ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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 Posted: Wed Oct 31, 2007 10:33 pm Post subject: Re: Does Korean Law.... |
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| DaeguKid wrote: |
require that when you (waygook) finish a contract that you receive a bonus paycheck?
Whats the story folks...
Cheers
DK |
If you are employed for at LEAST 1 calendar year the answer to your question is YES.
Article 34 of the Korean labor standards act:
Article 34 (Severance Pay System)
(1) An employer shall establish a severance pay system whereby an average wage of more than 30 days shall be paid for each year of consecutive years employed as a severance pay to a retired worker; however, if the worker was employed for less than one year, this shall not apply.
(2) In establishing the severance pay system stipulated in paragraph (1), a differential severance pay system shall not be permitted within one business.
(3) An employer may, at the request of workers, pay severance pay in advance for the period of continuous employment of the worker concerned by adjusting the balances of remunerations before his retirement, irrespective of the provisions of paragraph (1). In this case, the number of years of continuous employment for the computation of severance pay shall be counted anew from the moment the latest adjustment of balances has been made.
(4) In cases where an employer has enrolled in pension insurance program for retirees or a retirement lump sum payment trust as prescribed by the Presidential Decree(hereinafter referred to as �pension insurance, etc.�) for workers, whereby workers, as the insured or a beneficiary, receive lump sum payment at the time of retirement, or draw their pensions, it shall be deemed that the employer has set up a severance pay scheme in accordance with paragraph (1). The amount of lump sum by the retirement insurance, etc., however, shall not be smaller
than that of severance pay pursuant to paragraph (1).
<Amended by Act No. 5473, Dec. 24, 1997> |
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