National Pension & Health Insurance

As a foreigner leaving a company in South Korea, understanding the nuances of the National Pension and Health Insurance system is crucial for your financial planning and wellbeing. Both systems provide significant benefits and protections. The National Pension system ensures your financial security post-retirement through regular contributions based on your income. Meanwhile, Health Insurance provides comprehensive medical coverage, offering access to a wide range of healthcare services. As you transition out of your company, it's important to understand your obligations, rights, and the procedures involved in these systems to effectively navigate your departure and future financial health.

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Key Points

An eligible foreigner is paid a Lump-sum Refund plus its interest, for the period corresponding to his/her insured period in the same way a Korean national receives a Lump-sum Refund benefit.

* The interest is calculated based on a fixed deposit with 3-year maturity for the period beginning with the month immediately following the month in which he/she makes a contribution and ending with the month in which the entitlement is effective.

How to Apply for Lump-sum Refund

In principle, a foreigner who has the entitlement to Lump-sum Refund shall apply for his/her Lump-sum Refund in person; however, in the case, he/she stays overseas and is not able to visit any local office of the National Pension Service, he/she may either assign an agent to visit a local office to apply for the lump-sum refund or directly send required documents by postal mail.

[Required Documents]

Applying before departing from Korea (for applicants in Korea)
An application for Lump-sum Refund
Passport of an insured person
Alien registration card of an insured person
A copy of proof of bank account of an insured person (i.e. bank statement)
Material evidence that proves that the date of departure is within a month from the date of application

※ Please note that CREVERSE will diligently handle the processing of your pension documents and officially notify the National Pension Service (NPS) of your resignation by the 25th of the month in which you are resigning. Consequently, it is essential that you schedule your visit to the pension office for a date subsequent to the 25th.

Lump-sum Refund Service at the Airport for Foreigners

This service allows foreigners to receive a lump-sum refund in cash (foreign currency) at Incheon International Airport on the day of departure.

Eligibility

A foreigner who can receive a lump-sum refund for the reason of returning to one’s home country and is planning to depart through Incheon International Airport within 1 month
Airport payment is possible only when one’s former employer reports one’s resignation to the National Pension Service by the day before the date of departure.

※ If the departure date falls on a Saturday, Sunday, public holiday, or the last business day in December, airport payment is not available, so Korean account transfer or overseas remittance is used.

※ Airport payment is available if the scheduled flight departure time is between 10:30-24:00 (11:00-24:00 for Terminal 2).
※ Payments can be made in 15 currencies, including U.S. Dollar, Euro, Japanese Yen, and Chinese Yuan(Korean won cannot be paid).

How to Apply

1. Select the airport payment method when requesting a lump-sum refund

※ You must submit a Korean bank account or overseas remittance account in case you cannot receive airport payment and/or in

preparation for additional payment.

How to Receive Airport Payments

1. Visit a local office or counseling center of the National Pension Service(excluding Incheon Airport Pension Service Center), present your passport, alien registration card, flight ticket, and a copy of your bank account, submit applications for lump-sum refund and airport payment, and then receive a “Certificate of Application Acceptance.”

2. On the day of departure, submit the Certificate of Application Acceptance and passport to the NPS Incheon International Airport Pension Service Center and receive a “Direction for Payment of Lump-sum Refund(for bank submission)”(09:00-18:00).

※ The Incheon Airport Pension Service Center is located near the No. 2 Exit of Gate A on the first floor at Terminal 1 (regardless of one’s departure terminal, one must visit the Incheon Airport Pension Service Center).

Less than USD 10,000: Submit the “Direction for Payment of Lump-sum Refund” to the foreign exchange booth of Woori Bank (in front of Counter F on the 3rd floor of Terminal 1 / Counter A on the 3rd floor of Terminal 2) and then receive a “Receipt of Currency Exchange”(until 21:00).
USD 10,000 or more: According to the Foreign Exchange Transactions Act, change a designated bank to one of the branches of Woori Bank (either the B1 floor of Terminal 1 or the B1 floor of Terminal 2), submit the “Direction for Payment of Lump-sum Refund,” and then receive the “Receipt of Currency Exchange” (until 16:00).

However, the payment is made only at the terminal where you depart.

After passing through an immigration checkpoint, hand in the “Receipt of Currency Exchange” and passport to a foreign exchange booth of Woori Bank (in front of Boarding Gate 25 of Terminal 1 / Boarding Gate 251 of Terminal 2), and then withdraw exchanged money in cash (until 21:00).

National Health Insurance Status

Your NHI (National Health Insurance) will be canceled the day after your resignation date.

If you wish to re-enroll in the NHI, then please contact them directly to see how you can re-apply for NHI.

Website: https://www.nhis.or.kr/english/index.do

English Call Center: 82-33-811-2000

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