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squinchboy
Joined: 16 Dec 2006
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 Posted: Wed Dec 10, 2008 6:48 am Post subject: Severance pay for Universities? |
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Just wondering if all universities offer severance pay by law, or if only certain ones do by choice. Any info would be appreciated.
Thanks! |
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weatherman
Joined: 14 Jan 2003
Location: Korea
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| Posted: Wed Dec 10, 2008 7:00 am Post subject: |
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| Are you private or public? Private unis have their own law to allow a pension based on how much you have contributed. Public pay into the national pension fund. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Dec 10, 2008 7:06 am Post subject: Re: Severance pay for Universities? |
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| squinchboy wrote: |
Just wondering if all universities offer severance pay by law, or if only certain ones do by choice. Any info would be appreciated.
Thanks! |
Private university = it is rolled into the private pension plan and usually sucks because you need to pay in longer to get the full benefit (yours and your employer's combined contributions).
Public university = you get severance and National pension (refundable if you are from the USA, Canada or Australia). If you are from south Africa then you are exempt from the pension contribution but still get severance.
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