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Seul
Joined: 09 Oct 2008
Location: Seoul
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 Posted: Mon Feb 17, 2014 12:25 am Post subject: School paying only a private pension and not severance |
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| All the foreign staff at my university is leaving at the end of our contracts Feb 28th (1 to 2 years). The university will pay us our private pension but not a severance. I thought the school is required to pay severance equal to 1 months pay for each year that we've worked here (different from the pension). What's the deal? Are we entitled to the severance pay in addition to the pension? |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Mon Feb 17, 2014 1:48 am Post subject: |
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| Nope. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Feb 17, 2014 2:50 am Post subject: |
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No.
private Universities are exempt from paying "severance" if they have you enrolled into a private pension plan (as permitted by labor law).
Employee Retirement Benefit Security Act as referred to by section 34 of the labor standards act. http://www.moel.go.kr/english/poli/poliLaw_view.jsp?idx=260&tab=6
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