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viciousdinosaur
Joined: 30 Apr 2012
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 Posted: Thu Aug 02, 2012 10:28 pm Post subject: |
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Well it's confirmed then that this is a real thing, but I don't think it's going to be a good thing for hagwon teachers. Schools aren't dumb. They will understand that a raise is going to cost them a lot more now, so they'll either lower raises or force turnover.
The other interesting thing is we'll see situation where people will be getting screwed for huge sums of money. Imagine this scenario: guys works at a hagwon for five years, but then the school goes under and refuses to pay severance. That could be anywhere from a $10,000 - $15,000 loss.
Luckily, public schools, universities, corporations are a pretty safe bet, but hagwons are anybody's guess. |
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alwaysbeclosing100
Joined: 07 Feb 2009
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| Posted: Sat Aug 04, 2012 7:30 am Post subject: Re: Change in severance pay |
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| ttompatz wrote: |
| mscoop1085 wrote: |
| 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. |
Company policy might have changed.
Labor law has not changed. The particular act is the "Employee Retirement Benefit Security Act" and is found here: http://www.moel.go.kr/english/topic/laborlaw_view.jsp?idx=260&tab=Standards
They are required to pay it out within 14 days of the termination of your employment (under labor law).
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the text covers details for defined benefit and defined contribution plans. if we are being told that we are going to earn interest then it clearly is a defined contribution plan. i dont trust this farther than i can throw it. in the US when many employers switched from defined benefit to defined contribution plans tons of people got screwed. the wall street journal had a slew of articles about it.
it also says i get to change investment types every 6 months. my school cant even remember to pay on the right day much less keep up with severance money in an account with an employee benefits trustee.
mark my word this will be an utter disaster. this is as good as the US republicans saying privatize social security. your severance just got privatized in korea.
NPS does a great job at what they do. Schools, local BOEs or even POEs are a scary thought when it comes to managing this. There is way to much incentive for someone to take a extended room salon trip. |
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alwaysbeclosing100
Joined: 07 Feb 2009
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last goodbye
Joined: 13 Aug 2006
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| Posted: Thu May 30, 2013 5:13 pm Post subject: |
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| I just called the labor ministry and they told me that you get all the years of severance pay you're entitled to when you leave your job. Their phone number is 1350. |
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AngryTypingGuy
Joined: 16 Aug 2011
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| Posted: Wed Jul 17, 2013 4:41 pm Post subject: |
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| Could someone please clarify? Does this change affect all contracts including those made before it became official (July 2012)? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Jul 17, 2013 4:50 pm Post subject: |
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| AngryTypingGuy wrote: |
| Could someone please clarify? Does this change affect all contracts including those made before it became official (July 2012)? |
Yup. |
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bbud656
Joined: 15 Jun 2010
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| Posted: Wed Jul 17, 2013 8:22 pm Post subject: |
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| Is it possible to pay into the national pension and not get severance also? |
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miso1004
Joined: 21 May 2010
Location: California
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| Posted: Thu Oct 24, 2013 7:02 pm Post subject: |
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I was reading the laws for severance pay (aka Enforcement Decree of the Employee Retirement Benefit Security Act), and I can't find where it talks about that the severance pay is equal to one month's salary nor that it HAS to be that amount. Can someone point it out to me please?
The reason I am asking because in the contract my hagwon is giving me, it says that the end of the year severance is equal to HALF of a month's salary. So, when I finish one year instead of getting 2.1 million (that's my monthly salary) I will be getting 1,050,000 kwn of severance instead. Is that legal? My previous hagwon was equivalent to one month's salary as well. I tried pointing it out to my boss but she said every hagwon is different. How can I prove it to her that my severance should be equal to an one month salary?
Also, I signed the contract already.. so is it already too late for me? |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Oct 24, 2013 7:24 pm Post subject: |
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Korean labor law is awesome.
The retirement package of 1 month salary per year of service is the absolute minimum. That's there negotiation floor. It's up to them to offer you a number to get you to accept the voluntary retirement, otherwise you just sit in your desk and wait them out. Firing is almost impossible.
