nomad-ish
Joined: 08 Oct 2007
Location: On the bottom of the food chain
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 Posted: Mon Aug 04, 2008 8:24 pm Post subject: Re: Article 7 (Salary), clause 6 |
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| karincosme wrote: |
My contract expires today, August 5, 2008. In Article 7 (Salary) of my contract, it states:
"If employee completes the 1-year contract, Employer will pay Employee as severance pay (equivalent of one month salary) on the final day of employment."
I was told that severance pay is considered pension. Is severance pay pension? |
no, they're two different things. severance is roughly one month's salary after completing a 1 year contract (more accurately it's an average of the last 3 months of work, including overtime)
| karincosme wrote: |
Inaddition, if you renew your contract with the same employer, do you forfeit your severance pay? |
no
| karincosme wrote: |
Article 11 (Pension) states:
"Employer and employee both pay pension under Korean pension law."
At the beginning of my contract, I started paying pension. For 1-year, my employer withheld pension from my monthly salary, so if I have been paying pension for 1-year, how is severance pay consider pension?
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it's not the same thing.
each month 4.5% is deducted from your salary for pension and your employer matches that amount. then if you're from one of the allowed countries you can get a pension refund for the whole 9% when you leave korea
for the pension refund though, you have to visit the pension office with the appropriate paperwork (maybe your school doesn't realize this and is assuming severance = pension)
here's a site with the national pension offices listed: http://wiki.galbijim.com/National_Pension_Offices |
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