Working and Business > Salary Deductions/Benefits

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 bell & ross replica watches 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).

billwatch.net

Last Updated on 2019-12-14


In the same header
Health Insurance Summary Pension Obligations and Rights
Severance Pay Severance Pay Entitlement
IGVC - Cake Decorating Class, 14 Feb 2020, Yongsan-gu, SeoulA cake decorating class for a parent-child/children team where the child does the decorating.
At the Movies This Week - SeoulEnglish language/subtitled movies and venues in Seoul, Daejeon, Daegu, Busan
Advertisement
JZ Associate
A Plus Dental
Seoul Foreign School, K-12 English School, Seodaemun, Seoul
Dwight School Seoul, English Pre-School-High School, Seoul
Korea International School-KIS, PK-12 English, Pangyo, Gyeonggi-do
TCIS Taejon Christian International School,1 Nov 2017
I want to convert
Helpul telephone numbers seoul korea
Directory
Cocoonfice, Business Center, Gangnam-gu, Seoul