Global One-Stop Service Center
Source: https://gosc.yonsei.ac.kr/gosc/life/pension.do Parent: https://gosc.yonsei.ac.kr/gosc/life/insurance02.do
KTP (for full-time professors)
KTP is Korea Teacher’s Pension plan in Korea. It is mandatory for everyone who works for a private university as a full-time professor to enroll in the KTP (Korea Teachers Pension) by law in Korea.
Newly employed professors should submit the KTP application form with Foreigner Registration Card.
When one submits KTP application form, Yonsei will report his/her employment to the Ministry of Education and KTP office. It usually takes 1-2 month for the whole process to be completed.
- Each person’s monthly pension contribution is settled by standard monthly income, which is calculated based on previous year’s monthly taxable income. But the newly employed professors have no record for the previous year’s income. Therefore KTP office settled their first year’s estimated monthly income based on contract.
- KTP contribution rate is 9.00% in 2022.
- One can collect the lump-sum payment of KTP when one resigns before 10 years. If one resigns after working more than 10 years, then he/she can select monthly pension payment (after 65 years old) or lump-sum payment.
- A foreigner registration is prerequisite to enrollment of KTP. Please submit a copy of your foreigner registration card as soon as you obtain that.
- The pension enrollment process will be completed in approximately 2-3 months and pension contributions for the first 2-3 months will be deducted from his/her payment.
Please refer to Korea Teacher’s Pension website for further information.
KTP Call Center : - 1588-4100 (consultation time : 09:00 ~ 18:00)
NPS (for non-tenure track scholars)
National Pension Service is the pension scheme which covers everyone residing in Korea.
A foreigner residing in Korea is subject to the compulsory coverage of the National Pension Scheme, just like Korean nationals.
Newly employed scholars are automatically insured by NPS as of the employment date.
- Each person’s monthly pension contribution is settled by standard monthly income, which is calculated based on previous year’s monthly taxable income.
- A foreigner registration is prerequisite to enrollment of NPS.
- NPS contribution rate is 9.00% in 2022. (Employee’s contribution rate is 4.5%.)
- Lump-sum refund, along with its interest, is paid to a formerly or currently insured person when he/she is no longer able to participate in the National Pension Scheme nor meet the pension eligibility requirements due to the reasons when he/she dies, reaches age 60 with less than 10 years of coverage, loses Korean citizenship, or emigrates permanently. (https://www.nps.or.kr/jsppage/english/scheme/scheme_04.jsp)
- The pension enrollment process will be completed in approximately 1-2 months and pension contributions for the first 2-3 months will be deducted from his/her payment.
Please refer to National Pension Service website for further information.
NPS Call Center : - Tel :1355 (weekdays 09:00 ~ 18:00) - Consultation in foreign languages (weekdays 09:00 ~ 18:00) - Chinese : +82-2-3416-6156 - Thai : +82-2-3416-6158 / +82-31-365-3085 - Uzbek(Russian) : +82-31-365-3086 - Mongolian : +82-2-3416-6159 - Indonesian : +82-2-3416-6157 / +82-31-365-3089 - Filipino : +82-31-365-3087 / +82-2-2176-8786
Contact at Yonsei : - KTP - HR Team, Office of General Affairs : +82-2-2123-2161 - NPS - HR Team, Office of General Affairs : +82-2-2123-2166
Useful Links : - Korea Teacher’s Pension - National Pension Service