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Aelric
Joined: 02 Mar 2009
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 Posted: Sun May 02, 2010 5:01 pm Post subject: Potentially stupid EPIK contract question |
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So, my friend recently signed a second contract a few months back and finally got his bonuses. Nothing unusual there, however according to him, he got both a severance of 2 mil and a re-signing bonus of 2 mil, giving him 4mil total.
When I renewed in October, I got a mere 2 mil and thought that was the norm. Now I'm thinking I may have been screwed and before I potential start a stink that makes me seem greedy to my principal, I want to make sure that I'm entitled to it. To me, it seems that the contract does support this, but I'm no lawyer and that is after the convincing that my friend made and apparently pulled off.
So, who is pulling the scam, my friend or my school? Have any of you got a bonus AND a severance for renewing. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Sun May 02, 2010 5:07 pm Post subject: |
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| "Bonus" might be his airfare reimbursement. If you re-sign a contract you get severence (around what your monthly pay is) plus your round-trip airfare for home vacation (or 2 million in place of airfare). |
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vaticanhotline
Joined: 18 Jun 2009
Location: in the most decent sometimes sun
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| Posted: Sun May 02, 2010 5:08 pm Post subject: |
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| I think your friend is scamming. What I heard happens is that if you resign you get a bit more than severance, but not both. |
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warmachinenkorea
Joined: 12 Oct 2008
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| Posted: Sun May 02, 2010 5:19 pm Post subject: |
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You get severance which is stated in your contract and you should get the 2 million for resigning. If you didn't get it then you got played. Both are stated in the contract.
When you complete a 12 month contract you get roughly a month's pay in severance then you should get the 2 million for resigning. |
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Aelric
Joined: 02 Mar 2009
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| Posted: Sun May 02, 2010 5:38 pm Post subject: |
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| warmachinenkorea wrote: |
You get severance which is stated in your contract and you should get the 2 million for resigning. If you didn't get it then you got played. Both are stated in the contract.
When you complete a 12 month contract you get roughly a month's pay in severance then you should get the 2 million for resigning. |
I think I've found that in my contract and that is how he described it too. I think I've found the prof in my contract as well. I'm sure it won't make me win any popularity contests, but I'm gonna bring this up. The way it looks is I got my bonus, but not my severance, and then at the end of EACH year, not just the end of the whole kit and kaboodle, you also get 2mil in severance.
And, at the very worst, it won't be true and won't matter, so I might as well try. |
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broken76
Joined: 27 Jan 2008
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| Posted: Sun May 02, 2010 5:41 pm Post subject: |
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If you resigned with the same school you shouldn't be receiving your severance as it is supposed to be accumulated and you'll receive it when you finish working there.
Not sure about last years contract (should be the same) but you should be receiving a 2 million won resigning bonus within the first month of the new contract term. |
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Aelric
Joined: 02 Mar 2009
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| Posted: Sun May 02, 2010 6:06 pm Post subject: |
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| broken76 wrote: |
If you resigned with the same school you shouldn't be receiving your severance as it is supposed to be accumulated and you'll receive it when you finish working there.
Not sure about last years contract (should be the same) but you should be receiving a 2 million won resigning bonus within the first month of the new contract term. |
Hmm, that is the one that sounds right to me. I guess the way I'll phrase it is that I'm curious about what my severance will be and I'll ask my co-teacher to check with administration. If it's not the two months pay for two years then I'll dispute it. Makes sense that the severance would roll over. It's possible my friend just got his first year's severance early, and will only get 1 months at the end of his second year. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Sun May 02, 2010 6:47 pm Post subject: |
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| Actually, severance is usually (if not always) paid at the end of each one-year contract, regardless. Pension is lump-summed at the end. You should get your severance and your re-signing bonus at the same time. |
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warmachinenkorea
Joined: 12 Oct 2008
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| Posted: Sun May 02, 2010 7:04 pm Post subject: |
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| jonpurdy wrote: |
| Actually, severance is usually (if not always) paid at the end of each one-year contract, regardless. Pension is lump-summed at the end. You should get your severance and your re-signing bonus at the same time. |
Correct!
People get severance and pension mixed up.
