The Department of Social Protection(via The Irish Embassy, Seoul, Korea): Examine and alter our current pension agreement offered to us in Korea
The Irish community(and its supporters) based here in Korea feel that we should have access to these funds(our funds) if needs be, which is not the case at present. The current situation is out-dated and was established without taking into consideration the growing number of Irish living and working in South Korea. Please sign first and ensure your name is registered on the page. After that feel free to comment at the bottom of the page. Thank you.
Here is an explanation as to why this petition has been established and the injustice we are suffering from due to this current agreement regarding our national pension payments:
Basically, we have two options: if we decide to leave Korea and move back home, we can transfer the pension payments we have made here to an Irish pension fund, however, we will lose 75%(approximately) of our payments. The second option is to wait until we retire and we can return to Korea to claim back our payments- I find this current situation to be totally unfair. Other workers here from Canada, Australia, America have the right to claim back their pension payments when they leave Korea.
Please find for reference, the current formula to calculate the rate of pro rata pension payable from Ireland below:
“Total number of Irish Contributions multiplied by Amount of pension due if all the contributions were made in Ireland and then divided byTotal combined contributions in Ireland and Korea.
If you had 5 years reckonable Irish PRSI contributions and 20 years Korean contributions you will get 1/5th of the Irish State Contributory pension that would be payable if all the 25 years contributions were Irish.”
http://www.welfare.ie/en/Pages/1752_How-does-the-Agreement-benefit-me.aspx (accessed June 22, 13)