| View previous topic :: View next topic |
| Author |
Message |
mdsb87
Joined: 16 Aug 2010
Location: Gyeongsangnam do
|
 Posted: Tue Nov 16, 2010 4:17 pm Post subject: Severence pay after completing contract question |
 |
|
Hi all,
Just curious about whole work your full 12 months and you get another months salary as a bonus. If you continue for a further 12 months with the same school do you get your bonus of a months salary after 12 months and then another at the end of the 24 months? Or is it just one severence after the 24th month working with that employer?
Not in this situation yet just trying to sort out savings etc in my head!
Thanks |
|
| Back to top |
|
 |
geldedgoat
Joined: 05 Mar 2009
|
| Posted: Tue Nov 16, 2010 5:18 pm Post subject: |
|
|
| Apparently when you receive the first year's severance is entirely up to the school. They could decide to give it to you at the end of your first contract, or they could wait and give it to you at the end of your second (or third, etc). But, no matter when you receive the first year's check, you are entitled to one month's severance for each full, year-long contract period. |
|
| Back to top |
|
|
Carla
Joined: 21 Nov 2008
|
| Posted: Wed Nov 17, 2010 5:12 pm Post subject: Re: Severence pay after completing contract question |
|
|
| mdsb87 wrote: |
Hi all,
Just curious about whole work your full 12 months and you get another months salary as a bonus. If you continue for a further 12 months with the same school do you get your bonus of a months salary after 12 months and then another at the end of the 24 months? Or is it just one severence after the 24th month working with that employer?
Not in this situation yet just trying to sort out savings etc in my head!
Thanks |
Check your contract, it usually says at the end of the contract. Most people who stay at the same school prefer to get the severance every year.
There is one benefit for not getting it at the end of the first year.
The severance is basically a month's severance for every year's work beginning at the first completed year.
So, let's just say you work 1.5 years. You have to leave after 6 months for any reason. Now, if you take the severance after 1 year, the clock is reset to 0. After you work the next 6 months, you get nothing.
If you don't take the severance, then when you leave after 18 months, you get 1.5 months salary.
This is Korean law, don't let your boss tell you differently.
Same goes for Koreans. If they want to take their severance (with their permission of their employer) early, they can, but the clock resets. They have to work another complete year before they can qualify for severance again.
That being said, many people are (justifiably) worried about losing out on their main severance. Your school could close, your boss could just disappear, your boss could just refuse to pay you, etc. When you look at it this way, it is MUCH SAFER to take your severance at the end of the first year.
A bird in the hand is worth two in the bush. |
|
| Back to top |
|
|
jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
|
|
| Back to top |
|
|
mdsb87
Joined: 16 Aug 2010
Location: Gyeongsangnam do
|
| Posted: Thu Nov 18, 2010 2:22 pm Post subject: |
|
|
| Thanks a million. I'd say I'd opt for it after each contract. I'm definately a believer in "one in the hand ...." |
|
| Back to top |
|
|
jrwhite82
Joined: 22 May 2010
|
| Posted: Thu Nov 18, 2010 9:31 pm Post subject: |
|
|
Any legit school will have their severance policy written into the contract. If it doesn't it is a red flag. Tell them you want it put in your contract.
Take the money every year.
Also, when you get your first contract, delete your name AND THE SCHOOLS NAME and post it in the sticky above to have some of us review it for you to find anything strange or fishy. |
|
| Back to top |
|
|
J Rock
Joined: 17 Jan 2009
Location: The center of the Earth, Suji
|
| Posted: Fri Nov 19, 2010 3:28 am Post subject: |
|
|
After my first year was up at my Hagwon I decided to stay for another year, they tried the whole we will pay you your sevrence and your plane ticket (I didn't go home between contracts) at the end of your second year. I just felt like there was too much risk in them holding onto 3.5 million of my money for a year when I could have been investing it or paying off a car that i had back home.
After them putting up a little fight I got everyting that was due at the end of my first year. Also it's a pretty good feeling after making 2.2 million every month to see that 12 month pay statement of 5.2 million, call me simple but it made me happy. |
|
| Back to top |
|
|
jrwhite82
Joined: 22 May 2010
|
| Posted: Fri Nov 19, 2010 4:18 am Post subject: |
|
|
| There is nothing better than the severance check pay day! |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
