Korean Job Discussion Forums

chachee99 · Joined: 20 Oct 2004 Location: Seoul Korea

I have a couple questins about the pension refund in Korea. I know there is a sticky for it on this forum, but it doesn't answer my questions.

I have worked in Korea for a year. My last day of work was on February 15th, but my visa expires on March 2nd. I have had a couple interviews but have not signed a contract. Things are getting down to the wire and I have to purchase a ticket out of Korea. However, when I leave the Korean immigration will take my ARC away from me, which is needed for filing pension..

So here are my questions.
1. Can I apply for a pension refund with a return ticket back to Korea or does it have to be a one-way?

2. If file for a pension refund and leave Korea can I return back and start up a new one under a different employer? If I can, what is the waiting period?

3. Can you only file for pension only once or several times?

Any help would be great.

Thanks

J.B. Clamence · Joined: 15 Jan 2003

First of all, based on the end time for your contract, it looks like you might work at a university. A lot of universities use a private pension plan rather than the standard national pension plan. Private pension is refunded to you about a month after your contract finishes whether you leave Korea or not, and it is easy to request. So you need to know what kind of pension plan you have.

With the national pension plan, you have to convince them that you are leaviong Korea for good, so if you have a return ticket to come back to Korea, they might not give it to you. However, once you have gotten pension and left, it is possible to "change your mind" and come back. That shouldn't be a problem.

chachee99 · Joined: 20 Oct 2004 Location: Seoul Korea

yes, I would love to work at university. However, I only have a BA with one years teaching experience at a elementary school. I sure they want higher qualifacations than that. I am fully aware that many universities also offers a private pension plan rather than using the national pension

Thanks for the info about the two way ticket. Perhaps it is best for me to purchase a one way ticket instead of a round trip. Also, if i do leave and come back, how much time do i have to be out of Korea for? Can't I just leave to Japan and come back a few days later?