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Severance and quitting after more than 12 months

 
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Binch Lover



Joined: 25 Jul 2005

PostPosted: Tue Oct 14, 2008 11:34 pm    Post subject: Severance and quitting after more than 12 months Reply with quote

I work for SMOE, and didn't receive any severance after my first year. If I quit with a few months to go on my contract, should I expect to receive pro rated severance for the second year?

Thanks
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Oct 15, 2008 12:38 am    Post subject: Re: Severance and quitting after more than 12 months Reply with quote

Binch Lover wrote:
I work for SMOE, and didn't receive any severance after my first year. If I quit with a few months to go on my contract, should I expect to receive pro rated severance for the second year?

Thanks


No.

You get one months pay as severance for each FULL year worked.

IT is NOT pro-rated for partial years.

http://english.molab.go.kr/data/EmployeeRetirementBenefitSecurityAct.pdf

.
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jadarite



Joined: 01 Sep 2007
Location: Andong, Yeongyang, Seoul, now Pyeongtaek

PostPosted: Wed Oct 15, 2008 12:49 am    Post subject: Reply with quote

"You get one months pay as severance for each FULL year worked. "

I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.

I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.

Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way.
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Tommy



Joined: 24 Aug 2005

PostPosted: Wed Oct 15, 2008 1:21 am    Post subject: Reply with quote

jadarite wrote:
"You get one months pay as severance for each FULL year worked. "

I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.

I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.

Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way.

That's what ttompatz is saying - "You get one months pay as severance for each FULL year worked. "
So if you worked 1 year and 6 months, you'd only get severance for that one year period and nothing for the 6 month period.
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aka Dave



Joined: 02 May 2008
Location: Down by the river

PostPosted: Wed Oct 15, 2008 1:49 am    Post subject: Reply with quote

I quit a hagwon after 13 months and yeah it was the basic severance.

Here's a bit of useless information, however, if you're ever in this situation. I was on an renewed E2 visa (that is to say, it was one month old), and I was changing to a Univ. job.

So I only had my new E2 for a month when I applied for my E1 visa, and I was worried this might be a problem. Nope. It went off fine.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Oct 15, 2008 1:58 am    Post subject: Reply with quote

jadarite wrote:
"You get one months pay as severance for each FULL year worked. "

I am a bit confused then (or simply justmistaken). I have used severance as a negotiation tool to get out of contracts, so I have never actually been paid severance.

I thought severance was a one payment thing for just 1 month's salary. So, if you worked 12 months or 24 months at say 2.2 million won/month, you would just get 2.2 million won as severance in addition to your last month's pay. You wouldn't get 4.4.

Am I mistaken? Would we get 4.4 after 2 years or 6.6 after 3 years? I thought the only way to do this would be to leave one job after 12 months, take another job and after 12 more months get a second month's salary that way.
]

Yes, in your example you would get 2.2 mil as severance after your 1st year, 4.4 if you quit after 2 years and 6.6 mil as severance if you quit after 3 years.

Some employers pay it out annually (like GEPIK). Some let it accumulate (like SMOE).

YOU can request that it be paid out annually (a very good idea if you are working for a hakwon).

.
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