One thing I did not mention in my first two posts about applying for a job in Korea is that my job includes a pension plan. The pension is on top of the salary, severance pay, round-trip airfare, health insurance and furnished apartment. Not bad, eh?
The pension is called a lump-sum pension refund. If you qualify, a small amount of money is taken out of your paycheck each month and matched by your employer. Unfortunately, my British and Kiwi coworkers pay into the pension yet do not qualify to receive the pension at the end of their contracts, yet Americans and Canadians can expect to receive their lump-sum pension refund four to five weeks after ending their contract.
My pension is meant to be around 1.6 million won (or $1,550)** after working in Korea for 12 months. For me, the best part about this money is that it was an added “savings” account for me. While I was able to save about 59% of my paycheck, this is added savings that I did not have to account for.
Collecting your lump-sum pension refund is easy. The woman in the office in Daegu speaks English. Some male foreign teachers have tried to snag her number, so she is good looking, too. I recommend visited the office four weeks before your flight out of Korea to give you time in case you’re missing documents.
It is an easy trip to the National Pension Service Office.
Be sure to bring:
- Passport (original)
- Alien Registration Card
- Flight ticket (should be within one month of departure date)
- If you want your money transferred into your KEB account, bring your KEB bank account passbook
- If you want the money transferred into your home country’s bank account, bring the following information: bank’s address, phone number, account number, routing number, and a copy of a bank statement.
Where’s the National Pension office in Daegu?
Beomeo Station (범어역), on the green line. The LIG building is between exit 1 and 4. It is a huge building, you cannot miss it. The office is on the 11th floor.
If you want to be lazy and take a taxi (you are about to get 1.5 million won, so you can afford to splurge) Tell the taxi: 범어역 출구 1번으로 가주세요 – (Boh-Moh-Yuck-Chool-Goo-Eel-Bohn-Euh-Roh-Gah-Choo-Say-Yoh)
Phone: (053) 750-9180
Address: 11th Floor, LIG Bldg., 712 Dalgubeol-daero, Suseong-gu, Daegu
** UPDATE: In Mid-November, $1,900 was deposited into my Bank of America account.