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lukas
Joined: 22 Aug 2009
Location: Bucheon
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 Posted: Tue Sep 07, 2010 7:15 pm Post subject: Completion of Contract/Severance Bonus Question |
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This may be a stupid question, but I'll ask it anyhow.
I work for a Gepik public school and will be renewing my contract. Therein it states,
"Upon completion of a one-year contract, Employer shall pay employee an extra 30 days' average wage as a severance pay for Employee's continuous employment for one year"
Does this still apply even though I am not leaving the school? (i.e. I'm not being severed). I know what severance means back at home, but I'm hoping it's different in Korea, because who in the world doesn't enjoy free money?
Thanks in advance. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Sep 07, 2010 8:02 pm Post subject: Re: Completion of Contract/Severance Bonus Question |
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| lukas wrote: |
This may be a stupid question, but I'll ask it anyhow.
I work for a Gepik public school and will be renewing my contract. Therein it states,
"Upon completion of a one-year contract, Employer shall pay employee an extra 30 days' average wage as a severance pay for Employee's continuous employment for one year"
Does this still apply even though I am not leaving the school? (i.e. I'm not being severed). I know what severance means back at home, but I'm hoping it's different in Korea, because who in the world doesn't enjoy free money?
Thanks in advance. |
If you renew with GEPIK (or a Gyeonggi Provincial School) you will (at some point in the 30 days after your new contract begins) receive your "severance" for the previous contract as well as your home visit/airfare/re-signing bonus.
This applies if you stay.
If you are going home (for others rather than the OP) then you get your airfare and severance along with your final pay and deposit returned.
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Ramen
Joined: 15 Apr 2008
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| Posted: Tue Sep 07, 2010 8:28 pm Post subject: |
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or if you choose to let your severance accumulate and let your school hold it for you, do nothing. When you are about to return home in a few years, pray that they'll pay you all the severance money owed to you.  |
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lukas
Joined: 22 Aug 2009
Location: Bucheon
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| Posted: Tue Sep 07, 2010 9:04 pm Post subject: |
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| Awesome, thank you ttompatz! |
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oldfatfarang
Joined: 19 May 2005
Location: On the road to somewhere.
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| Posted: Tue Sep 07, 2010 9:09 pm Post subject: |
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| Ramen wrote: |
| or if you choose to let your severance accumulate and let your school hold it for you, do nothing. When you are about to return home in a few years, pray that they'll pay you all the severance money owed to you. |
Not a good strategy in Korea. A "Bird in the hand etc..." |
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