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Korean Job Discussion Forums
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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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 Posted: Fri Jun 15, 2007 7:28 pm Post subject: Question on Severance |
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| I've been told by a few people that the severance money (one month payout) is pro-rated if you put in more than one year at the same school. In other words, if you terminate your contract 3/4's of the way through your second contract, do you get 75% of the payout? Or, is it simply the full year or the big "goose egg"? I'm thinking it's the latter but, as I said, I've heard people say otherwise. Thanks. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jun 15, 2007 8:39 pm Post subject: Re: Question on Severance |
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| Doogie wrote: |
| I've been told by a few people that the severance money (one month payout) is pro-rated if you put in more than one year at the same school. In other words, if you terminate your contract 3/4's of the way through your second contract, do you get 75% of the payout? Or, is it simply the full year or the big "goose egg"? I'm thinking it's the latter but, as I said, I've heard people say otherwise. Thanks. |
The labor act says you get 1 month salary as severance for each FULL year completed.
If you have a nice boss who will pay out a pro-rated severance or if you negotiated partial year / pro-rated severance into your contract then you have a bonus.
Below is quoted from the korean labor standards act:
Article 34 (Severance Pay System)
(1) An employer shall establish a severance pay system whereby
an average wage of more than 30 days shall be paid for each
year of consecutive years employed as a severance pay to a
retired worker; however, if the worker was employed for less
than one year, this shall not apply.
(2) In establishing the severance pay system stipulated in
paragraph (1), a differential severance pay system shall not be
permitted within one business.
(3) An employer may, at the request of workers, pay severance
pay in advance for the period of continuous employment of the
worker concerned by adjusting the balances of remunerations
before his retirement, irrespective of the provisions of paragraph
(1). In this case, the number of years of continuous employment
for the computation of severance pay shall be counted anew
from the moment the latest adjustment of balances has been
made.
(4) In cases where an employer has enrolled in pension
insurance program for retirees or a retirement lump sum payment
trust as prescribed by the Presidential Decree(hereinafter referred
to as �pension insurance, etc.�) for workers, whereby workers,
as the insured or a beneficiary, receive lump sum payment at
the time of retirement, or draw their pensions, it shall be
deemed that the employer has set up a severance pay scheme
in accordance with paragraph (1). The amount of lump sum by
the retirement insurance, etc., however, shall not be smaller
than that of severance pay pursuant to paragraph (1).
<Amended by Act No. 5473, Dec. 24, 1997>
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