Wednesday, February 6, 2013

Korean National Pension Info

So, as some of you know, I have left Korea permanently (blog post on that coming soon). One of the many things that you need to do is apply for your pension...if you've been paying in to it. Some nationalities don't pay into the pension because of agreements between countries - you'll have to check the NPS website to see if your country has an agreement with Korea (the US does). Also note that some hakwons will screw the teachers over and not sign them up for the National Pension. I won't give a lot of information about the pension itself and such because you can find that information on the NPS website, but I will say that most nationalities can apply for a lump-sum refund, which means that you will receive all of your pension funds in one big deposit.

The process to apply for your pension is actually pretty easy if you do it before you leave the country. The earliest that you can apply for your pension is one month before your leave date. You will just simply go to the pension office that is most convenient for you - they have a list of locations on their website. You'll need to take these items with you:
  • Passport
  • Alien card
  • Proof that you're leaving (like a one-way ticket or release letter from your employer)
  • Bank information
  • Application (or you can fill it out there - it doesn't take very long)

You can get more information and the form here (link to the form is at the very bottom). Looking at that form there, though, I don't see bank info provided. If you want the money transferred to your bank in the US, you'll need the same information that you need for a transfer: the ABA number, routing number, account number, and the bank's information (address, name, etc.). If you want it deposited to your Korean bank account, you'll need your Korean bank book and be able to assure them you'll be able to access it (I have internet banking, so I did this) or have someone in Korea that will access it for you. It will take about a month for all of the processing to occur and for you to receive your pension.

Now, the office in Suwon has moved. Any address you find online will probably be wrong. The NPS office used to be in Ingyedong across from the New Core Outlet, now it's in Ingyedong across the street from the Gyeonngi Arts Center. Here's a link to a map for the Arts Center. Where it says "kyeongin ilbo" on the map is right next to the NPS building: there's a big NPS logo at the top of the building.

Here's one of my lovely maps to give you an idea of where it is located:
Gimme mah money!!

I believe the 13-1 bus (from Yeongtong) stops at the Arts Center - I know it stops at the Yeongtong-Gu Office, which is a block or two closer to Samsung. I think the offices are on the 3rd or 5th floor - I can't remember, but the guy at the desk will tell you when you walk in.

So, if you decide to leave Korea, best of luck with the pension paperwork!

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