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Binch Lover
Joined: 25 Jul 2005
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Posted: Tue Oct 14, 2008 11:34 pm Post subject: Severance and quitting after more than 12 months |
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I work for SMOE, and didn't receive any severance after my first year. If I quit with a few months to go on my contract, should I expect to receive pro rated severance for the second year?
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Wed Oct 15, 2008 12:38 am Post subject: Re: Severance and quitting after more than 12 months |
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| Binch Lover wrote: |
I work for SMOE, and didn't receive any severance after my first year. If I quit with a few months to go on my contract, should I expect to receive pro rated severance for the second year?
Thanks |
No.
You get one months pay as severance for each FULL year worked.
IT is NOT pro-rated for partial years.
http://english.molab.go.kr/data/EmployeeRetirementBenefitSecurityAct.pdf
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jadarite

Joined: 01 Sep 2007 Location: Andong, Yeongyang, Seoul, now Pyeongtaek
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Posted: Wed Oct 15, 2008 12:49 am Post subject: |
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"You get one months pay as severance for each FULL year worked. "
I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.
I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.
Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way. |
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Tommy

Joined: 24 Aug 2005
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Posted: Wed Oct 15, 2008 1:21 am Post subject: |
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| jadarite wrote: |
"You get one months pay as severance for each FULL year worked. "
I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.
I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.
Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way. |
That's what ttompatz is saying - "You get one months pay as severance for each FULL year worked. "
So if you worked 1 year and 6 months, you'd only get severance for that one year period and nothing for the 6 month period. |
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aka Dave
Joined: 02 May 2008 Location: Down by the river
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Posted: Wed Oct 15, 2008 1:49 am Post subject: |
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I quit a hagwon after 13 months and yeah it was the basic severance.
Here's a bit of useless information, however, if you're ever in this situation. I was on an renewed E2 visa (that is to say, it was one month old), and I was changing to a Univ. job.
So I only had my new E2 for a month when I applied for my E1 visa, and I was worried this might be a problem. Nope. It went off fine. |
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Wed Oct 15, 2008 1:58 am Post subject: |
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| jadarite wrote: |
"You get one months pay as severance for each FULL year worked. "
I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.
I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.
Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way. |
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Yes, in your example you would get 2.2 mil as severance after your 1st year, 4.4 if you quit after 2 years and 6.6 mil as severance if you quit after 3 years.
Some employers pay it out annually (like GEPIK). Some let it accumulate (like SMOE).
YOU can request that it be paid out annually (a very good idea if you are working for a hakwon).
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