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National
Insurance
The
standard policy for schools offering national insurance is
a 50% split. The teacher pays 50% and the school pays 50%.
If you're a Canadian or an American teacher, you're eligible
for a refund on your pension contributions. To do
this, your employer must contact the National Pension office
about a month before you finish your contract. Then,
you must bring all the appropriate documents (plane ticket
out of Korea, passport, alien registration card, your bank
information back home) to a pension office near you and fill
out some forms. The money will be deposited into your
account after confirmation of your departure from Korea,
which can take anywhere from 2 weeks to 2 months after you
leave. Applying for a pension refund is a bit tedious
but well worth the effort. There's nothing better than
updating your bank book and finding an extra few hundred
dollars in your account.
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