Korean national pension

New Zealanders working in Korea are required to join the Korean National Pension Scheme. Contributions to the National Pension Scheme are payable at a rate of 4.5% each by the employer and employee up to a maximum contribution of KRW162,000 per month each (as at 2001). Employee contributions to the National Pension Scheme are tax deductible. While the Republic of Korea has concluded reciprocal agreements with some countries, in which case nationals of these countries can obtain refunds, there is no such agreement in place between the Republic of Korea and New Zealand.

Full-time teachers of primary, middle and high schools and full-time teaching staff at universities are exempt from the National Pension Fund providing they belong to a private fund which is government operated but administered by the school (not hagwon) or university. Individuals are encouraged to check the status of their school and its pension scheme in advance.

Further information can be obtained from the National Pension Scheme or theTeacher Pension.