Korean Job Discussion Forums

[mscoop1085]

Anyone else get a letter about the changing of severance pay. Apparently, you won't receive it until after leaving your current job. It is called Retirement plan or something of that sort. Anyone else heard about this? I work at YBM.

[mscoop1085]

This post is for people who aren't changing jobs and will be staying with the same school.

[ttompatz]

[Weigookin74]

I work public and get severance pay every year. The pension is something different. If they will still pay you every year, it isn't your pension. You can only get that when you leave. But if you're here for a few years or more, leave that alone and don't cash it out. You will need something when you retire.

[Troglodyte]

Although severance pay and pension are two separate things, they're both retirement benefits. The concept of the severance pay is supposedly because you'll use it to help yourself in your old age.

[oppa637]

severance pay is more of a unemployment benefit. You don't get it till you quit/get fired from the job

[ttompatz]

[ktkates87]

I work at a YBM and am thinking about renewing.

.....sooo how does it work for severence pay if you're there for 2 years? Are you supposed to get a month's severence for every year that you've worked or do you only ever get one month upon leaving no matter how long you've been there?

[ttompatz]

[NilesQ]

My understanding of this system is that the ammount increases after a certain numbers of years of continuous service. So one monhts's salary per year up to 5 years (for example only not sure of the increase timing) then after that 1.5 months salary per year up to another number of years.

I used to teach a guy who worked in HR for a big company in Korea. He said that this system caused a lot of people to lose their jobs around the time when the increase would be scheduled. He said it creates a lot of unemployed adjoshis. A company will send you packing before you hit 15 or 20 years so that they arent on the hook for huge lump sum payouts.

Since we operate on 1 year contracts, isn't the end of our contract the end of employment? Even if we resign, we're signing a new 1 year contract. Any school that does this will just ensure that people dont re-sign with them. Everything is negotiable. I'd just say that was a condition of re-signing.

[TDC troll]

What's the difference if they pay now for one year
or next year for two ?
You'll just have more coming next year .
As far as YBM I would trust em .

[NilesQ]

[ttompatz]

[oppa637]

[NilesQ]