Korean Job Discussion Forums

LivePoetry · Joined: 05 Mar 2011

I'm leaving in Korea in a few days. I've been here 2 years. For the first year, I worked at a hagwon. Second year I was at a private university.
Recently when settling up with the university, I asked about severance pay and they said they don't do that. They said getting pension money back is in lieu of severance. Is that kosher? They had me fill out a form and they said they will deposit the pension money directly into my account in a few weeks-- I don't need to do anything. All sound ok? do they really not owe me severance?

For the Hagwon, do I need to go to the pension office to get my pension money for that? And if so, should I bring any kind of documents with me? I dunno if it is considered as a regular hagwon, actually-- it was Pagoda Academy (Direct English).

Also I am wondering around how much I can expect the pension to be from both jobs. No one at the university would tell me how much to expect, which I found odd. If it helps, my salary was around 2.8 million. At the hagwon it was around 2.1. I'd really like to know how much to expect, since I'll be traveling for a long time and need to work out my budget. Thanks so much.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Private universities are exempt from the severance under the labor act PROVIDED you were enrolled into the private pension plan. You will get back what you put into it. The employers do not make significant contributions until the 3rd or 5th year (varies by plan).

To get your NPS refund you need to go to an NPS office and apply for it.
You will need your ARC, passport, bank information where the funds are to be sent, and your exit ticket. The money will appear in about 30 days after your departure.

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LivePoetry · Joined: 05 Mar 2011

Thank you!

Are you sure I need to apply for it? I filled out a form and gave it to the financial coordinator at my school. She said that the school would do everything, and she even took my bank account information so that she could deposit the money.

What I thought I needed to apply for is my pension from the hagwon. What about that one?

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea