Pension Refund And Starting a New Job

[Driver 8]

I apologize if this already exists in some  form, but I did a search (a function that is less than perfect, by the way) under FAQ, and didn't find a thread that addressed my question exactly.

Anyways, I am aware that when one completes a contract, one is eligible for a refund in pension payment.  I  am going to start a new job in Korea in March and am wondering, can I collect this at a later date?  Does it accrue the longer I'm here?  Is it a better idea to apply for it in March?  How do I apply for it?

Thanks! :)

[techteacher]

You get the pension when you leave the country for good.  It will just accumulate with your next job.  The severance is something you can collect each year.

[Driver 8]

You get the pension when you leave the country for good.  It will just accumulate with your next job.  The severance is something you can collect each year.

Cool,  thanks!  Do you also know whether a letter of release is absolutely required to extend one's  contract for another year?  What about the exit allowance?  Do I give this up by signing a new contract?

[Driver 8]

Where do you work? Public or hagwon?

public school, currently.

[techteacher]

Are you going to another public school?  I don't know anything about the LOR because I have never delt with it.  I stayed at the same school and was given a 2 million resigning bonus.  The contracts now say that if you change MOE/POE, you will only be given the 300,000 settlement.  Look at what your contract says.

[Driver 8]

Are you going to another public school?  I don't know anything about the LOR because I have never delt with it.  I stayed at the same school and was given a 2 million resigning bonus.  The contracts now say that if you change MOE/POE, you will only be given the 300,000 settlement.  Look at what your contract says.

A  university actually.  My contract says that if I require a letter or release,  which I supposedly have to have, I lose my exit allowance.  My friend said there might be a way around needing a letter of release though.

[JahRhythm]

You need an LOR to transfer the sponsor of your visa.
If there's a way around that, do share.