That's the way it is with office jobs at mid-sized companies at least, don't know how it is applied to teacher market. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Oct 24, 2013 8:10 pm Post subject: |
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| miso1004 wrote: |
I was reading the laws for severance pay (aka Enforcement Decree of the Employee Retirement Benefit Security Act), and I can't find where it talks about that the severance pay is equal to one month's salary nor that it HAS to be that amount. Can someone point it out to me please?
The reason I am asking because in the contract my hagwon is giving me, it says that the end of the year severance is equal to HALF of a month's salary. So, when I finish one year instead of getting 2.1 million (that's my monthly salary) I will be getting 1,050,000 kwn of severance instead. Is that legal? My previous hagwon was equivalent to one month's salary as well. I tried pointing it out to my boss but she said every hagwon is different. How can I prove it to her that my severance should be equal to an one month salary?
Also, I signed the contract already.. so is it already too late for me? |
Here is a link to Korean labor law (scroll down to Article 34)
http://www.ilo.org/dyn/natlex/docs/WEBTEXT/46401/65062/E97KOR01.htm
They call it Retirement Allowances System but it's the same thing as severance.
And no it's not too late. Labor law trumps contract law...they HAVE to give you at least one month.
Be aware though that if you push this she may fire you and then you'd have to go through the labor board to get what is due you and maybe the courts as well.
Up to you if you want to take this further. I'm not trying to discourage you from pursuing this (personally I would pursue it) but just making you aware of adverse consequences. |
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miso1004
Joined: 21 May 2010
Location: California
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| Posted: Thu Oct 24, 2013 8:50 pm Post subject: |
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| TheUrbanMyth wrote: |
| miso1004 wrote: |
I was reading the laws for severance pay (aka Enforcement Decree of the Employee Retirement Benefit Security Act), and I can't find where it talks about that the severance pay is equal to one month's salary nor that it HAS to be that amount. Can someone point it out to me please?
The reason I am asking because in the contract my hagwon is giving me, it says that the end of the year severance is equal to HALF of a month's salary. So, when I finish one year instead of getting 2.1 million (that's my monthly salary) I will be getting 1,050,000 kwn of severance instead. Is that legal? My previous hagwon was equivalent to one month's salary as well. I tried pointing it out to my boss but she said every hagwon is different. How can I prove it to her that my severance should be equal to an one month salary?
Also, I signed the contract already.. so is it already too late for me? |
Here is a link to Korean labor law (scroll down to Article 34)
http://www.ilo.org/dyn/natlex/docs/WEBTEXT/46401/65062/E97KOR01.htm
They call it Retirement Allowances System but it's the same thing as severance.
And no it's not too late. Labor law trumps contract law...they HAVE to give you at least one month.
Be aware though that if you push this she may fire you and then you'd have to go through the labor board to get what is due you and maybe the courts as well.
Up to you if you want to take this further. I'm not trying to discourage you from pursuing this (personally I would pursue it) but just making you aware of adverse consequences. |
Thank you! I'm just going to take the 50% because it will be a hassle to deal with it in court. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Oct 24, 2013 9:14 pm Post subject: |
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| miso1004 wrote: |
| So, when I finish one year instead of getting 2.1 million (that's my monthly salary) I will be getting 1,050,000 kwn of severance instead. |
My friend tells me you can hire a labor attorney for 1M KRW and they go kick a$$ on your behalf. However in this case that wouldn't get you anywhere. It's possible the employer knows that, hence their scheme. |
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miso1004
Joined: 21 May 2010
Location: California
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| Posted: Thu Oct 24, 2013 9:30 pm Post subject: |
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| KimchiNinja wrote: |
| miso1004 wrote: |
| So, when I finish one year instead of getting 2.1 million (that's my monthly salary) I will be getting 1,050,000 kwn of severance instead. |
My friend tells me you can hire a labor attorney for 1M KRW and they go kick a$$ on your behalf. However in this case that wouldn't get you anywhere. It's possible the employer knows that, hence their scheme. |
Like your name states, them koreans are ninjas when it comes to stuff like this. Especially hagwons. =_=;;; |
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