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legalquestions
Joined: 25 Mar 2007
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 Posted: Mon Apr 16, 2007 3:42 pm Post subject: severance pay same as completion bonus? |
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| Is severance pay the same as a contract completion bonus? Is it equal to one months pay? Is it paid if you take an unpaid leave of absence for 10 months? Any help would be appreciated. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Mon Apr 16, 2007 3:48 pm Post subject: Re: severance pay same as completion bonus? |
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| legalquestions wrote: |
| Is severance pay the same as a contract completion bonus? Is it equal to one months pay? Is it paid if you take an unpaid leave of absence for 10 months? Any help would be appreciated. |
I doupt it...why should it be?  |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Apr 16, 2007 4:10 pm Post subject: Re: severance pay same as completion bonus? |
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| legalquestions wrote: |
| Is severance pay the same as a contract completion bonus? Is it equal to one months pay? Is it paid if you take an unpaid leave of absence for 10 months? Any help would be appreciated. |
Sometimes the "bonus" is explained that way but it is really legislated severance pay. All Koreans get one month pay for one year of work in lieu of a pension plan. The rest of your question makes zero sense. You work 2 months, take a 10 month leave, and expect to get a 1 month severance pay? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Apr 16, 2007 7:35 pm Post subject: Re: severance pay same as completion bonus? |
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| legalquestions wrote: |
| Is severance pay the same as a contract completion bonus? Is it equal to one months pay? Is it paid if you take an unpaid leave of absence for 10 months? Any help would be appreciated. |
It is the same. You are entitled to 1 months salary as severance for each 12 months of work completed.
It is required and specifics are found in article 34 of the Korean Labor Standards Act. |
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While Away
Joined: 03 Dec 2006
Location: Seoul
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| Posted: Mon Apr 16, 2007 8:27 pm Post subject: |
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Though it is not the original question, if a person leaves after two months (after completing the first year), would that person get 1/6 of a month severence pay. I think I heard that after the first year, it is pro-rated. This goes back to the original distinction between sevrence pay and completion bonus.
Not sure, just looking for clarification myself.
Thanks |
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willneverteachagain
Joined: 17 Dec 2006
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| Posted: Mon Apr 16, 2007 9:06 pm Post subject: |
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they arent the same, two different payments
dont know if it's pro rated. call them |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Apr 16, 2007 9:28 pm Post subject: |
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| I don't think it's pro-rated. Severance rules, even back in North America, are pretty hard and fast: x weeks of pay for each full year of service. |
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willneverteachagain
Joined: 17 Dec 2006
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| Posted: Mon Apr 16, 2007 10:07 pm Post subject: |
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| im still waiting for my pension and it's been two years |
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