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grnmle
Joined: 13 Sep 2007
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 Posted: Wed Jun 25, 2008 1:25 am Post subject: What does this mean? |
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| A severance payment will be given to employees who have successfully completed their contract. The Employer will deduct the national pension that the Employer paid to the government for the Employee for 12 months from the severance money. The Employee will be given the deducted amount as a severance pay. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jun 25, 2008 1:30 am Post subject: Re: What does this mean? |
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| grnmle wrote: |
| A severance payment will be given to employees who have successfully completed their contract. The Employer will deduct the national pension that the Employer paid to the government for the Employee for 12 months from the severance money. The Employee will be given the deducted amount as a severance pay. |
It means that the boss is a thief and plans to use YOUR severance to make HIS contribution to your pension fund.
Legally you are entitled to your severance (equal to 1 months salary) for every full year of employment.
In addition your employer is REQUIRED BY LAW to make a contribution to your national pension plan of ~4.5% of your salary. You make a matching contribution and IF you are from Canada, the USA or Australia you get a refund of the full balance in your pension fund FROM THE GOVERNMENT when you depart Korea.
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Last edited by ttompatz on Wed Jun 25, 2008 1:31 am; edited 1 time in total |
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crescent
Joined: 15 Jan 2003
Location: yes.
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| Posted: Wed Jun 25, 2008 1:31 am Post subject: |
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It means they probably cook their books.
Instead of deducting your pension from your salary every month, they will wait until you complete your contract and then deduct a full years pension payments from your severance money.
Don't sign. |
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