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azzwell
Joined: 15 Jan 2003
Location: where the girls from Super Junior cannot find me
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 Posted: Sun Jul 08, 2007 12:42 am Post subject: pro rated severance |
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if you work for more than one year but less than two with the same employer do you get a pro rated severance payment for anytime worked beyond a contract year.
example, if you work fifteen months do you get a full year severance plus a three month pro rated payment? |
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tob55
Joined: 29 Apr 2007
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| Posted: Sun Jul 08, 2007 1:22 am Post subject: Arrangements... |
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| You must make arrangments with your employer for this to happen. It is not a given. Approach them with this and see what they say. Most say no, citing the contract stipulations of working a 12 month contract to receive the bonus, but others are more accommodating and will make provision for it. Nevertheless, it is worth asking for.. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 08, 2007 4:08 am Post subject: Re: pro rated severance |
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| azzwell wrote: |
if you work for more than one year but less than two with the same employer do you get a pro rated severance payment for anytime worked beyond a contract year.
example, if you work fifteen months do you get a full year severance plus a three month pro rated payment? |
There is no requirement in the law for pro-rating your severnace. Article 34 reads that you get 1 months salary for every FULL year of employment.
15 months is more than one year and less than 2 so you would be LEGALLY entitled to 1 months pay as severance.
If you negotiated pro-rated severance into your contract then that is a different matter. |
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Tony_Balony
Joined: 12 Apr 2007
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| Posted: Sun Jul 08, 2007 5:07 am Post subject: |
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| There is a difference between extending the contract and signing a new contract. If the contract is extended, then the proration applies. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Sun Jul 08, 2007 5:17 am Post subject: |
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Teachers at my school get prorated severance if they renew their contract for a period of less than one year. That item is included in the renewal contract. Also included at renewal is a one way ticket or cash equivalent every six months (not prorated). Raises are possible and depend on the quality of the teacher. All in the renewal contract or extension agreement.
Remember to negotiate for whatever you want and get it in writing. You need a new contract or extension agreement when you extend or re-sign for additional time. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 08, 2007 7:42 am Post subject: |
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| Tony_Balony wrote: |
| There is a difference between extending the contract and signing a new contract. If the contract is extended, then the proration applies. |
ONLY IF THE BOSS IS NICE. It is NOT a legal requirement.
Please allow me to quote article 34 of the Korean Labor standards act.
I cannot see anything about pro-rating your severance but I do see,
"an average wage of more than 30 days shall be paid for each
year of consecutive years employed".
Can you please tell me where to find the legislation that requires employers to pro-rate the severance payment?
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
- 154 -
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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the eye
Joined: 29 Jan 2004
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| Posted: Sun Jul 08, 2007 9:37 am Post subject: |
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| ttompatz is correct. There is no legal provision for pro rated severance in any case. |
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