many think they have a pension coming, only to find out that their employer hadn't been making contributions!

CHECK. AT. THE. NATIONAL. PENSION. OFFICE!

[PRagic]

There's also a STICKY in this section dedicated to pension stuff....

[ttompatz]

[ttompatz]