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Scotticus
Joined: 18 Mar 2007
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 Posted: Sun Feb 15, 2009 7:49 am Post subject: Severance reassurance... |
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So I finished two years at a PS recently. From what I know about severance, they're trying to screw me over, but I wanted to ask around and see if I can get an answer from anyone before I decided to make things official and call the Labor Board.
1) Are taxes (or any other deductions) supposed to come out of your severance pay?
2) The severance is based on the average pay of your last three months at the job, NOT based on your pay from any time before that, correct? |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Sun Feb 15, 2009 7:53 am Post subject: |
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Sorry, I don't have an answer for you.
Does this mean your leaving? |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Sun Feb 15, 2009 7:31 pm Post subject: |
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| Nah, just felt like moving on. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sun Feb 15, 2009 7:39 pm Post subject: |
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1) Taxes are withheld from severance, but not NHIS or Pension. ONLY TAX.
2) It should be the average of the final 3 months, including all overtime, allowances, or any other payments made. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Sun Feb 15, 2009 7:57 pm Post subject: |
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| You might want to ask them to pay your severance separately from your final pay. Tax rates in Korea are on a sliding scale, which means the more money you earn in a month, the higher the amount of tax you have to pay. If they lump your severance with your regular pay, the percentage will be much higher than if they paid it separately. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Sun Feb 15, 2009 8:03 pm Post subject: |
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| Big Mac wrote: |
| You might want to ask them to pay your severance separately from your final pay. Tax rates in Korea are on a sliding scale, which means the more money you earn in a month, the higher the amount of tax you have to pay. If they lump your severance with your regular pay, the percentage will be much higher than if they paid it separately. |
They didn't lump it in. I got it after my last paycheck.
They've already paid ALMOST all of it, however they're 900k short, which means either a) the Korean tax system has changed dramatically since late December or b) they're trying to *beep* me over. Gee, I wonder which one it is... |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sun Feb 15, 2009 8:11 pm Post subject: |
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| If you're getting two years' worth of severance, that would most likely be taxed at a higher rate than your regular salary. But 900k is probably too much. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Sun Feb 15, 2009 9:52 pm Post subject: |
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Didn't you get your pay statement?
If not, ask for it to see what's been taken out. |
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Tobias
Joined: 02 Jun 2008
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| Posted: Sun Feb 15, 2009 10:07 pm Post subject: |
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| What if you're in your two-year exemption period? I assume NO TAX. Period. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Sun Feb 15, 2009 10:23 pm Post subject: |
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| Ramen wrote: |
Didn't you get your pay statement?
If not, ask for it to see what's been taken out. |
Currently waiting on it. I've asked for it twice now and have yet to get it. I'd like that info before I bug the Labor Board, but if I don't hear from them by tomorrow I guess I'll just have to call them without the info.
| Quote: |
| What if you're in your two-year exemption period? I assume NO TAX. Period. |
Well, the period I was there was my second and third years in Korea, so I have NO clue how that would work. Only tax half of it? *shrug* One more question for me to ask the Labor Board. |
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