Cashing out a portion of your severance early.

Was wondering if this was possible? I'm in a bit of a hectic financial situation and have accrued quite a bit of severance pay. Right now, even half of it would change my situation from hectic to manageable. Does anyone know who one can speak to regarding this or if it is at all possible? I'm unfortunately unable to use my savings because that got blown on an unavoidable emergency.

Thank you.

I asked to do this at my public school to help avoid a big tax fee when I cash it and pension out. They said it’s not possible.

With public school...nope, 99% impossible as it involves career admin staff putting their necks on the line for you and breaking the rules...possibly risking punishment if it were ever found during an audit.

In a hagwon, entirely possible as the chain of command is essentially one (whoever controls the hagwon's finances) and they can do some creative accounting to balance things at a later date.

Ha ha. i have done this SEVERAL times.
i only work at hagwons though. Big diff.

i took half my severance at the end of the 6th month this contract because i wanted to reduce the incentive of my employer to cut me in month 11 given our consistently declining enrollment in a COVID19 world.

I knew my request would be accepted because two years ago i knew i was wanted to be re-signed, so at the end of the 9th month i asked for the WHOLE bonus, saying i needed it for tailored clothes shopping and in the same conversation admitted i wanted to re-sign.

To a hagwon owner, there is little financial cost and clear benefit in such situations.

But if your hagwon boss has any thought of not resigning you? Or you work for the government public schools? My story probably doesn't apply.

Hagwons allow this all the time, if you and your boss have a good relationship then ask them.

Thank you for the various, insights. Much appreciated.

So far as I have been told for public schools, you can only cash it out if you are looking for housing deposit but only once in your time working there.  I use to be able to cash it out yearly but around 2012 or 2013 they put a stop to it.

I didn't even know that was an option when I got my place 2 and a half years ago.  I had to run up my credit cards to get the deposit.  %$#^@&!!!  I just found this out recently. 

But you can cash it all out at that time, pay the deposit, and keep whatever is left over to pay or save for whatever else you need.