Korean Job Discussion Forums

[Firearcher]

I work for Public School. Have been employed there 12 months. I have re signed for a 2nd year with the exact same school board.


My first contract has been completed, but I received no severance.

My understanding was that the severance was paid upon completion of each respective contract. Which means I should have received it. is that correct?


OR

Is severance paid based upon the total term:

For example if I make 2.3 million and work one year I get 2.3 after one year.

OR 2.3 for 2 years then 4.6 million after the 24rth month (assuming I quit)


OR 6.9 million after the 3rd year (assuming I quit)


Is this how it works?



Or to get even more detailed 2.3 first year, 2.4 second year and 2.5 third year - would that entitle a teacher to a severance of 7.2 million total after completing the 3rd contract and and then quitting.


2.3 + 2.4 + 2.5 = 7.2




So my question is, is the severance supposed to be paid when a contract is finished or when the employee actually leaves?


And if working 2 or more contracts is the severance granted for all the contracts worked as i have outlined here in my examples?


If answering please try to be clear and concise since this question is legal in nature.

Thank You

[schwa]

Some public school systems let it ride until you leave, some pay up annually. Basically, their call.

Your school may still be planning to pay off your first year's severance -- typically it takes a month or two to find its way to your bank account. Ask them.

If they let you roll it over year-by-year then you're entitled to collect it all at the end at your final rate of pay (average of last 3 months worked) times the number of years worked.

[ttompatz]

under the labor standards act you are also LEGALLY allowed to request it and they are legally obligated to pay it out - as long as you qualify for it (worked at least a full year with that employer).

.

[jrwhite82]

It is your choice. But it does take a little while and may come after your last pay day.

The advantage of letting it ride is that you will get an average of the last 3 months of your pay. So if you get a raise in your second year, you will get a little bit more money. The disadvantage is the risk of getting screwed someone how at the end of the 2nd contract (at least now you are here and able to fight for it, whereas you are not about to leave or already left the country). Also, if you are enjoying tax free status right now, it might expire when you go to collect your severance eventually. So then you'll have to pay tax on it.

[Wildbore]

[jrwhite82]

True. I'd always cash out. The extra 100,000 is not worth the risk.

[ontheway]

You should cash out each year as you go.

1) It eliminates the risk of not being paid for some reason. This is especially true for hogwans that may try to cheat you later or go bankrupt.
2) You can earn far more by investing the money than the tiny increase you may get from higher earnings.
3) If you are in the 2 year tax free period at public schools for some teachers, the income tax at the higher rate you will pay on this additional amount plus what you can earn by investing will be far greater than any raises you will get.

[southernman]

It's a bit surprising that you didn't go over everyhing with your co-teacher while you were going through the re-signing process.

That's actually what EPIK expects you to do. I had a young co-teacher who did everything regarding the contract by the book. That being said I know of 2 other EPIK teachers who got far less than me when they re-signed.

Get your money now and make sure you get the correct ammount. I photocopied my contract and highlighted the various allowances and payments we are entitled to. My co-teacher agreed but to make sure she phoned the POE for clarification. It's a decent ammount of money