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Epik Severence due 2015 -2017
« on: January 18, 2016, 07:08:53 pm »
Hi,

I've searched this website for the answer to my query and got conflicting information.

I started Aug 2015 and will finish in Aug 2017. If I re-sign at my school and get kept on, how much severence will I get?

Is it one month or 2 months?

Please confirm,
Thanks
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Re: Epik Severence due 2015 -2017
« Reply #1 on: January 18, 2016, 07:14:29 pm »
severence is based on years.

If you complete 1 year, you get 1 month.

After 1 year (13 months or more), it will be pro-rated, so that if you work 13 months total you will get 1 month (for the 12 months) and one-twelfth of your pay for the 13th month.

2 years is 2 months etc.
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  • tamjen
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Re: Epik Severence due 2015 -2017
« Reply #2 on: January 18, 2016, 07:23:33 pm »
Severance is also kept in abeyance by the office of education so you do not receive it at the end of each contract. You will receive 1 month's pay (based on your highest level of pay) per each year, or portion thereof, worked upon leaving Korea for good.
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Re: Epik Severence due 2015 -2017
« Reply #3 on: January 18, 2016, 07:37:17 pm »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.


Re: Epik Severence due 2015 -2017
« Reply #4 on: January 18, 2016, 07:39:16 pm »
Great thank you guys. The change in 2014 confused me.

Also is my last paycheck Aug 24th or Sept 24th?
If its Sept 24th, is it comprised of aug24 - aug31 pay and then all the extras?
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  • oglop
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Re: Epik Severence due 2015 -2017
« Reply #5 on: January 18, 2016, 08:10:32 pm »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.
yes, that must be lovely for you americans.


Re: Epik Severence due 2015 -2017
« Reply #6 on: January 18, 2016, 09:29:41 pm »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.
yes, that must be lovely for you americans.

Isn't it 6?

2 months seberamce
2 months your pension contribution
2 months your employers pension contribution.

Something like that.


Re: Epik Severence due 2015 -2017
« Reply #7 on: January 18, 2016, 09:40:17 pm »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.
yes, that must be lovely for you americans.

Bitter much? yeesh!

BTW it really is.


Re: Epik Severence due 2015 -2017
« Reply #8 on: January 18, 2016, 09:44:50 pm »
OP,

Severance = Your final pay level (x) the number of years working continuously.

ex. I'm assuming your pay level is 2 million won.

So 2m (x) 2 years = 4m (+) interests if your school invested it for you (-) taxes.  Yes, severance is taxed.

Pension = Number of years working continuously (x) approximately 2.0 million won, give or take, depending on how much you got paid each month.

ex. You put in about 90,000 each pay period and your school matches it.  So around 180,000 every month.

So 180,000 won (x) 24 months = 4,320,000, give or take a few 100,000.

Hope this helps.



Re: Epik Severence due 2015 -2017
« Reply #9 on: January 18, 2016, 11:07:59 pm »
OP,

Severance = Your final pay level (x) the number of years working continuously.

ex. I'm assuming your pay level is 2 million won.

So 2m (x) 2 years = 4m (+) interests if your school invested it for you (-) taxes.  Yes, severance is taxed.

Pension = Number of years working continuously (x) approximately 2.0 million won, give or take, depending on how much you got paid each month.

ex. You put in about 90,000 each pay period and your school matches it.  So around 180,000 every month.

So 180,000 won (x) 24 months = 4,320,000, give or take a few 100,000.

Hope this helps.

I remained with the same school for the past 7 years.

I do hope this windfall is headed towards my bank account upon my end of contract this February.


  • oglop
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Re: Epik Severence due 2015 -2017
« Reply #10 on: January 19, 2016, 12:43:59 am »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.
yes, that must be lovely for you americans.

Bitter much? yeesh!

BTW it really is.
no, i enjoy being 10k usd down compared to you northern americans

p.s. **** england. really.


Re: Epik Severence due 2015 -2017
« Reply #11 on: January 19, 2016, 08:52:46 am »
OP,

I realize you are asking about severance, but don't  forget that you also have pension coming as well.

Expect four months salary upon your "retirement": two from severance and two from pension.
yes, that must be lovely for you americans.

Bitter much? yeesh!

BTW it really is.
no, i enjoy being 10k usd down compared to you northern americans

p.s. **** england. really.

I'm sorry, bro. But at least you have Marmite! I'm not being sarcastic.


Re: Epik Severence due 2015 -2017
« Reply #12 on: January 19, 2016, 11:05:23 am »
Severance is also kept in abeyance by the office of education so you do not receive it at the end of each contract. You will receive 1 month's pay (based on your highest level of pay) per each year, or portion thereof, worked upon leaving Korea for good.

Just so there's no confusion, a public school job will pay you the severance when you finish your final contract and leave the job, even if you are staying in Korea. Pension is only available when you leave the country and go to the pension office with a copy of your plane ticket etc.
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Re: Epik Severence due 2015 -2017
« Reply #13 on: January 21, 2016, 04:35:04 pm »
Thank you all very much for your clear advice.

Much appreciated   :smiley:
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