| View previous topic :: View next topic |
| Author |
Message |
rokricky
Joined: 18 Feb 2006
Location: Yongsan, Seoul
|
 Posted: Thu Feb 14, 2008 8:13 pm Post subject: Uni Severence |
 |
|
| I work at a private Uni. In my contract there's no mention of severance pay, but in the labour law guidelines it seems to be a requirement. I mentioned something to the Dean and he knew nothing about it. The previous teachers were never paid a severance bonus either. Do they have to pay the severance? |
|
| Back to top |
|
 |
R. S. Refugee
Joined: 29 Sep 2004
Location: Shangra La, ROK
|
| Posted: Thu Feb 14, 2008 8:52 pm Post subject: Re: Uni Severence |
|
|
| rokricky wrote: |
| I work at a private Uni. In my contract there's no mention of severance pay, but in the labour law guidelines it seems to be a requirement. I mentioned something to the Dean and he knew nothing about it. The previous teachers were never paid a severance bonus either. Do they have to pay the severance? |
Sadly, the answer is no, they don't have to pay severence if they have a private pension fund instead of the national one. Private colleges have this option. I know this from personal experience. |
|
| Back to top |
|
|
DrunkenMaster
Joined: 04 Feb 2008
|
| Posted: Thu Feb 14, 2008 9:48 pm Post subject: |
|
|
It's true.
But you are in the KTPF (Korean Teacher's Pension Fund). It's a really good pension plan, and it's transferable to new schools that are also in the plan if you change jobs. In five years, your pension will have a significantly larger value than the national fund, and you can borrow money off the principle, and also use it to get a mortgage loan. I imagine it's not much, but it's something.
5 years is the amount of time you need to stay in before it's worth anything good though. I think after 3 years, your school puts a gradual amount in. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
