Why You Need to Know about National Pension

If you're a foreigner living or working in South Korea, you're likely required to participate in the National Pension System (NPS)—a public retirement plan managed by the Korean government. Here’s what you need to know. ⭐️ Do I Need to Contribute? If you’re working under an employment contract, YES. Both you and your employer contribute: 🌸 4.5% from you 🌸 4.5% from your employer Self-employed foreigners or those not covered through work can enroll voluntarily. Exceptions: You may be exempt if your country has a social security agreement with Korea. Check with your embassy or the National Pension Service (NPS) for details. ⭐️ What Do I Get? The NPS provides benefits in three main cases: 🌸 Old-age pension: Monthly payments after retirement (starting age: 62–65). 🌸 Disability pension 🌸 Survivor’s pension: For your family if you pass away. You must contribute for at least 10 years to receive full benefits later. ⭐️Can I Get a Refund? YES. Many foreigners can get a lump-sum refund when leaving Korea permanently—especially if: 🌸 Your country has a reciprocal agreement. 🌸 You contributed for less than 10 years. 🌸 You don’t plan to return for work. Refunds usually cover your part of the contributions only. ⭐️How to Manage It Visit nps.or.kr to: 🌸 Check your contributions 🌸 Estimate future benefits 🌸 Apply for refunds (available in English) ⭐️Final Tips 🌸 Keep track of your payments. 🌸 Know your country’s agreement with Korea. 🌸 Apply for a refund within 5 years of leaving Korea. 🌈 If you work couple years in Korea, don't forget to get your refund back. You might get couple million won back home without even knowing you have this amount of money!