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  • artsl
  • Waygookin

    • 17

    • April 29, 2011, 10:33:07 am
    • s.korea
Severance being withheld?
« on: November 02, 2015, 05:38:21 pm »
Hi all.
A question re: severance payment for those who renewed/resigned their contract:
- Why are the severance money being withheld until the last (sometime in the future) contract is finished and not renewed/resigned?
In my case, the school is withholding the severance payment for the second year and of course without any interest. Why? Is this the new rule?
I have asked the 'finance' guy. Obviously his explanation stands as above- no money till you leave SK.


Re: Severance being withheld?
« Reply #1 on: November 02, 2015, 05:41:34 pm »
That law has been around for a while now. 2-3 years? They aren't trying to pull a fast one on you.


  • artsl
  • Waygookin

    • 17

    • April 29, 2011, 10:33:07 am
    • s.korea
Re: Severance being withheld?
« Reply #2 on: November 02, 2015, 06:03:35 pm »
Thanks.


Re: Severance being withheld?
« Reply #3 on: November 02, 2015, 06:59:36 pm »
No money until you leave your employer. Whether that be EPIK or whatever. If you change to a different employer you get the cash.


  • Korea13
  • Super Waygook

    • 494

    • May 29, 2013, 08:36:18 am
    • korea
Re: Severance being withheld?
« Reply #4 on: November 02, 2015, 09:18:56 pm »
Ummmm no interest?

Actually this is better, since your severance are base on the last 3 months of your payscale when you leave. So if you are at 2.1 when you start and next year your are at 2.2.

Instead of getting 2.1 and 2.2 for two years. You are actually will be getting 2.2 x 2 years.

So you be getting extra 100,000 won.

But remember severance is also subject to tax. The law change aa couple years back.
« Last Edit: November 02, 2015, 09:21:50 pm by Korea13 »