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seoul101
Joined: 13 May 2006
Location: Seoul
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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 Posted: Mon Mar 05, 2012 9:36 pm Post subject: |
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It didn't disappear.
Article 34 (Retirement Benefit System)
With regard to the system of retirement benefits paid by employers to retiring workers, conditions prescribed by the Employee Retirement Benefit Security Act shall apply.
It was placed /moved to the added new(er) act:
Employee Retirement Benefit Security Act
http://www.moel.go.kr/english/topic/laborlaw_view.jsp?idx=260&tab=Standards
Chapter II
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seoul101
Joined: 13 May 2006
Location: Seoul
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| Posted: Mon Mar 05, 2012 9:46 pm Post subject: |
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Thanks for the reply.
I skim read through that new act but cannot find an article that refers to severance payments.. have I missed something? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Mar 05, 2012 9:50 pm Post subject: |
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| seoul101 wrote: |
Thanks for the reply.
I skim read through that new act but cannot find an article that refers to severance payments.. have I missed something? |
You mean, "where did the old article 34 go?" - article 8 - but there is an exemption for universities (they have to enroll you in a private plan if they don't offer severance).
Skim doesn't work when you want specific laws... read the darn thing.
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zpeanut
Joined: 12 Mar 2008
Location: Pohang, Korea
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| Posted: Tue Jan 29, 2013 6:25 pm Post subject: |
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Hi, just found our about the no severance pay clause for universities. Don't know much about the whole issue.
Is there any benefit in being in a private retirement plan? What is that in Korea exactly?
Is it safe to assume that this is the case for all universities? hence I don't really have much choice if I'd like to work in university. |
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plato's republic
Joined: 07 Dec 2004
Location: Ancient Greece
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| Posted: Tue Aug 25, 2015 4:28 am Post subject: |
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| If someone teaching at a private university is enrolled in the private teachers pension plan, and both employee and employer are making monthly contributions, should said employee expect to also receive the employer's share of the contributions upon leaving? |
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Fallacy
Joined: 29 Jun 2015
Location: ex-ROK
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| Posted: Tue Aug 25, 2015 7:14 pm Post subject: |
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Pension issues seem popular lately. See the sticky for historical details.
| zpeanut wrote: |
| Is there any benefit in being in a private retirement plan? What is that in Korea exactly? Is it safe to assume that this is the case for all universities? hence I don't really have much choice if I'd like to work in university. |
Yes. Higher percentage of matching funds from the employer. No, not all. Correct: no choice.
| plato's republic wrote: |
| If someone teaching at a private university is enrolled in the private teachers pension plan, and both employee and employer are making monthly contributions, should said employee expect to also receive the employer's share of the contributions upon leaving? |
Yes, after vesting, which occurs after a 5 year waiting period. Vestment, like "golden handcuffs," encourages more enduring employment relations. |
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