Korean Pension Refund Guide - Get Your Money Back When Leaving Korea

Leaving Korea after working here? Don’t leave your pension money behind!

If you’ve been working legally in Korea, you’ve likely been contributing to the National Pension Service (NPS). The good news? As a foreigner, you can claim a lump-sum refund when you leave Korea permanently.

This guide covers everything you need to know to get YOUR money back.

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📋 Table of Contents

1. What is the Pension Lump-Sum Refund?
2. Am I Eligible?
3. How Much Will I Get Back?
4. Required Documents
5. Step-by-Step Application Process
6. After Leaving Korea
7. Receiving Your Money
8. Frequently Asked Questions

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💰 What is the Pension Lump-Sum Refund?

When you work in Korea, 4.5% of your salary is deducted for the National Pension. Your employer also contributes an equal 4.5%.

Contribution	Rate	Who Pays
Employee	4.5%	Deducted from your salary
Employer	4.5%	Paid by your company
Total	9%	-

What You Can Get Back

As a foreigner leaving Korea, you can claim:

• ✅ Your contributions (the 4.5% deducted from your salary)
• ✅ Interest earned on your contributions
• ❌ NOT your employer’s contributions (this stays with NPS)

💡 Example: If you earned ₩3,000,000/month for 3 years, you contributed about ₩4,860,000. With interest, you’d receive approximately ₩5,000,000 - ₩5,200,000.

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✅ Am I Eligible?

Eligibility Requirements

Requirement	Details
🌍 Nationality	Not a Korean citizen
💼 Worked in Korea	Had NPS contributions
✈️ Leaving Korea	Permanently departing
📅 No plans to return	For work purposes

Who is NOT Eligible?

You cannot claim a refund if:

• ❌ You’re from a country with a social security agreement with Korea (see list below)
• ❌ You plan to return and work in Korea
• ❌ You’re applying for permanent residency (F-5)

Countries with Social Security Agreements

Citizens from these countries generally cannot claim a lump-sum refund:

Region	Countries
🇺🇸 Americas	USA, Canada, Brazil
🇪🇺 Europe	Germany, UK, France, Netherlands, and others
🇦🇺 Oceania	Australia
🇯🇵 Asia	Japan

For these countries, your pension contributions may be transferred to your home country’s pension system instead.

⚠️ Check Your Status: If you’re from one of these countries, contact NPS directly at 1355 (English available) to understand your options.

Who CAN Claim a Refund?

Citizens from these countries (and others without agreements) can claim:

• 🇨🇳 China
• 🇻🇳 Vietnam
• 🇵🇭 Philippines
• 🇮🇩 Indonesia
• 🇹🇭 Thailand
• 🇳🇵 Nepal
• 🇲🇳 Mongolia
• 🇧🇩 Bangladesh
• And many others

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🧮 How Much Will I Get Back?

Calculation Formula

Refund = (Monthly Salary × 4.5% × Months Worked) + Interest

Quick Reference Table

Monthly Salary	1 Year	2 Years	3 Years	5 Years
₩2,000,000	~₩1.1M	~₩2.3M	~₩3.5M	~₩6.0M
₩3,000,000	~₩1.7M	~₩3.5M	~₩5.2M	~₩9.0M
₩4,000,000	~₩2.3M	~₩4.6M	~₩7.0M	~₩12.0M
₩5,000,000	~₩2.8M	~₩5.8M	~₩8.7M	~₩15.0M

🧮 For a personalized estimate, use our Salary Calculator to see your monthly pension contributions.

Tax on Refund

Good news! Pension refunds for foreigners are TAX-FREE.

You’ll receive the full amount without any deductions.

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📄 Required Documents

Before You Leave Korea

Prepare these documents:

Document	Where to Get It
🛂 Passport (copy)	-
🆔 Alien Registration Card (copy)	-
📄 Lump-Sum Refund Application	NPS office or website
🏦 Bank Account Info	Your home country bank
✈️ Flight Ticket (optional)	Proof of departure

Bank Account Requirements

Your overseas bank account information should include:

• ✅ Account holder name (must match passport)
• ✅ Bank name
• ✅ SWIFT/BIC code
• ✅ Account number or IBAN
• ✅ Bank address

💡 Pro Tip: Use a Wise account for the best exchange rates. Wise provides a local Korean account number for receiving won, then converts to your home currency at the real exchange rate.

