Korean Job Discussion Forums

[margaret]

I'm confused--are the year-end completion bonus and severance the same thing? I've read threads to indicate both possibilities. All jobs offer a year end completion bonus but I understand that not all nationalities can get the severance pay back. Also we have to pay half our severance ourselves. The last time I was in Korea I left after seven and a half months so I didn't get the completion bonus.
Margaret

[Ya-ta Boy]

Yes, you are confused. You are confusing severance and pension.

The year-end completion bonus and severance pay are the same. They are supposed to be equal to one month's pay. You do not pay any part of it. If you leave early you will not get this money.

You pay 50% of the pension plan. Depending on nationality you get this back soon after you leave the country. You are entitled to this money no matter how long you worked. Since you have returned to Korea you should contact the pension office in your area and ask about the money you have already in the plan. Your present job should be paying into the same account.

[margaret]

Thanks a lot for clearing this up for me. Yes, my present boss and I are both paying into the fund. I'll check about what we paid in the last time.
Margaret

[schwa]

All nationalities are entitled to "bonus"/severance pay if you work at least one year with the same outfit.

Pension pay-outs at present are only available to Canadians & Americans.