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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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 Posted: Tue May 01, 2007 11:47 pm Post subject: Quick Pension Refund Question |
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| Hi, I've been at the same school for about 20 months now. Due to personal and family reasons, I have to go back to Canada and leave this contract early(May 31). Will my leaving early effect my pension refund or will I still get everything back right up until my last month? Thanks for any help! |
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polonius
Joined: 05 Jun 2004
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| Posted: Wed May 02, 2007 12:34 am Post subject: |
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| You will get everything back that you paid into it. |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Wed May 02, 2007 12:54 am Post subject: |
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| polonius wrote: |
| You will get everything back that you paid into it. |
plus what ever your employer paid into it.  |
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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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| Posted: Wed May 02, 2007 1:41 am Post subject: |
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| Thanks guys. I appreciate the help. It's nice to know I'll still be getting a nice little bonus as I'll be losing out on the end of contract payout. Thanks again! |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Wed May 02, 2007 1:57 am Post subject: |
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| Doogie wrote: |
| Thanks guys. I appreciate the help. It's nice to know I'll still be getting a nice little bonus as I'll be losing out on the end of contract payout. Thanks again! |
Well, hold on there.....
If you worked for same employer 20 consecutive months, you are entitled to your prorated severance too.
First 12 months = 1 month salary
next 8 months = 66% of 1 month salary (prorated). |
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sheba
Joined: 16 May 2005
Location: Here there and everywhere!
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| Posted: Wed May 02, 2007 4:42 am Post subject: |
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| I was just at immigration today and picked up a brochure.... Not only do you get every penny back, but aparently youre supposed to get interest as well! |
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butlerian
Joined: 04 Sep 2006
Location: Korea
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| Posted: Wed May 02, 2007 4:49 am Post subject: |
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| Are British citizens still exempt from a refund? |
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sheba
Joined: 16 May 2005
Location: Here there and everywhere!
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| Posted: Wed May 02, 2007 4:55 am Post subject: |
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| Yes... as are NZers and Aussies - DAMN IT!! |
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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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| Posted: Wed May 02, 2007 6:57 pm Post subject: |
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| ChuckECheese wrote: |
| Doogie wrote: |
| Thanks guys. I appreciate the help. It's nice to know I'll still be getting a nice little bonus as I'll be losing out on the end of contract payout. Thanks again! |
Well, hold on there.....
If you worked for same employer 20 consecutive months, you are entitled to your prorated severance too.
First 12 months = 1 month salary
next 8 months = 66% of 1 month salary (prorated). |
Are you sure about that, Cheese? I did receive my payout after the first contract. However, I thought that if you bailed on any contract before completion, you lose that year's severance completely. Anyway, I'll check my contract again. Thanks. |
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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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| Posted: Wed May 02, 2007 8:19 pm Post subject: |
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| Doogie wrote: |
| ChuckECheese wrote: |
| Doogie wrote: |
| Thanks guys. I appreciate the help. It's nice to know I'll still be getting a nice little bonus as I'll be losing out on the end of contract payout. Thanks again! |
Well, hold on there.....
If you worked for same employer 20 consecutive months, you are entitled to your prorated severance too.
First 12 months = 1 month salary
next 8 months = 66% of 1 month salary (prorated). |
Are you sure about that, Cheese? I did receive my payout after the first contract. However, I thought that if you bailed on any contract before completion, you lose that year's severance completely. Anyway, I'll check my contract again. Thanks. |
I checked the MOLAB site and found this quote:
"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."
It says for "each year of service". There's nothing about it being prorated.
http://www.molab.go.kr:8001/english/policy/working_standards/pol0301.jsp |
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