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egrog1717
Joined: 12 Mar 2008
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 Posted: Wed Jul 14, 2010 10:32 pm Post subject: SMOE Severance Delay... :S |
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Posted by the great cloud keeper in the sky in the SMOE HQ website...
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| Severance will be paid approximately�2-3 weeks�after August 24th�2010. This money will also be wire transferred. If you are leaving SMOE but will stay in Korea, you may just tell them to deposit your money to your Korean bank account. Keep in mind Severance will be TAXED. |
My only guess to the reasoning behind this is that being the money grubbing people they are, they'd love to keep all of that cash in their account until the end of the month to collect the interest payments on it...
Talked to my school's financial officer who told me that I'd be getting my money with my last pay cheque regardless... Hoping she's right about that one. |
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winterfall
Joined: 21 May 2009
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| Posted: Thu Jul 15, 2010 12:00 am Post subject: |
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I'm curious, do you know if the severance is taxed as a lump or in yearly parts?
Eg:
10 million won
or
5% on each month's salary.
The latter would be much cheaper. I don't know much about Korean taxes but, it was mentioned in another thread. Taxes are low if you don't make much but, sky rocket after you make past a certain point. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Thu Jul 15, 2010 1:29 am Post subject: |
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| Regarding delay of payment, they have 14 days to get you ALL money owed from the day you cease to be their employee. After that, you are eligible to file a claim with the labor board because they are in violation of the law at that point. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Thu Jul 15, 2010 4:04 pm Post subject: |
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| winterfall wrote: |
I'm curious, do you know if the severance is taxed as a lump or in yearly parts?
Eg:
10 million won
or
5% on each month's salary.
The latter would be much cheaper. I don't know much about Korean taxes but, it was mentioned in another thread. Taxes are low if you don't make much but, sky rocket after you make past a certain point. |
Was told that my 4 mil severance would be taxed down to 3.85 or so... So whatever the tax works out to be on that (I'm in a lazy chair warming mood atm, lol) |
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Thu Jul 15, 2010 4:33 pm Post subject: |
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I wonder if it's being taxed but not remitted to the proper authorities.  |
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