Korean Job Discussion Forums

[Omkara]

It'll probably be more than twelve months before the won gets anywhere near 1000 to the US Dollar. Some predict that it'll be at 1300 at the end of 2009.

We can anticipate that there will be some more bumps, but also some small breaks in the meantime. I don't think it is unreasonable to conjecture that some 1200 windows will appear over the course of the next year.

This crisis, though unprecedented, is following a cyclical pattern. National recessions last about eight or ten months, as I gather. International recessions last in the neighborhood of fifteen months. This one has been officially recognized as having gone on now for about one year. So that means, according to the pattern, that this one is likely to bottom out somewhere before the start of summer.

Then, the long slow climb.

So, who among you, having savings built up here, will extend, take advantage of a new negotiating power (ie, fewer teachers and the exchange rate), and look down the road at least the length of one more contract owing to this crisis? Who among you will fold? What is your reasoning?

[driftingfocus]

I'm not re-signing, but I'm probably not leaving early either. I only have 1.5 months left of teaching, then vacation, then only 3 months left after that, so I don't feel a runner would be worth the loss, especially given the US job market. But, I'm not re-signing because I have a very patient boyfriend at home that I need to get back to.

[Oreovictim]

My contract ends in May, and I don't have any debt to send back home. I know that I'll come back to work for another year, but I feel weird about leaving roughly 16,000,000 won at my bank in Korea. I guess getting ripped off by hagwon owners has made me a bit distrustful.

[Omkara]

[afsjesse]

I just signed up with EPIK but I plan on being here for atleast 2 more years. I'm toughing it out in hopes of better days!

[robot]

Extending, but taking some nice long holidays next year.

I expect to wait out the current economic hiccup and then pocket some nice cash when we come out the other side.

The won will eventually correct itself, so I'm keeping my head down and keeping the money coming in from a few streams. I'm also putting a good percentage of that into bargain stocks and looking ahead to next year for once-in-a-lifetime possibilities to grab cheap real estate.

Much better than being highly taxed and fearing job cuts back home, which is the position many of my friends are finding themselves in these days.

[xCustomx]

I was planning to get married in March, but that's been put on hold. I'll renew with my public school since I have a ton of cash that I need to send back. A 100 won increase (1500 to 1400) would save me thousands of dollars.

[orosee]

What are the expiry dates on your ATM and credit cards? I have a regular ATM card that is supposed to work overseas, and a real cridit card that definitely does work overseas. One is valid for a couple of years but the credit card needs to be reissued every 12 months. That could make it difficult to get to any money I leave here when the time is right, which may be soon or in 5 years.

I'm not sure how optimistic one may be when it comes to the exchange rate. I remember the Thai Baht used to be 25 to the dollar for years until 1997, then it crashed to 50 and 55, and only this year almost reached 30 before settling around 35. Anyone waiting for it to return to its former glory has already waited over 10 years (but what a great compound interest if the money had been put away for 7.9%).

[Omkara]

Don't the ATM cards have a maximum daily withdrawal, and a charge for each withdrawal from non-host banks?

[xingyiman]

Extending baby! I'm only 4 hours away from the tropics and CHEAP, CHEAP vacations twice a year. Back home I only had two vacations in my entire life.