Ultimate Guide to National Pension Lump-Sum Refund for Foreigners in Korea (Full Details)

Are you a foreigner working in South Korea? Just like Korean nationals, foreigners who meet the requirements can receive pension benefits under the National Pension Act, such as the Old-age Pension, Survivor Pension, and Disability Pension.

Previously, a lump-sum refund was not paid to foreign subscribers from countries without a social security agreement or reciprocity upon returning to their home country. However, foreigners holding E-8 (Training Employment), E-9 (Non-professional Employment), or H-2 (Visiting Work) visa statuses have been eligible for the lump-sum refund since May 11, 2007.

* Note: If a foreigner claims the lump-sum refund due to returning to their home country, it is paid ONLY after their departure is confirmed, effective from August 29, 2007. (However, applications can be accepted even before departure if you submit documents proving your scheduled departure within 1 month, such as a flight ticket.)

1. Eligibility Requirements (Article 126 & 127 of the Act)

The lump-sum refund for foreign subscribers is only payable in the following cases:

1. If the foreigner's home country law grants benefits corresponding to the Republic of Korea's lump-sum refund system to Korean nationals.
2. If a social security agreement regarding the payment of lump-sum refunds has been concluded between the Republic of Korea and the foreigner's home country.
3. If the foreigner subscribed to the National Pension with a stay status corresponding to E-8 (Training Employment), E-9 (Non-professional Employment), or H-2 (Visiting Work) under the Enforcement Decree of the Immigration Act [Attached Table 1].

※ IMPORTANT EXCEPTION: The E-8 (Seasonal Worker) visa, newly established after December 24, 2019, is NOT eligible for the lump-sum refund payment.

Detailed List of Eligible Countries (As of Feb 2025)

Eligible Visa Status (Regardless of Nationality)	Social Security Agreement Countries (24)	Countries Recognized by Reciprocity (25)
E-8 (Training Employment) E-9 (Non-professional Employment) H-2 (Visiting Work) ※ Exception: E-8 (Seasonal Worker) created after Dec 24, 2019, is NOT eligible.	Germany, USA, Canada (including Quebec), Czech Republic, Hungary, Australia, France, Belgium, Bulgaria, Poland, Slovakia, Romania, Austria, India, Turkiye, Switzerland, Brazil, Peru, Luxembourg, Slovenia, Croatia, Uruguay, Philippines, Argentina.	Min. 6 Months Coverage (1): Belize.	Min. 1 Year Coverage (7): Grenada, Jordan, Saint Vincent and the Grenadines, Zimbabwe, Cameroon, Thailand, Bhutan.	No Minimum Coverage Required (17): Ghana, Sri Lanka, Bermuda, Malaysia, El Salvador, Indonesia, Kenya, Kazakhstan, Hong Kong, Trinidad and Tobago, Sudan, Colombia, Vanuatu, Tunisia, Uganda, Cambodia, Solomon Islands.

2. Payment Level (How Much Will You Receive?)

The lump-sum refund for foreigners is paid in the same way as for Korean nationals: by adding interest prescribed by Presidential Decree to the pension premiums paid by the individual during the subscription period.

• The interest rate applied when calculating the lump-sum refund is the 3-year term deposit interest rate for the period from the month following the month the premium was paid until the month in which the reason for payment occurred.
• * For pension premiums paid before April 16, 2015: The 3-year term deposit interest rate is applied starting from April 2015. If the reason for the lump-sum refund payment occurred before April 16, 2015, the interest rate according to the previous regulations applies.
• ※ The interest rate applied is the average of the interest rates applied by banks established under the Bank Act and operating nationwide as of January 1 of that year.
• ※ The 3-year term deposit interest rate for 2025 is 2.6%.

The interest is calculated by adding up the values obtained by multiplying the 3-year term deposit interest rate applied to the corresponding period from the month following the month each monthly pension premium was paid until the month containing the day the qualification as a National Pension subscriber was lost (due to reaching age 60, death, emigration, loss of nationality, etc.).

3. Application Process (Claim Method)

Claimant

In principle, the lump-sum refund must be claimed by the person entitled to receive the benefits (the beneficiary). However, you can also claim it through a representative or directly by mail if the reason is overseas residence.

Time Limit for Claim

If the lump-sum refund is not claimed within 5 years from the date the right to receive the benefit arises, the right cannot be paid due to the completion of the statute of limitations. Once 5 years have passed, the right to receive it as a lump sum is extinguished, but if a reason for pension payment arises in the future, it will be paid as a pension including the extinguished portion.

