Korean Job Discussion Forums

losing_touch · Joined: 26 Jun 2008 Location: Ulsan - I think!

On Saturday, I was at my wife's birthday party at a local restaurant / bar. My director made an appearance to wish her well. As the night went on, we were talking about how things are going and what I was planning to do next year. I explained that the weakening of the won was a serious blow. I then explained that I was looking at all of my options. I told her that I like it here, but there is better money to be made elsewhere. I currently make 2.3 million won per month.

Today, she came into my class and instructed my students to write down everything on the board in their notebook. She told me that she needed to talk to me for at least 5 minutes. I said ok, and I ducked out of the class and headed to her office. So, she dropped it. She asked me to stay for another year. My contract is up at the end of August.

Her offer was to pay me in US Dollars. Yes, that is right, she wants to give me $2000 per month. I have never heard of such a thing. I don't know what the won will do in the future. Today, that is nearly 3 million won. However, if it drops back to 1000, I would be stuck with 2 million.

So, it is time to negotiate I guess. I was thinking that $2300 per month might do the trick. Also, I need some time off to go back to Thailand with my wife to visit her family.

Has anyone ever encountered this kind of situation? What do you think? How would you respond to such an offer?

Xuanzang · Joined: 10 Apr 2007 Location: Sadang

It`s a unique proposition. Will you be paid in dollars or the Korean equivalent each month? It`s playing Russian Roulette in a way but then 2.3 to 2.0 if the rate falls isnt such a step back for you. I`m sure you could earn it back somehow.

losing_touch · Joined: 26 Jun 2008 Location: Ulsan - I think!

Otherside · Joined: 06 Sep 2007

The current rate is a fraction over 1300. (1305 according to xe.com).

Based on that, you'd be earning 2.6mill/month. Which is a fair raise. That being said, if the won does improve (and not all that much) you wouldn't be making much, if anymore than you are making now.

The only really positive is, it gives you some insurance, and you'd be able to achieve "dollar" saving goals. (assuming expenses are quite low, you'd be able to save X amount of dollars each month, regardless of the rate...you may win, or you may lose...but you'd be saving X amount of dollars each month).

Personally, I feel the offer is a bit on the low end. You are obviously a valued teacher so a 2.6mill salary is pretty fair...and my guess (which is as good as anyone elses) is that the rate will improve over time (to your detriment).

Xuanzang · Joined: 10 Apr 2007 Location: Sadang

Sleep on it.

Juregen · Joined: 30 May 2006

This might also be a way for them to pay you under the radar .... (no taxes etc ....)

Ask more questions ....

losing_touch · Joined: 26 Jun 2008 Location: Ulsan - I think!

lifeinkorea · Joined: 24 Jan 2009 Location: somewhere in China

She also needs to tell you about severance and a flight home. Maybe she is hoping this $2,000 will be all she has to pay each month. If you choose this, get it in writing, and have it also mention that severance and a flight home or out of the country are still in the deal.

Also, is this $2,000 before or after she deducts pension, insurance, etc...?

nahanni · Joined: 21 Mar 2007

double post

nahanni · Joined: 21 Mar 2007

US$2,000 .... too low .....smart offer on her part though.

Odds are within your year contract the currency will rebound....maybe not....but likely.

August is far off. Try to put off the decision as long as possible and watch the markets.

PRagic · Joined: 24 Feb 2006

Simple enough. At the current basic rate, she's willing to pay you ballpark 2.6 million in US dollars. Just keep that amount sacred. If the won gains in value, cool...just pay me the going rate in US dollars equal to 2.6. You win...or at least you don't lose more.

If I were your boss, I'd say take it or leave it, though. These people telling you to negotiate aren't thinking it through. Seriously. Why should she pay you more? If you think there's a chance the won with strengthen in the near future (meaning you want more US dollars now), then just cash over your dollars to won, bank the won, and wait until you can exchange them for more dollars later. Risk is involved here, and she shouldn't have to take all of it. Just my 2 cents. Personally, I'd take her offer and hedge.