We learned about the Korean National Pension Service in another post and how all foreigners legally working in Korea must contribute to the Korean National Pension system. This includes foreigners teaching English in Korea.
National Pension Service Korea
Saving money in Korea is not easy, with the delicious street food, crazy nightlife, expensive dating culture, and high costs of produce. Thus, it is highly advisable to periodically check the amount of your Korean pension in order to stay on top of your financial future.
Korean National Pension Service for Foreigners
It is also possible to withdraw and collect your national pension once you leave Korea permanently. This is, of course, important to know for any foreigner working in Korea temporarily, like English teachers.
Many many foreigners do not know of this fact and leave thousands with the good people of Korea when they leave. As I said above, the majority of foreigners teaching in Korea don’t even know this.
Check Korean National Pension Online
You will need your online banking certificate or 공인인증서, which is made when you open your bank account in Korea and request Internet banking.
If you don’t have this, then you probably don’t have a bank account in Korea. If you do have a bank account in Korea and don’t have online banking, it’s as easy as going to your local bank branch and requesting online banking.
You don’t need to know Korean, but you should have some cultural literacy. If you’re a total newbie, bring a Korean friend or call your bank’s English help line (all banks have them now) and tell them to tell the teller what to do.
Step 1
Visit the Korean National Pension Service site
At the top of the page, you want to go here: 전자민원이용(로그인필요).
This will take you to a page where you must create an ID.
Step 2
Download these “security” programs. Every financial institution here makes you download these annoying ActiveX programs. I would do this at a PC bang or your work’s computer.
Step 3
Click 개인 인증 and sign-up using your online banking certificate (공인인증서) or Kakao (much easier)
You need your Name, Foreigner Registration number, and mobile phone. However, if you’re a foreigner living in Korea with a long last name, it will get cut off.
If this is the case, you must check 공인인증서 and use your registration number AND banking certificate (I assume you have one already). Then you can create your ID.
Step 4
Next, login using your new ID.
Then follow the red circles and look at the explanations to see what the amounts are.
This will give you a very easy way to check the state of your finances and how your Korean national pension contributions are going. You might be surprised!