January 22, 2019, 09:28:41 PM


Author Topic: EPIK Severance Pay Question  (Read 226 times)

Offline DeiseBoy

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EPIK Severance Pay Question
« on: January 11, 2019, 10:33:13 AM »
I'll be finishing at my public school in March after 5 years so I'm currently filling out applications for severance pay etc.

Over those 5 years my pay went up each year a few times due to contract renewal, ending my 5th and final year at level 1+ (2.5 million per month).

I've read that my severance should be 1 month's salary for each year calculated using my salary from my final year. So 2.5 million x 5 months= 12.5 million.

However, the administration is saying that each of the 5 months is calculated separately using the salary from that particular year.

Does anyone know which information is correct? Or have a link to how severance pay should be calculated?

Thanks.

Offline sojuadventurer

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Re: EPIK Severance Pay Question
« Reply #1 on: January 11, 2019, 11:40:46 AM »
I'll be finishing at my public school in March after 5 years so I'm currently filling out applications for severance pay etc.

Over those 5 years my pay went up each year a few times due to contract renewal, ending my 5th and final year at level 1+ (2.5 million per month).

I've read that my severance should be 1 month's salary for each year calculated using my salary from my final year. So 2.5 million x 5 months= 12.5 million.

However, the administration is saying that each of the 5 months is calculated separately using the salary from that particular year.

Does anyone know which information is correct? Or have a link to how severance pay should be calculated?

Thanks.

They're definitely wrong. Your severance is equal to one month of wages calculated as the average of the last three months of employment.

Here's a link from the MOEL regarding severance calculation:

https://www.moel.go.kr/english/sai/saiFaq_view.jsp?idx=110

Online plan b

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Re: EPIK Severance Pay Question
« Reply #2 on: January 11, 2019, 11:54:42 AM »

They are definitely wrong. I'm in the same boat (5 years). I'm trying to find something in Korean to show them.

Offline DeiseBoy

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Re: EPIK Severance Pay Question
« Reply #3 on: January 11, 2019, 12:02:50 PM »
They are saying that they calculated it at the end of each year, at that year's salary, but they can hold onto all of it until you finally leave before paying out. Any truth to this?

Edit: Called the labor board, they said the administration is wrong, it's your average salary from the 3 months prior to calculation x the number of years worked, as others have said previously.

Thanks to those who commented for confirming my suspicions that they were wrong.
« Last Edit: January 11, 2019, 12:28:34 PM by DeiseBoy »