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Amari
Joined: 15 Jun 2006
Location: Dunedin, NZ
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 Posted: Mon Jun 19, 2006 9:20 pm Post subject: Pension refund for New Zealanders? |
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Hi everyone,
I've been researching this whole korea thing for a few months now, especially by reading these forums but I haven't found a definitive answer for whether or not New Zealanders get their pension refunded at the end of the contract?
Any help appreciated  |
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The Chewbacca Defense
Joined: 29 May 2004
Location: The ROK and a hard place
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| Posted: Mon Jun 19, 2006 9:26 pm Post subject: ... |
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No they don't
Not unless you want to stay in Korea until your 65! |
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xtchr
Joined: 23 Nov 2004
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| Posted: Mon Jun 19, 2006 9:33 pm Post subject: |
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No, we don't.
And it SUCKS. |
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rothkowitz
Joined: 27 Apr 2006
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| Posted: Mon Jun 19, 2006 9:41 pm Post subject: |
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Don't even get it until yr 60 or so if you work in Aussie too.
Double whammy for me. |
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Ekuboko
Joined: 22 Dec 2004
Location: ex-Gyeonggi
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| Posted: Mon Jun 19, 2006 9:52 pm Post subject: Re: ... |
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| The Chewbacca Defense wrote: |
| Not unless you want to stay in Korea until your 65! |
I agree it sucks.
So what I'd like to know is, if we come back when we are 65, can we file a claim for a lump sum refund (and then pi.ss off back home), or would we have to actually come back and live to get paid out in pennies every month? |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Mon Jun 19, 2006 10:11 pm Post subject: |
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| no unless you are a kiwi who has a north american passport (the only time I've been a canadian since a baby has been in korea). |
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sadsac
Joined: 22 Dec 2003
Location: Gwangwang
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| Posted: Mon Jun 19, 2006 10:35 pm Post subject: |
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I'm an Aussie, we also don't have a reciprocal agreement, so I don't pay into the pension fund. Waste of both mine and the bosses dosh.  |
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rothkowitz
Joined: 27 Apr 2006
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| Posted: Mon Jun 19, 2006 10:43 pm Post subject: |
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Some schools simply don't bother with it...you get to save your 4.5% and the boss pays nothing.
I'm annoyed about it,but,there is the possibility that some time down the track some agreement will come into effect.In which case its there.Mine and the schools money. |
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oldfatfarang
Joined: 19 May 2005
Location: On the road to somewhere.
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| Posted: Mon Jun 19, 2006 10:46 pm Post subject: |
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| Don't pay it. And don't let the school deduct 4.5 % from your pay. They won't be forwarding it to the pension office, anyway. |
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