Korean Job Discussion Forums

[Clemmens]

So I was reading through my SMOE contract today and noticed something that I must've read earlier, but didn't stick. It goes something like:

Article 12 (Housing)

4. Employee who is provided with housing shall pay a one-time only security deposit of 500,000 Korean Won. The security deposit will be returned to the Employee at the end of the contract, less the last month's utilities.

Will the deposit be taken out of our paycheck(s), or am I going to need to bring along an extra 500 bucks to cover it? I'd rather not have to scrounge up the extra cash, but if it needs to be done, then I guess it needs to be done. Anyone got any background on this? Thanks.

[ttompatz]

[Clemmens]

Cool. Thanks. Is it one fat chunk out of one pay check, or small consecutive payments?

[IamTheFace78]

I had wondered that too. On a related topic, does the W300,000 signing bonus come in the first paycheck, or do we get some walking around money as we show up for orientation? If they put it on the first paycheck, I suppose the deposit only amounts to W200,000 out of the first check. Stellar.

[nomad-ish]

^ i doubt you'll be receiving the money at or during orientation, so bring enough money to go out and survive for a couple weeks. last year my PS deposited the settlement allowance after my bank account was opened, but before my first paycheck (others have said they've gotten an envelope of cash from their schools very quickly)

[IamTheFace78]

I've ordered W300,000 from my local bank just to make sure I have a bit of cash when I arrive. Think this is enough? It seems like quite a bit of cash, though I'm not sure when that first paycheck will be coming.

I did, however, make the mistake of asking my bank for "300,000 dollars in korean won." before my ladyfriend pointed out that A. I don't have $300,000 B. I probably couldnt carry that much won around without a large, drug czar style attache case and C. what I really meant was that I wanted W300,000.

[climber159]

Last year SMOE deposited the 300,000KRW settlement money into my bank account early in my second week in Korea (the first week we were at orientation and "didn't really need it"). You will not receive your first pay check until you've been in Korea for a month (since you are paid monthly).

As for the amount of money you bring with you from home...I'd say 300,000KRW is a little on the low end. Keep in mind that you'll need to set yourself up with groceries, a T-money card, you'll probably want to go out and do some exploring, and go out some in the first month. Add to that the fact that you are new to Korea and will not know all the best and cheapest places to buy what you want/need so that by the time your first pay check rolls around you may find yourself wishing you'd brought more money with you. If you can swing it, then I'd suggest bringing 500,000 - 600,000KRW with you.

Note: Bring it in US dollars or Euros and do the exchanging at the airport in Incheon as they generally give a pretty decent rate. (my bank back home screwed me in that department). After that you should do your exchanging at the little mom-and-pop places in Namdaemun or Itaewon.

[allarise]

IIRC, for GEPIK they take 300k won/month for the first 3 months, then reimburse the full 900 once you complete your contract.