A lot of new teachers in Korea don’t realize that you can actually get back some money at the end of your contract in regard to pension.
This only applies to teachers from North America (Canada and the United States), who have an agreement with Korea.
Here is what you need to do.
Refund Procedure:If you are a national from one of the country’s listed above and have met the requirements, you may be entitled to receive both your and your employer’s NPS contributions. (Conditions do apply so check with the Korean National Pension Scheme website and visit your own Embassy in Seoul’s website).
Documents required when you visit your regional NPS office**:
ii)your alien registration;
iii)a copy of your bank book (Korean or Canadian bank – but unless the payment is made prior to your departure, you may to give a home bank or ensure that you can access your Korean account after you’ve left the country) and
iv)an airline ticket showing your one-way departure date (e-ticket should be OK).
Your employer will also have to report the termination of the contract to the National Pension Service (NPS) of Korea upon your departure from the country. The NPS will deposit the refund in your bank account after it confirms your departure.
Note: It is also possible to apply for your refund either through an attorney in your home country and on your own, by mail, In both cases, you will have to provide a copy of your passport, a copy of your local bank book, and likely documents proving that you’ve made the payments and that you’re entitled to receive the refund (keep a copy of your alien registration card/number and receive a copy of the necessary documentation from your employer prior to your departure.
Application forms can be found on the National Pension Scheme website:
For Korean Benefits: http://www.nps.or.kr/html/download/social_security/korean_benefits.doc
For Overseas Remittance:
Korean Pension Benefits:
Foreign contributors to the Korean National Pension Scheme may also choose to receive their benefits (if/when eligible) rather than take the lump-sum refund. The benefits can be remitted overseas if they have left Korea. However, those who have taken the lump-sum refund are no longer eligible to claim benefits.
**Addresses and Contact Details for the Seoul and Regional NPS offices can be found on the National Pension Scheme website http://www.nps.or.kr/. Click on English – on the English Page look to the right to the map of Korea, click on Go>> and the list of offices will appear. Click on the one you want and all the contact details will appear.
When visiting the NPS office look for the sign that says “Kuk min yeon geum(국민연금)