Questions & Answers

Category:

Government Regs

Do I have the contribute to the Korean Pension Plan even though I'm not going to be here until I retire?

Yes, you do unless you are from one of the following countries: the Republic of South Africa, Nepal, Russia, Maldives, Nyanmar, Bangladesh, Vietnam, Saudi Arabia, Armenia, Ukraine, Ethiopia, Iran, Egypt, Tonga, Pakistan, Fiji, Cambodea, or Singapore .

However, depending on your country of origin, you may be able to get a lump-sum refund prior to your departure from Korea. For more information, visit the National Pension Service website.  

NOTE: As with tax payments, some employers will deduct the pension contribution from your salary but will not remit it to the government. You can contact the TPS at 1355 for more information.

K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com



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