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Severance pay?

 
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seoul101



Joined: 13 May 2006
Location: Seoul

PostPosted: Mon Mar 05, 2012 9:22 pm    Post subject: Severance pay? Reply with quote

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
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Mon Mar 05, 2012 9:36 pm    Post subject: Reply with quote

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

PostPosted: Mon Mar 05, 2012 9:46 pm    Post subject: Reply with quote

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

PostPosted: Mon Mar 05, 2012 9:50 pm    Post subject: Reply with quote

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

PostPosted: Tue Jan 29, 2013 6:25 pm    Post subject: Reply with quote

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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