Korean Job Discussion Forums

lepid gecko · Joined: 28 May 2004

help! i'm putting together a 6 month contract with my director, i'm re-upping, and i'm not sure what the rule is about 6 month severance...is there such a thing? i assumed severance only came with 1 year contracts. i'm here on my british passport, does nationality make a difference?
thanks.

kangnamdragon · Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea

I believe severence is for anyone who works for one company for at least one year. If you work 18 months, then you still get severence for the total time. The severence is not for the 6 months, it is because you worked for at least 12 months. If you trust him or her, it would be best to get the entire severence (one month salary x 1.5) at the end of your 6 month extension if you are getting a raise.

phaedrus · Joined: 13 Nov 2003 Location: I'm comin' to get ya.

This is correct according to www.efl-law.com

Badmojo · Posted: Wed Jun 23, 2004 3:55 am Post subject:

Well what would be best is this: You get your one year severance after one year, and in your negotiations tell them you expect another one after six months. Or at least some kind of extra bonus. Maybe half of it. Maybe a 1.2 severence bonus if your base salary is 2.4.

lepid gecko · Joined: 28 May 2004

Thanks for the replies.

No L · Joined: 17 May 2004

After 12 months severance becomes pro-rata. If you work 3 more months, you get an extra 3/12 of your monthly salary, 6 months = 6/12. 7 months =7/12, etc. The severance rate is also calculated on your average pay of your last 3 months (applies if you're getting a raise). Eg. First contract 2 000 000, second contract 2 200 000 means that you get 3.3 million in severance after 18 months (2.2 severance for your first year and another 1.1 for six months). This would only be if you received it all at the end of your term.