Don’t Miss out on the Korean Pension Program
Don’t Miss out on the Korean Pension Program: make sure you talk to your boss about this right away!
If you are North American and teaching in Korea, you are eligible for pension and should make sure that your boss sets it up for you. It will be included in most contracts, but some bosses “forget” to set it up, because it involves doing some paperwork, and paying out extra money. Simply put, for the pension program you and your boss both pay about $100 per month and it goes into a pool. At the end of your one year contract you can collect all of the money. So pretty much you pay $100 a month and get to collect $2400 after one year! It is a great way to save money or to have some money to travel when you leave Korea.
If your boss is late setting it up by a few months, don’t worry. Pension is retroactive, so even if you don’t sign up for 3 months, you and your boss can pay $300 each and be on track for the $2400 payout after the year is over. I have watched countless friends miss out on this even though it was in their contracts, so be firm and bring up your contract if there are any problems. If you are going into a job for the first time, make sure that pension is included in the contract before you go.
To collect pension you can go to your local pension office a few weeks before you leave Korea. You MUST have an airplane ticket with you proving that you are leaving within the next month, plus your passport, foreigner ID and bank account information to the bank you want the money transferred to (it can be your bank back home).
Post Credit: Mitch Benvie