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Otherside
Joined: 06 Sep 2007
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 Posted: Thu Nov 17, 2011 11:07 pm Post subject: |
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| r122925 wrote: |
The income idea is ridiculous if you are getting a pay raise of any kind when renewing your contract. You would need an unbelievably high interest rate to make up for an extra 100,000 a month even. (remember severance is paid at the highest pay rate)
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Actually, wouldn't need to be UNBELIEVABLY high.
A Pay rise of 100k results in 100k extra severance. (eg. 2.0 + 2.1 = 4.1 vs 2.1 + 2.1 = 4.2). So at a salary of 2.0, you would only need an interest rate of 5% to break even. If your salary was 2.4, and then raised to 2.5, you would only need about 4%. |
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chachee99
Joined: 20 Oct 2004
Location: Seoul Korea
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| Posted: Sat Nov 19, 2011 10:18 am Post subject: |
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| naturegirl321 wrote: |
| Count yourself lucky. I have a friend who changed schools last year and asked for her severance. They said, no, severance is only for people who are leaving Korea. You don'�t get anything. |
Tell your friend that she got screwed. If you work a year severance is manditory. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Sat Nov 19, 2011 11:27 am Post subject: |
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| naturegirl321 wrote: |
| Count yourself lucky. I have a friend who changed schools last year and asked for her severance. They said, no, severance is only for people who are leaving Korea. You don'�t get anything. |
Almost sounds like they were confusing severance with pension. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Sat Nov 19, 2011 11:39 am Post subject: |
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| r122925 wrote: |
The only reason I would ever consider taking the severance pay yearly is if I didn't trust the hagwon boss to pay it. And if that's the case, why would you be renewing the contract in the first place? At public schools/universities I would say it's quite safe.. |
But aren't these schools given a certain budget every year? Seems if you let your severance build up over a few years, the school would have a hard time paying it out in one lump sum.
The taxation angle and getting it paid out at a higher rate (based on your higher salary) is an interesting point, but I think I'd still like to have mine at the end of each year as I can think of more things to do with one month's salary than just let it sit for another year or more. |
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