Korean Job Discussion Forums

[bassist33]

Hi guys!

I'm working with recruiters and searching for my own jobs in search of the best job possible in the Seoul area. We'll see how I do. I have received my first contract offer and it stipulates that I must pay 300,000 won three times for a security deposit (is this referred to as key money in Canada?)

Is this common practice or do the schools usually cover this cost? If not, this seems like a major cost that I have not become aware of from reading all the posts I've sifted through here.

Should I ask for this cost covered? Any advice is welcome!

Thanks!

[lifeinkorea]

[schwa]

Some jobs ask for a security deposit but certainly not all. Its not a "cost" in that its meant to be returned to you. If all your other research on a position suggests its on the up & up, this isnt necessarily a big cause of concern. Its not the landlord asking for this, its the employer.

Nothing to do with key money. Thats a large lump of cash, from a few to many millions of won, also fully refundable, put down to secure a place. That only affects people looking to arrange their own accommodation.

[bassist33]

I understand that it is not necessarily a "cost" in the sense that you "should" get it returned to you, but it is a "cost" when considering the many "costs" of relocating to another country. I finally got the search function to work with more than one word and was able to come up with this quote in the contract review post:

"*Give them a super emphatic "HELL NO!" when asking for housing deposits from each of the first 3 paychecks. "

This is a difference of $700+ between different contracts and would seem to be a major concern if you ask me. I'm not sure if this fact has been discussed elsewhere, but it should be something that all new-comers should be made aware of. Thanks for your replies!

[Otherside]

Bassist, the "housing deposit" of 300,000 per month for 3 months is almost Universal with public schools. So if your school is a public school, don't sweat it at all.

If it's a private school/hagwon, I'd do my research and make sure it's a reputable institution, as often that money goes towards multiple "penalties" if the contract is broken and you may only see a fraction of it back.

It's not really a cost of relocating, as it comes if your paycheck and you don't have to front the money. And yes, it has been discussed before on these boards...many, many many times

[bassist33]

I'm sure it has been discussed, but a search doesn't exactly yield the desired results. Another interesting post from the same thread quoted before:

"The Instructor will pay the Center a 300,000-won security deposit for the apartment provided by the Center. This deposit will be deducted from the Instructor�s salary on the second month of the Instructor�s contract period, and upon completion of the Instructor�s period of employment, the security deposit will be refunded to the Instructor minus any outstanding monthly bills or any expenses for repairs beyond normal wear and tear to the apartment.

If you ask them to remove this deposit from your contract, they have to. Korean Courts, from my research, have ruled this as a penalty clause when they haven't removed it from the contract. In other words, NO TO SECURITY DEPOSITS. "

Anyone want to comment on the validity of this statement?

[polonius]

[Otherside]

[Ramen]

In Korea, housing deposit is the runner's deposit.

[Misera]