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brento1138
Joined: 17 Nov 2004
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 Posted: Tue Jul 06, 2010 11:58 pm Post subject: SMOE Completion of Contract Bonus?? |
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Hello!
When I had signed with SMOE, I thought they had a completion of contract bonus which was equivalent to one month's pay (as all other jobs in Korea seem to do). But I was browsing over my contract today, and couldn't find it. That's odd... I could have sworn it was there.
Who else works for SMOE, and did you find the same thing? |
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byrddogs
Joined: 19 Jun 2009
Location: Shanghai
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| Posted: Wed Jul 07, 2010 12:06 am Post subject: |
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| Brento, they have it. I could be wrong about this, but with SMOE they pay that when you leave the program completely. There was talk going around last year that you could get your severance pay each year, which I'm down for if that is the case. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 07, 2010 12:41 am Post subject: |
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| It's called severance pay. They prefer to pay it each year, because they have to pay you more if you save it towards the end. |
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byrddogs
Joined: 19 Jun 2009
Location: Shanghai
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| Posted: Wed Jul 07, 2010 12:48 am Post subject: |
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| NYC_Gal wrote: |
| It's called severance pay. They prefer to pay it each year, because they have to pay you more if you save it towards the end. |
Do you work for SMOE and have you renewed at any point and received severance pay at that time when you did? |
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venus envy
Joined: 25 Jul 2007
Location: chicago
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| Posted: Wed Jul 07, 2010 2:49 am Post subject: |
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| SMOE pays after you leave the program. At least that is what I was told a few months ago when I spoke to Rachael. I was a little concerned after switching from elementary to middle school and never receiving my first yr's severance, but apparently I'll get it all when I no longer work for SMOE. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 07, 2010 3:16 am Post subject: |
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| I"m in Incheon, but I've got a bunch of friends in SMOE. They got lucky, I guess. It may depend on your school. I'd heard that SMOE didn't WANT to pay at the end, because you'd get more money, due to yearly raises. I hope you get what you want. |
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Seoulio
Joined: 02 Jan 2010
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| Posted: Wed Jul 07, 2010 3:20 am Post subject: |
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| NYC_Gal wrote: |
| It's called severance pay. They prefer to pay it each year, because they have to pay you more if you save it towards the end. |
Actually there is no "preference" Jon Pak Advises you at each Orientation ( mine and I confirmed with 2 other people from each of the next 2) to wait til contract is over if ou can as you get paid out at your final salary level.
It's government run, SMOE couldn't care less |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 07, 2010 4:00 am Post subject: |
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| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
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Seoulio
Joined: 02 Jan 2010
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| Posted: Wed Jul 07, 2010 5:59 am Post subject: |
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| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
And all I'm doing is stating what the guy who KNOWS what he is talking about has said 
As for "a few hundred dolars wasn't worth the wait" I bank man, and my bank account has like 50 million in it. So since I don't live check to check like many teachers ( I guess that includes you) I will take the free money by waiting |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Wed Jul 07, 2010 8:43 am Post subject: |
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| Seoulio wrote: |
| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
And all I'm doing is stating what the guy who KNOWS what he is talking about has said
As for "a few hundred dolars wasn't worth the wait" I bank man, and my bank account has like 50 million in it. So since I don't live check to check like many teachers ( I guess that includes you) I will take the free money by waiting |
It isn't very hard to earn an annual rate of return higher than the annual rate of monthy pay increase you'll get from the public schools.
Take the monthly each year, invest it, and you'll come out way ahead. |
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Seoulio
Joined: 02 Jan 2010
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| Posted: Wed Jul 07, 2010 2:20 pm Post subject: |
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| ontheway wrote: |
| Seoulio wrote: |
| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
And all I'm doing is stating what the guy who KNOWS what he is talking about has said
As for "a few hundred dolars wasn't worth the wait" I bank man, and my bank account has like 50 million in it. So since I don't live check to check like many teachers ( I guess that includes you) I will take the free money by waiting |
It isn't very hard to earn an annual rate of return higher than the annual rate of monthy pay increase you'll get from the public schools.
Take the monthly each year, invest it, and you'll come out way ahead. |
I don't do investments. I don't feel like giving my money to richer people when there is a likelihood I am going to lose some or all of that money for nothing.
I'll take the extra money at the end of the contract thanks |
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jcan
Joined: 08 Oct 2006
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| Posted: Wed Jul 07, 2010 3:51 pm Post subject: |
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| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
Well Incheon is completely different from SMOE so don't talk about things you don't know about. They pay it out at the end except for special circumstances. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 07, 2010 3:55 pm Post subject: |
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| Seoulio wrote: |
| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
And all I'm doing is stating what the guy who KNOWS what he is talking about has said
As for "a few hundred dolars wasn't worth the wait" I bank man, and my bank account has like 50 million in it. So since I don't live check to check like many teachers ( I guess that includes you) I will take the free money by waiting |
Yeah Seolio. You know everyone, man. You just can't back it up. I've asked around, and you're talking out of your behind. SMOE prefers people to do it year by year, so that they don't have to pay out more at the end.
I don't live check to check. I took that money and wired it home, where it's making me money in a high yield account, rather than risking it on the won, which fluctuates a great deal more than the dollar. Besides, who knows what will happen in the next year or two? I'd rather get it upfront and leave it in the capable hands of my parents and accountant, who've never done me wrong. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Wed Jul 07, 2010 3:56 pm Post subject: |
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| jcan wrote: |
| NYC_Gal wrote: |
| I'm only stating what I've heard from SMOE teachers that I know. Incheon lets you choose. I decided to get mine each year. A few hundred dollars wasn't worth the wait. |
Well Incheon is completely different from SMOE so don't talk about things you don't know about. They pay it out at the end except for special circumstances. |
Yeah. You make it a special circumstance, so you don't get f___d over. Because SMOE never did that before  Like I said, I asked numerous SMOE teachers, and the majority of them get their severance yearly because they have an option, and their schools press them to do it yearly. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Wed Jul 07, 2010 4:15 pm Post subject: |
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Haha... 
I am an E. teacher in the boonies. I have $1 million in the US. I have 1 trillion won in Korea. I have mansion in every city in Korea and the world. I have...... 
By law (labor stardards act), anytime after your first year of service, you can get your severance paid by making a formal request to your employer. Otherwise, it will just accumulate until you quit. |
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