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Cheonmunka
Joined: 04 Jun 2004
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 Posted: Wed Jan 05, 2005 1:43 pm Post subject: odd clause in pension law.. |
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Canadian, US, and some other country citizens are exempted from certain Korean pension scheme requirements under fellow security acts and arrangements, but many of us are not. Then I found this strange clause in the National Pension Scheme's website:
"...foreigners falling under any of the following items are excluded from the coverage.
- Those whose country does not mandatorily cover Korean citizens under its pension scheme".
I know New Zealand doesn't offer automatically pensions for any citizen of another country, but those of another citizenship must be actual residents of NZ for more than 10 years to receive any pension (superanuation) payments. New Zealand does not require anyone to make contributions. Korean citizens then, will not be covered, unless they are long-term residents.
It seems I, and fellow New Zealanders, according to this oddly worded law, may be exempt from Korean pension contributions.
I am trying to get a proper answer from the authorities. Just started working on it.
What does anyone else think. Any ideas? |
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keithinkorea
Joined: 17 Mar 2004
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| Posted: Wed Jan 05, 2005 4:34 pm Post subject: |
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I've not had to pay into it untill my latest jon. It's a crapload of money over the year if I'm not going to get any of it back  I'm a UK citizen and I'm looking into it too as I want to find out if I'm being scammed or not, suspect I am.
What have other people non US or Canuck experienced in this regard? Enquiring minds want to know. |
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mike_d
Joined: 06 Apr 2004
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| Posted: Thu Jan 06, 2005 2:56 am Post subject: |
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I'm not paying pension myself. I read a few months ago that only a few nationalities (US, Canadian) can get their contributions back. As an Irishman I wouldn't.
However, my school informs me this means I do not get a (govt.) medical card. My school will provide private medical coverage instead (not as comprehensive I think). |
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nrvs
Joined: 30 Jun 2004
Location: standing upright on a curve
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| Posted: Thu Jan 06, 2005 4:59 am Post subject: |
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| mike_d wrote: |
| My school will provide private medical coverage instead (not as comprehensive I think). |
...or not at all! I would double check this. Ask to see a policy. Your school would probably make good on their promise for a sinus infection. But it'd be a cold day in hell when your school would pay for surgery or intensive care when you get hit by a car. You do not want to be stuck with that bill. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Thu Jan 06, 2005 7:21 am Post subject: Found Da Answer |
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According to our respective govts is that the contributions to pensions are made through taxes in our respective countries so do "mandatorily" contribute.
I was going to delete this one when I found out as I seem like an egg, now.
I just wish the pension payments post 60 reflect the amounts paid in. |
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