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the eye
Joined: 29 Jan 2004
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 Posted: Sun Jul 23, 2006 7:40 pm Post subject: Severance calculation |
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If your pay scale changes in mid contract, how is severance calculated?
For example, in the first 3 months of the contract, salary was 2mil. Then, in the last 9 months, salary increased to 2.4mil.
Is severance calculated as an average? Or is it based on the last 3 months of the contract?
I thought it was the latter. |
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Grotto
Joined: 21 Mar 2004
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| Posted: Sun Jul 23, 2006 7:50 pm Post subject: |
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| average of your last 3 months of work |
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the eye
Joined: 29 Jan 2004
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| Posted: Sun Jul 23, 2006 8:12 pm Post subject: |
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| Yeah, that's what i thought, but i can't find proof. Did you see that in the MOLAB site? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Sun Jul 23, 2006 8:29 pm Post subject: |
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| If a worker has worked for more than one year in a workplace with 5 workers or more, the worker shall be given severance pay in the amount of at least 30-day average wages for each year of service. Severance pay, in principle, should be paid after retirement. However, should a worker request, he or she may receive, in advance, severance pay corresponding to their years of service to date. |
http://english.molab.go.kr/ (from the homepage, under Policy of MOL, select Working Standards and Welfare)
It probably wouldn't hurt to call the 1350 number to verify it though. |
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