Severance Pay
Article 34 (Severance Pay System)
(1) An employer shall establish a severance pay system whereby an average wage of more than 30 days shall be paid for each year of consecutive years employed as a severance pay to a retired worker; however, if the worker was employed for less than one year, this shall not apply.
(2) In establishing the severance pay system stipulated in paragraph (1), a differential severance pay system shall not be permitted within one business.
(3) An employer may, at the request of workers, pay severance pay in advance for the period of continuous employment of the worker concerned by adjusting the balances of remunerations before his retirement, irrespective of the provisions of paragraph (1). In this case, the number of years of continuous employment for the computation of severance pay shall be counted anew from the moment the latest adjustment of balances has been made.
(4) In cases where an employer has enrolled in pension insurance program for retirees or a retirement lump sum payment trust as prescribed by the Presidential Decree (hereinafter referred to as “pension insurance, etc.”) for workers, whereby workers, as the insured or a beneficiary, receive lump sum payment at the time of retirement, or draw their pensions, it shall be deemed that the employer has set up a severance pay scheme in accordance with paragraph (1). The amount of lump sum by the retirement insurance, etc., however, shall not be smaller than that of severance pay pursuant to paragraph (1).
| In the same header |
| -Health Insurance Summary | -Pension Obligations and Rights |
| -Severance Pay | -Severance Pay Entitlement |
-
Business and Networking Associations
European Community Chamber of Commerce in Korea, EUCCK, Seoul and Busan -
Dental Clinics incl. Dentists, Orthodontists
hus-hu Dental Clinic, English-Speaking Dentists in Apgujeong, Gangnam, Seoul. -
Shopping, Food, Clothing, New and Used Stuff, etc.
Audace Lingerie, European Brands & Sizes, Gangnam, Seoul -
Counselling, Coaching, EAP, Therapy, etc.
Adaptable Human Solutions, Counselling-Therapy, Seoul -
Accounting/Bookkeeping services
JzAssociate, Accounting Services, Personal & Business, Seoul & Gyeonggi -
Banks and Finance Services
KDB Daewoo Securities, Wealth Management in English-Chinese, Seoul -
Meditation and Yoga
Mu Sang Sa, International Zen Center, Chungnam Province, Korea -
Schools Nursery to University
Chadwick International, PreK-12 International School, Songdo, Incheon
Last Posts On Forums
An opportunity to meet the Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal.
Performances by Earth, Wind & Fire, George Benson, Al Di Meola, Eric Benet, Ledisi, Leessang and many more! Free Ticket draw 11 May.
The dates of the HaeBangChon Festival have changed to 25-26 May.
Win 2 tickets for a Sunday matinee by entering the Korea4Expats.com draw by Thursday 10 May. Draw on Friday.
