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EPIK Contract Renewal Bonus / Exit Allowance
« on: June 03, 2015, 08:56:05 am »

Hello Waygookins!

I am preparing to have a conversation with my manager about renewing for my second year in Korea.

Looking over my current contract I understand that if I am eligable to renew I will receive a 2.0 million KWR bonus.  My understanding is if I renew I will receive this bonus, but I will not receive an exit allowence of about 1.7 Million KWR, (which is typically used to pay for your flight home.)

My question is about the NEW contract I am signing when I renew.  For those folks who have renewed their contracts before, does the renewal contract include an Exit Allowence? 

Obviously my hope is that in exchange for another year of my work in Korea, my renewal contract includes the additional pay for my ticket back home!

Thank You for your input everyone!



  • Timo
  • Super Waygook

    • 392

    • May 21, 2015, 02:47:36 pm
Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #1 on: June 03, 2015, 08:59:28 am »

Hello Waygookins!

I am preparing to have a conversation with my manager about renewing for my second year in Korea.

Looking over my current contract I understand that if I am eligable to renew I will receive a 2.0 million KWR bonus.  My understanding is if I renew I will receive this bonus, but I will not receive an exit allowence of about 1.7 Million KWR, (which is typically used to pay for your flight home.)

My question is about the NEW contract I am signing when I renew.  For those folks who have renewed their contracts before, does the renewal contract include an Exit Allowence? 

Obviously my hope is that in exchange for another year of my work in Korea, my renewal contract includes the additional pay for my ticket back home!

Thank You for your input everyone!
Yes, it's kinda like postponing your leaving. You'll still get the exit allowance upon completion of the next contract.


Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #2 on: June 03, 2015, 09:24:29 am »

Thanks Timo!


Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #3 on: June 03, 2015, 11:54:07 am »
Okay, so I'm near the end of my 2nd contract. I received the renewal bonus, I will still get my exit allowance when I leave right? Just asking cos the OP made it sound like it was one or another.. Hope I still get the exit allowance!


  • afheil89
  • Veteran

    • 245

    • August 23, 2014, 12:41:16 pm
    • Seoul
Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #4 on: June 03, 2015, 12:03:49 pm »
You get the exit allowance whether you renew or not. So you'll get it at the end of your first year, or 2nd year, or 3rd year, whatever. But it's 1.3 million won, not 1.7 million. The renewal bonus is instead of an exit allowance whenever you renew.
I teach, eat, and travel through Korea and write about it. http://www.ashleyheil.com


  • Mezoti97
  • The Legend

    • 2684

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #5 on: June 03, 2015, 03:17:52 pm »
You get the exit allowance whether you renew or not. So you'll get it at the end of your first year, or 2nd year, or 3rd year, whatever. But it's 1.3 million won, not 1.7 million. The renewal bonus is instead of an exit allowance whenever you renew.

However, I heard recently that EPIK contracts will no longer provide an exit allowance to a NET upon completion of a NET's final contract if the NET does not plan to leave Korea (e.g., if the NET chooses to stay in Korea to work at a hagwon, etc.).


  • jamonamagnet
  • Expert Waygook

    • 610

    • April 01, 2015, 10:09:26 am
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Re: EPIK Contract Renewal Bonus / Exit Allowance
« Reply #6 on: June 03, 2015, 03:24:05 pm »
You get the exit allowance whether you renew or not. So you'll get it at the end of your first year, or 2nd year, or 3rd year, whatever. But it's 1.3 million won, not 1.7 million. The renewal bonus is instead of an exit allowance whenever you renew.

However, I heard recently that EPIK contracts will no longer provide an exit allowance to a NET upon completion of a NET's final contract if the NET does not plan to leave Korea (e.g., if the NET chooses to stay in Korea to work at a hagwon, etc.).
It depends on the wording of your contract.

If your contract says you will get 1.3m at the end you will get it.

If your contract says you will get 1.3m at the end unless you stay in Korea, and you stay in Korea, you will not get it.

What does your contract say?