Severance is paid upon completion of a 12 month contract. I think EPIK contract state "roughly a month's salary".
They used to pony up the exact amount of the plane ticket. Now when you leave without re-signing you get 1.3 for an exit alloawance. If you re-sign then it's 2 million re-signing bonus.
Pension is a kind of retirement fund. If your American you pay in each month. When you leave Korea for good you get back what you paid in. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun May 02, 2010 10:26 pm Post subject: |
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| warmachinenkorea wrote: |
[
Pension is a kind of retirement fund. If your American you pay in each month. When you leave Korea for good you get back what you paid in. |
AND what your school paid in as well (should be the same as what you put in). |
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warmachinenkorea
Joined: 12 Oct 2008
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| Posted: Sun May 02, 2010 10:42 pm Post subject: |
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| Yea but we don't get back what the school paid in do we? |
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Seoulio
Joined: 02 Jan 2010
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| Posted: Sun May 02, 2010 10:55 pm Post subject: |
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most PS will not pay you a severenace unless you ASK for it between contracts.
If you ask for it, you will likely get it.
But if you dont ask for it you get MORE at the end
Example If you work for 3 years
YEar 1 - 2 million
Year 2 - 2.1 million
Year 3 - 2.2 Million.
When you leave after 3rd year you get 2.1 Times THREE
if you get it every year you get 2, then 2.1, then 2.2, so by banking it you get an extra 200 k |
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tokkibunni8
Joined: 13 Nov 2009
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| Posted: Sun May 02, 2010 11:55 pm Post subject: |
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| Seoulio wrote: |
most PS will not pay you a severenace unless you ASK for it between contracts.
If you ask for it, you will likely get it.
But if you dont ask for it you get MORE at the end
Example If you work for 3 years
YEar 1 - 2 million
Year 2 - 2.1 million
Year 3 - 2.2 Million.
When you leave after 3rd year you get 2.1 Times THREE
if you get it every year you get 2, then 2.1, then 2.2, so by banking it you get an extra 200 k |
In my contract, severance is the average of my last three paychecks, which I have always received on the last day of every contract. |
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Seoulio
Joined: 02 Jan 2010
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| Posted: Sun May 02, 2010 11:59 pm Post subject: |
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| tokkibunni8 wrote: |
| Seoulio wrote: |
most PS will not pay you a severenace unless you ASK for it between contracts.
If you ask for it, you will likely get it.
But if you dont ask for it you get MORE at the end
Example If you work for 3 years
YEar 1 - 2 million
Year 2 - 2.1 million
Year 3 - 2.2 Million.
When you leave after 3rd year you get 2.1 Times THREE
if you get it every year you get 2, then 2.1, then 2.2, so by banking it you get an extra 200 k |
In my contract, severance is the average of my last three paychecks, which I have always received on the last day of every contract. |
quite odd,
why would your last 3 paychecks not average out to be the same amount?
Well everyone I know of in the Public System with SMOE did not get their severance.
I guess you are an odd case. |
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tokkibunni8
Joined: 13 Nov 2009
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| Posted: Mon May 03, 2010 1:55 am Post subject: |
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| Seoulio wrote: |
| tokkibunni8 wrote: |
| Seoulio wrote: |
most PS will not pay you a severenace unless you ASK for it between contracts.
If you ask for it, you will likely get it.
But if you dont ask for it you get MORE at the end
Example If you work for 3 years
YEar 1 - 2 million
Year 2 - 2.1 million
Year 3 - 2.2 Million.
When you leave after 3rd year you get 2.1 Times THREE
if you get it every year you get 2, then 2.1, then 2.2, so by banking it you get an extra 200 k |
In my contract, severance is the average of my last three paychecks, which I have always received on the last day of every contract. |
quite odd,
why would your last 3 paychecks not average out to be the same amount?
Well everyone I know of in the Public System with SMOE did not get their severance.
I guess you are an odd case. |
My paycheck varies from month to month because of overtime. Sometimes, my afterschool classes (overtime pay) are cancelled because of trips or if it's a holiday (no classes). In all three years, my severance has always been more than my base salary. However, I'm not with smoe. |
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