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Korean Job Discussion Forums
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tzechuk
Joined: 20 Dec 2004
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 Posted: Wed Nov 28, 2007 10:00 pm Post subject: Severance Pay |
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Just a question about severance pay at private universities - are they required to give us a completion bonus by law?
Or
If they have a private pension plan, do they get to work the severance thing into the plan? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Nov 28, 2007 10:14 pm Post subject: Re: Severance Pay |
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| tzechuk wrote: |
Just a question about severance pay at private universities - are they required to give us a completion bonus by law?
Or
If they have a private pension plan, do they get to work the severance thing into the plan? |
Private unis can get around the severance law by paying into a private pension fund but the benefits have to be the same as or better than the severance required under article 34 AND you can claim them as payout on retirement or termination of employment.
Quoted from the labor act, 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).
<Amended by Act No. 5473, Dec. 24, 1997> |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Wed Nov 28, 2007 10:37 pm Post subject: |
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Right.. but by retirement, do they mean when we leave, or when we actually reach 65 and retire?
Also, the last phrase is not clear - The amount of lump sum by the retirement insurance, etc., however, shall not be smaller than that of severance pay pursuant to paragraph (1). Is this sum severance PLUS pension or pension itself?
Reason I ask is that we current pay a 50-50 contribution, like Government pension, but apparently after 5 years, the contribution is different. We still pay 50 but they will increase their by 100 or 150. At least that's what I am told.
So by this logic, we only really reap benefits after working at this place for longer than 5 years.
If, before the 5 years, we plan to leave, we get our pension back, we will only get the same amount as we would contributing to public pension (50 from us, 50 government) and severance won't be factored in... am I right?
I feel so conned. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Nov 29, 2007 12:52 am Post subject: |
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| tzechuk wrote: |
Right.. but by retirement, do they mean when we leave, or when we actually reach 65 and retire?
Also, the last phrase is not clear - The amount of lump sum by the retirement insurance, etc., however, shall not be smaller than that of severance pay pursuant to paragraph (1). Is this sum severance PLUS pension or pension itself?
Reason I ask is that we current pay a 50-50 contribution, like Government pension, but apparently after 5 years, the contribution is different. We still pay 50 but they will increase their by 100 or 150. At least that's what I am told.
So by this logic, we only really reap benefits after working at this place for longer than 5 years.
If, before the 5 years, we plan to leave, we get our pension back, we will only get the same amount as we would contributing to public pension (50 from us, 50 government) and severance won't be factored in... am I right?
I feel so conned. |
I don't honestly know the answer to your question and I don't know where to suggest you ask except the rep from the pension plan.
The exception for private pension was based on the standards that existed for private university profs BEFORE the legislation was enacted and is why they were exempted from article 34 like the rest of the population, so I would presume that your assumption may very well be correct.
Sorry I couldn't be more help in finding an answer to your question.
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