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📝 Step-by-Step Application Process

Option 1: Apply Before Leaving Korea (Recommended)

This is the faster method.

Step 1: Visit NPS Office

Find your nearest NPS office:

• Seoul: Jongno, Gangnam, Yeongdeungpo, etc.
• Online search: “국민연금공단” + your area

Step 2: Submit Application

Bring your documents and fill out the application form:

• 반환일시금 청구서 (Lump-Sum Refund Application)

Step 3: Provide Departure Information

• Expected departure date
• Destination country
• Overseas bank account details

Step 4: Leave Korea

After you depart, NPS will confirm your exit through immigration records.

Step 5: Receive Your Refund

Typically 2-4 weeks after departure confirmation.

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Option 2: Apply After Leaving Korea

If you’ve already left, you can still apply.

Method A: Through a Representative in Korea

1. Appoint a trusted person in Korea as your representative
2. Prepare a Power of Attorney (notarized)
3. Send documents to your representative
4. They submit on your behalf

Method B: By Mail

1. Download application form from NPS website
2. Fill out and sign
3. Mail to NPS with document copies
4. Wait for processing (longer, ~1-2 months)

Method C: Korean Embassy/Consulate

Some Korean embassies can assist with the process. Contact your local embassy to check availability.

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✈️ After Leaving Korea

Timeline

Stage	Time
🛫 Your departure	Day 0
📋 Departure confirmation	3-7 days
💳 Payment processing	7-14 days
💰 Funds received	14-30 days total

Tracking Your Application

• Call NPS: +82-63-713-6900 (International)
• NPS English website: nps.or.kr/eng

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💳 Receiving Your Money

Payment Methods

Method	Pros	Cons
🏦 Direct Bank Transfer	Simple, direct	Exchange rate not optimal
💳 Wise Account	Best exchange rate	Need to set up account
🏧 Korean Bank + Transfer	Keep Korean account active	Must transfer separately

Example Savings:

Refund amount: ₩10,000,000

Method	Exchange Rate	Fees	You Receive (USD)
Bank Transfer	1,350	$30	~$7,377
Wise	1,330 (real)	$50	~$7,468
Savings	-	-	+$91

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❓ Frequently Asked Questions

Q1: Can I apply if I overstayed my visa?

It depends. If you’re leaving voluntarily and clearing your status, you may still be eligible. Contact NPS directly for your specific situation.

Q2: My employer didn’t pay pension. What can I do?

If your employer failed to enroll you in NPS, you may have legal recourse. Contact:

• NPS: 1355
• Labor Board: 1350

Q3: Can I claim after many years abroad?

Yes! There’s no time limit on claiming your pension refund. Even if you left Korea years ago, you can still apply.

Q4: Will this affect future Korea work visas?

No. Claiming your pension refund does not affect future visa applications. However, if you return and work, you’ll start contributing from zero again.

Q5: What about my employer’s contributions?

Unfortunately, you cannot claim your employer’s 4.5% contribution. This remains with the NPS system.

Q6: Can I claim partial refund if I might return?

No. The refund is all-or-nothing. If you claim, you’re acknowledging permanent departure. If you’re unsure, you can leave your pension in the system.

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🔧 Related Tools

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✨ Summary

Getting your Korean pension refund is straightforward if you prepare properly:

1. ✅ Check eligibility - Your country must not have a social security agreement
2. ✅ Gather documents - Passport, ARC, bank details
3. ✅ Apply before leaving - Visit NPS office for fastest processing
4. ✅ Use Wise - Get the best exchange rate for your refund

Don’t leave your hard-earned money behind. The application process is simple, and the money is rightfully yours!

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📅 Last Updated: January 2026 📚 Source: National Pension Service (NPS)