* However, since Jan 25, 2018, the statute of limitations for the lump-sum refund due to reaching the payment age has been extended to 10 years (including those for whom 5 years had not passed from the time they reached the payment age at the time of enforcement on Jan 25, 2018).

Claim Location

You can claim it at any National Pension Service (NPS) branch nationwide.

Claim Method Details

In principle, the beneficiary must claim it personally. If the beneficiary is residing overseas and cannot directly visit an NPS branch, they can appoint a domestic representative to visit the branch on their behalf, or the beneficiary can claim it directly by mail from overseas.

※ For detailed benefit application methods, you can receive guidance from the National Pension Customer Center (dial 1355 without an area code).

4. Foreigner Lump-Sum Refund Airport Payment Service

This is a service where foreigners scheduled to depart for their home country through Incheon Airport can receive their lump-sum refund in cash (foreign currency) on the day of departure.

Application Target

Foreign lump-sum refund beneficiaries scheduled to depart for their home country through Incheon Airport within 1 month.

• If the retirement report (loss of workplace subscriber status) is not processed at the workplace by the day before the departure date, airport payment is IMPOSSIBLE.
• Airport payment is IMPOSSIBLE if the departure date is a Saturday, Sunday, public holiday, or the last business day of December.
• Airport payment is possible ONLY if the scheduled flight departure time is: Weekdays 10:30~24:00 for Terminal 1, and Weekdays 11:00~24:00 for Terminal 2.
• Payment is possible in 16 currencies, including dollars, euros, yen, and yuan (Payment in Korean Won is IMPOSSIBLE).

Application Method

Apply for airport payment when claiming the lump-sum refund.

- You MUST additionally submit a domestic or overseas bank account in case the airport payment is not processed or additional payments arise after departure.

Airport Payment Receipt Method (4 Steps)

1. Within 1 month of scheduled departure: Visit NPS Branch & Consultation Center

• Required documents: Passport, Alien Registration Card, Flight ticket scheduled for departure within 1 month, additional bank account copy, etc.
• ⟹ Result: Receive the Lump-sum Refund Receipt after applying for the refund and airport payment.

2. On the day of departure: Visit NPS Incheon Airport Consultation Center

• Location: Terminal 1, 1st Floor, Booths 7~8 located between Exit 1 and Exit 2 (09:00~18:00)
• Required documents: Passport, Lump-sum Refund Receipt
• ⟹ Result: Receive the Lump-sum Refund Payment Decision Notice and Payment Instruction Document.

3. Before Immigration: Visit Woori Bank Exchange Counter inside the Departure Terminal

• Location (Terminal 1 Departure):
  • Receipt amount of $10,000 or more: Terminal 1, B1 Floor, Woori Bank Airport Financial Center (09:00~16:00)
  • Receipt amount under $10,000: Terminal 1, 3rd Floor, in front of H Counter, Woori Bank Exchange Counter (09:00~21:00)
• Location (Terminal 2 Departure):
  • Receipt amount of $10,000 or more: Terminal 2, B1 Floor, Woori Bank Incheon Airport Terminal 2 Branch (09:00~16:00)
  • Receipt amount under $10,000: Terminal 2, 3rd Floor, in front of A Counter, Woori Bank Exchange Counter (09:00~21:00)
• Required documents: Passport, Lump-sum Refund Payment Instruction Document
• ⟹ Result: Receive Currency Exchange Receipt.

4. After Immigration: Visit Woori Bank Exchange Counter inside the Departure Terminal

• Location (Terminal 1 Departure): Terminal 1 Duty-Free Zone, near Boarding Gate 11 (09:00~21:00)
• Location (Terminal 2 Departure): Terminal 2 Duty-Free Zone, near Boarding Gate 250 (09:00~21:00)
• Required documents: Passport, Currency Exchange Receipt
• ⟹ Result: Receive the Lump-sum Refund in Foreign Currency Cash.

---

Make sure you check every detail carefully!

The rules and regulations regarding the National Pension refund can be strict, especially regarding the exact visa types, deadlines, and airport operating hours. Please review this fully translated official guide to ensure you do not miss a single step and successfully claim your hard-earned money back before you leave Korea.

* Data Source: Korea National Pension Service (NPS) Official Guidelines (2025 Standard)