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Korean Job Discussion Forums
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drkalbi
Joined: 06 Aug 2006
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 Posted: Wed Jan 23, 2008 5:19 am Post subject: does this mean I don't get any severence? |
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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>
I was paying into the public pension fund at my previous college. I will be starting at a new college in March. Do I receive any severance from my previous work? |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Wed Jan 23, 2008 6:39 pm Post subject: |
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| If you have fulfilled a year or longer at work and then you are eligible for severance. I would also check in your contract. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Wed Jan 23, 2008 7:03 pm Post subject: Re: does this mean I don't get any severence? |
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| drkalbi wrote: |
| I was paying into the public pension fund at my previous college. I will be starting at a new college in March. Do I receive any severance from my previous work? |
If you were paying into the National Pension plan, then yes, you get severance. If you are paying into a private pension plan, then severance is contractual only.
My last uni paid into NPS. I got severance.
My current uni is on a private plan. No severance, but the contract details a year-end bonus (which amounts to the same thing) |
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rebmetpes
Joined: 30 Oct 2006
Location: Geoje-Si
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| Posted: Wed Jan 23, 2008 7:14 pm Post subject: Re: does this mean I don't get any severence? |
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| drkalbi wrote: |
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>
I was paying into the public pension fund at my previous college. I will be starting at a new college in March. Do I receive any severance from my previous work? |
I believe that severance and pension are different. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jan 23, 2008 7:20 pm Post subject: Re: does this mean I don't get any severence? |
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| rebmetpes wrote: |
| drkalbi wrote: |
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>
I was paying into the public pension fund at my previous college. I will be starting at a new college in March. Do I receive any severance from my previous work? |
I believe that severance and pension are different. |
Yes, and no. The quote was from the labor standards act, article 34, sub 4.
If he is in the national plan he gets both.
If he is in a private plan (and only a few private universities are allowed to do this) he does NOT get the severance but the pension plan must payout an amount that is equal to or greater than the combination of the NPS pension and severance when it cashed out.
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drkalbi
Joined: 06 Aug 2006
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| Posted: Wed Jan 23, 2008 7:38 pm Post subject: |
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| Let's say I'm on the private pension, is there anyway I can cash it in without leaving the country? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jan 23, 2008 8:16 pm Post subject: |
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| drkalbi wrote: |
| Let's say I'm on the private pension, is there anyway I can cash it in without leaving the country? |
I doubt it but you can ask the pension company about it. |
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