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Employment Contracts | |
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Severance Bonuses for Teaching in Korea
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Upon completing your 12-month contract, your employer is required by Korean Law to pay you a severance bonus equal to one months regular salary. This is usually subject to normal taxes as well. It cannot be apportioned or paid out at any time prior to the completion of 12 months work. You are not able do a 'deal' with any employer, that will have him paying this bonus earlier, or monthly, throughout your contract. Also your employer is not allowed to set his own bonus pay instead of the official severance pay. If you do not finish your 12-month contract the bonus cannot legally be offered. The amount to be paid is worked out by taking the base salary of the last 3 months of your employment, adding them together, and then dividing by 3. If the employer has not put this in the contract, you can still request it be paid to you through the labor courts of Korea. It is a lot easier to have our company check this out for you, and ensure it is correctly worded in your contract, rather than having to resort to legal action at the end of a contract.
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Our Program | Employment Contracts | Terms & Conditions of Employment Information about Teaching in Korea | Living & Surviving in Korea | Useful Links Applications & Contact Details | Korean Employers Application Form Copyright © World English Service Ltd. All rights reserved. Last updated 17/12/2004. Design & development by Karere.
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