2023년 2월 26일 일요일

National pension contribution refund

As a British citizen who has contributed to the Korean social security system for the past few years, am I eligible to receive a refund on the premiums I have paid? Foreigners who have paid into the Korean social security system may be eligible for a lump-sum refund of premiums paid, depending on their home country's agreement with Korea. Totalization agreements with Korea, such as those with the US, Canada, and Germany, allow for totalization of periods of coverage, elimination of dual coverage, and equal treatment provisions, including a lump-sum refund. Contribution-only agreements, such as that with the UK, only provide for the elimination of dual coverage, and therefore do not allow for totalization or a lump-sum refund. If a country does not have a social security agreement with Korea, reciprocity rules apply. Refunds are processed by the National Pension Corporation in Korea, Human Resources Development Canada in Canada, and the Social Security Administration in the United States. Application procedures are simple and forms are readily available at respective agencies.

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