PENSION CENTER OPENS FOR FOREIGNERS

Foreigners at mobile counseling kiosk consult their national pension problems. / Courtesy of National Pension Service
Foreign residents who subscribe to the national pension scheme here can solve any problems in their respective languages at the newly opened pension counseling center.

From subscription to lump-sum refunds and social security agreements, every question about pensions is answered here in English, Chinese, Japanese, German and Spanish, according to staff member Ryu Dong-wan. “There are more than a million foreigners living in Korea and they are all welcome to join the pension system, one of the safest investment tools in Korea,” he said.

The international affairs center on the ninth floor of Youngpoong building in Jongno, central Seoul, is expected to bring easy access to about 150,000 foreign subscribers to the service, the pension system (NPS) said.

The center, which opened on May 14, mainly deals with affairs for foreigners, but Koreans who have paid pension premiums overseas during their stay there can also consult about refunds or transfers.

The nationals of countries that signed a memorandum of understanding with Korea can receive pensions in a lump sum when they leave the country.

The National Pension Service (NPS) also offers “mobile” services for foreign workers who cannot make it to Jongno. In cooperation with the Philippines, Indonesian and Thai embassies and Seoul Global Center, the public corporation runs “counseling kiosks” twice a month - every second and fourth Sunday - in Hyehwa-dong, Gwanghee-dong and Itaewon in Seoul; Namdong industrial complex in Incheon; and Ansan, Euijeongbu and Pyeongtaek in Gyeonggi Province, where many foreigners reside.

Such service focuses on giving out lump-sum refunds to 100,593 foreign workers, who have recently been added to the beneficiary list due to relevant law revisions.

Those with E-8, E-9 and H2 visas will be able to get the money, though their countries have yet to sign a social security pact.

This is out of humanitarian purposes, the NPS said.

The center is expected to expand its service ina 15 languages and open hotline for all foreign residents to freely talk about their problems. The service is also looking to establish six more international affairs centers at major spots in the capital and surrounding areas such as airports and others.

With all these services localized, the NPS said it will help Korea enhance its image to a new level.

“The whole projects, facilities and programs aim at letting more foreigners benefit from the service and eventually understand the Korean pension system benefits them, too,” Ryu said.


Don’t Forget The Refund!

Korea plans to sign a memorandum of understanding with China, Thailand, Indonesia and other countries later this year to return collected premiums.

Foreign subscribers who return to their respective countries can get a refund of their Korean pension through the pension corporations of their own countries.

Such a project is already in effect in Mongolia and Uzbekistan. In order to secure similar benefits for Korean nationals, the NPS will ask reciprocal treatment to overseas providers. This will benefit 6,334 Koreans.