Why the USA is Top Notch??? Part 1

I am sitting here in my room thinking about the money that is going into the Korean Pension Plan. Of course, one thought lead to the next and I began to think how we actually collect this money once we leave this country. I was hoping that my school was NOT involved in making sure this money is due to me. Whew! They are not because communication here is more than half the battle and I could only imagine myself trying to get my money back once I get into the states and getting upset that no one can speak English via telephone. Why am I even thinking about this 10 months ahead of time!? LOL! Idk. This is what I do best.

Well, since I found the answer let me share with you that each country is responsible for its own people, if the government chooses to care about the citizens in their country. I say the USA is top notch because they have an agreement with South Korea that once we end our contract here we are to go to the nearest national pension office and file paper work to have these funds transferred to our USA bank account within 4 to 8 weeks of our departure. This seems partially simple enough, right? Well, wait until you read the following information for a few other countries....

Pension status for citizens of Australia, New Zealand, and South Africa.


"Unfortunately, these countries do not have any such agreement with Korea at this time, therefore, although you are required to pay Korean pension, you will not be able to transfer those pension contributions to your home country's pension plan nor be eligible to receive any refund. You'll need to stay and retire here to be able see the contributions that you accrued while in Korea. Note: As of June 1, 2008, Australia and Korea will implement an agreement which will enable Australians to receive lump sum pension refunds.

Actually: It should be noted that South Africans are completely exempted from paying any pension at all. Because of the fact that Koreans are not forced to pay any pension in South Africa. Dual agreement. There are a lot of countries in Africa which are not required to pay pension, but South Africa is one of the few countries whose citizens are employed in Korea. Make sure that if you are a South African that you are not paying the pension. It is very difficult to get the money back after you paid it in... and it amounts to a lot of money you will lose, if you don't make a point of sorting this out." (http://wiki.galbijim.com/Korean_pension_plan)

Okay, well this doesn't sound so good, it doesn't sound as worse as it could be, but I am so glad to be an American! I see I am learning that I am soooo blessed every day I am here. I thank God for our country that gives us freedom to be individualist.



Could you imagine trying to get back money from the Korean government if you were paying into the National Pension plan and you weren't suppose to, such as South Africans? The South African government would be better at setting up an agreement with Korea as the USA, Canada, and looks like Australia have also created an agreement. This is best for each citizen that comes here to work. It looks like New Zealand needs to implement some type of plan for their citizens, it looks like they are paying into the Korean government, but not receiving any of this national pension plan in return. Where is this money going??? I do not know, but I do know that mines is going right back to the USA upon my departure! : )


Be blessed! Thanks for blogging with me.

Note: Some of the contents on this page were gathered via the site below, plagiarism and copyright infringement is NOT intended.

http://wiki.galbijim.com/Korean_pension_plan