Why Your South Korean National Pension Refund Isn’t Showing Up: A Complete Guide

Understanding National Pension Refunds in South Korea

Why Your National Pension Refund Might Not Appear

Are you puzzled because your National Pension refund isn’t showing up on the official site? You might have received a notification from the Toss app about a potential refund of over 500,000 KRW, yet find no record of it on the National Pension Service’s official website. This discrepancy can be confusing, but we’re here to explain why this happens.

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The Connection Between Income Tax Filing and Pension Refunds

The process of receiving a National Pension refund involves more than just interactions with the National Pension Service. It is closely linked to income tax filings. The overpayment refund is determined not solely by the pension system but through a settlement process with the National Tax Service. For instance, the filing deadline for the 2024 income tax is set for the end of May 2025. Even if you’ve completed your tax filing, the pension service might not yet have the updated data, leading to delays in refund confirmation.

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The Role of Toss and System Differences

Toss, a popular financial app, provides users with an “expected refund amount” by analyzing tax payments and income data, leveraging the National Tax Service’s Home Tax API. However, this estimation is unofficial until the National Pension Service receives and processes the final settlement. In contrast, the official site only reflects data after receiving confirmed results from the National Tax Service, explaining why your refund might not currently appear.

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Do You Need a Tax Accountant or Toss for Refunds?

While using Toss or a tax accountant can streamline the process, they’re not mandatory. You can verify and apply for your refund directly through the National Pension Service’s website or by calling their customer service at 1355. Once your bank account is registered, refunds are often processed automatically.

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Direct Refund Inquiry Process

  • Visit the National Pension Service website.
  • Navigate to “Civil Service Application” and select “Overpayment Refund Inquiry.”
  • Or access directly via www.nps.or.kr.
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Using Tax Accountants for Refunds

If your income tax filing was done through a tax accountant, they usually handle the refund application process as well. This service might incur additional fees, and you should confirm the timeline to avoid delays.

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Using Toss for Refund Applications

Toss offers an automatic application feature once the refund is confirmed, enhancing user convenience. However, this synchronization occurs only after the National Pension Service processes the data.

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When to Expect Your Refund

The exact timing of your refund depends on individual circumstances but generally occurs between mid-June and July. Even if you file your taxes early via Home Tax, expect some processing delays as the pension service handles data in batches.

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Final Thoughts: Patience is Key

If your refund shows up in Toss but not on the official site, it’s likely due to processing delays between systems. Rather than rushing to consult a tax accountant or worrying about missing out, check back on the National Pension Service’s website after mid-June. If the refund still does not appear, contact their customer service to verify if your income data has been processed and confirm your eligibility.

Remember, using Toss or a tax accountant is optional. The refund is your right, and you can claim it directly without intermediaries. Stay informed, patient, and proactive in managing your refund process.

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