Korean Job Discussion Forums

[seoul101]

Anyone noticed that Article 34 (severance payment) from the Labor Standards Act has disappeared?

Does this mean no more severance payments unless stipulated in your contract?

Is the Labor Standards Act retroactive?

Here's the document: http://www.moel.go.kr/english/topic/laborlaw_view.jsp?idx=254&tab=Standards

[ttompatz]

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

.

[seoul101]

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?

[ttompatz]

[zpeanut]

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.