Today I was talking to an American friend of mine who is getting ready to leave Korea. I asked him if he had any uncollected pension money, and he said, “No.” When I asked if he was sure, he said, “Yes, the school took care of all of that.” That is when I knew that he did not check to see if he had any “National Pension” funds accumulated. He had worked at a couple of different jobs in Korea over the years.

I asked my friend for his residency card, called the National Pension Office (Phone number: 1355), and asked them if he had any pension funds accumulated. The person on the phone told me my friend had twelve months accumulated, which came to 2.8 million won. My friend was shocked when I told him because he almost gave 2.8 million won back to the Korean pension system. If you don’t collect it within a certain time period, you lose it.

If you have worked in Korea and are not sure if you have paid into Korea’s National Pension Fund, don’t take any chances; give them a call. If you can speak Korean, just call and ask them, or ask a Korean friend to call for you. The people there are very nice and helpful. They can tell you within one minute if you can get any money back.

Just call 1355 and wait through all the recorded messages for a person to answer your call. You might be as pleasantly surprised as my friend was.

Posted by Gerry-Bevers, filed under Uncategorized. Date: January 29, 2007, 2:51 am | 4 Comments »

4 Responses

  1. Ocebey Says:

    Now that’s surprising. Most countries’ administrative office i know of would be a pain in the ass to deal with usually. Good thing to know.

  2. uhoooooo Says:

    Good!
    And one more.
    Don’t forget ‘tax refund’, either.
    Pension money and tax refund of foreigners are applied in most countries.
    So, I urge you to gather more information and expand your scope to the world.

    The followings will be helpful.
    http://www.tax-news.com/asp/story/story_open.asp?storyname=24686
    http://ketic.co.kr/VAT/VAT-Refund.doc

  3. nobongpil Says:

    I think the Korean gov. needs to have a bilateral agreement with your native country for receipt of pension to be permissable. Can anyone confirm this?

    This issue becomes even more complex as there are private and public (national) pension accounts. I was denied my pension upon finishing two years teaching at a Uni due to my Australian citizenship. I am know employed at a corporation and my national pension is stacking up. I have three passports and probably should have secured my visa through one of my other nationalities. Haste and a bit of laziness has prevented me form fully getting to the bottom of this issue.

    I know for a fact that Americans and Canadians are fine. Kiwis and and Aussies not so as of FEB2004. Anyone know about Irish? If those in the know could shed some light on the topic it would be much appreciated.

  4. uhoooooo Says:

    Hey, Mr. Nobongpil!
    I made a transcript of your comment to http://www.law4u.net/tech/board.php?board=trivia&command=body&no=33
    . OK?