Pension



This applies to those NET's who are NOT renewing their contracts and are leaving South Korea. You can only receive your pension refund when your time in Korea is completely finished. You are still eligible for a refund if you decide to leave early for any reason; the process is the same.


*Only citizens of Australia, Canada and U.S.A. are eligible.*

You have been contributing 50% to your pension fund, while the DMOE has been matching that and paying 50% as well up until now. You will be eligible to get a 100% refund ONLY if you are from Australia, Canada or U.S.A., according to the national treaties. You must physically go to the National Pension Office in person, up to one month prior to your departure from the country to request your refund. After the last day of your contract, your school will report the termination of your contract to the pension office. After the school's report and the Immigration Service's confirmation on your departure are complete, your application for the refund will be processed. Please refer to the website for the National Pension Corporation for detailed information about the Pension Plan and the application process for your refund (http://www.nps.or.kr - English website available). Also, a telephone consultation service is available at 02-2176-8702.

*Please note: while you can physically submit your application for renewal up to one month prior, your refund request can only be processed starting the day after your contract ends, and it usually takes about one to one and a half months after your departure has been confirmed by the Immigration Office for the funds to be deposited into your account.*

Required Documents
Passport
Alien Registration Card
Flight Ticket (departure date must be indicated) - flight confirmation/itinerary printed from the internet is acceptable.
Bank Account Number (domestic or international - international may require your bank's swift code)

*Please note: The DMOE does not provide pension payments. Your payments will come from the National Pension Office.*