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EMKAYES
Joined: 04 Dec 2006
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 Posted: Thu Oct 04, 2007 8:57 pm Post subject: end of contract severance pay - requirement by law?? |
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I have done a search but couldn't bring anything up.
I would like to know if the 'end of contract severance pay' is standard across the board.
I have an offer from a school but it does not pay the end of contract severance pay (or bonus).
Can this be correct or legal??
thanks for your advice. |
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tiger fancini
Joined: 21 Mar 2006
Location: Testicles for Eyes
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| Posted: Thu Oct 04, 2007 9:24 pm Post subject: |
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| I'm pretty sure that it's a legal requirement that, on completion of a 12 month contract, an employee receives severance pay. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Oct 04, 2007 9:35 pm Post subject: Re: end of contract severance pay - requirement by law?? |
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| EMKAYES wrote: |
I have done a search but couldn't bring anything up.
I would like to know if the 'end of contract severance pay' is standard across the board.
I have an offer from a school but it does not pay the end of contract severance pay (or bonus).
Can this be correct or legal??
thanks for your advice. |
It is a requirement under article 34 of 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.
Time to look for a less sleezy employer.
. |
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EMKAYES
Joined: 04 Dec 2006
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| Posted: Thu Oct 04, 2007 9:38 pm Post subject: |
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thats great info ttompatz!
I wonder if you have a link to a web page with this info? Even better if it has the Korean version too! |
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EMKAYES
Joined: 04 Dec 2006
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| Posted: Thu Oct 04, 2007 9:55 pm Post subject: |
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I'll answer my last questions as I have got off my back side and done a little research...for any others interested.
website:
http://english.molab.go.kr/ |
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Pak Yu Man
Joined: 02 Jun 2005
Location: The Ida galaxy
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| Posted: Fri Oct 05, 2007 3:48 am Post subject: |
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| Does this aslo apply to private unis? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Oct 05, 2007 3:57 am Post subject: |
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| Pak Yu Man wrote: |
| Does this aslo apply to private unis? |
MAYBE.....
There is an exception for private universities.
Article 34 (sub 4)
(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).
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Fri Oct 05, 2007 5:23 am Post subject: |
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| Pak Yu Man wrote: |
| Does this aslo apply to private unis? |
Depends. If the private uni pays into the national pension plan, then yes, they must pay severance. If they pay into a private pension, it's entirely their choice whether they choose to pay severance or not.
My last uni paid into NPS, but did not pay severance...When I first filed my complaint, the first question Labor asked me was "Did you pay private pension or national pension?" When I answered national, they replied "That's good for you... the school must pay you a retirement money. They don't have if they have private pension plans." Labor kicked their ass and I got my money.
My current uni pays into a private pension, and doesn't pay severance, nor are they required to. However, they pay a contract completion bonus, which amounts to the same thing. |
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