Korean Job Discussion Forums

brento1138 · Joined: 17 Nov 2004

Having just got back from the pension office, I am a tad confused. It appears that the teachers who told me "you better go to the pension office a month or two before you leave or else!" are wrong. Instead, it seems it is better to go the very last week you are in Korea... as you will get more pension money. For some reason I get two months extra if I apply for the pension later from today.

They printed off a form for me, and told me to come back later. I looked at the sum, and it was approx 2 million won. This is odd, because the pension deducted from my pay cheque is only approx 1 million won for the whole year. Does this mean my employer has been contributing equally into this fund? I seem to be getting more money. So I guess what I want to ask is, is there some account "out there" where they have thrown in my money, and that is what the pension office people were showing me??? Or are they showing me the 2 million won as "that is your amount if your school actually gives you the half of the pension they are supposed to pay..."

Just wondering... Confused

Cause its one thousand dollars... u know...

plattwaz · Joined: 08 Apr 2005 Location: <Write something dumb here>

Your school contributes an equal amount to your pension fund. If they deduct 80,000 won from your cheque, that means they are submitting a total of 160,000 won into the pension account in your name -- half from you, half from them.

The refund is from the pension office, not from your school.

chronicpride · Joined: 16 Jan 2003

Brent, this might help get you more oriented with the whole pension thing.
http://wiki.galbijim.com/Korean_pension_plan

brento1138 · Joined: 17 Nov 2004

[quote="plattwaz"]The refund is from the pension office, not from your school.

jacl · Joined: 31 Oct 2005

Merry Christmas!

You can't get your pension refund until you have a one-way ticket out of the country. Then you have to apply and, like one of the posters said above, it's deposited into whatever bank account you give them.

Sounds lilke you had an honest employer.

Hollywoodaction · Joined: 02 Jul 2004

Well, I've been on my school's private pension plan for a few years after having contributed into the national one for several years. Supposedly, the refund I will receive for the national pension plan will include interest (4% or so per year).