Final Payments (EPIK) - Severance Pay & Exit Allowance

[popeye2u]

I am with Gepik and just renewed my contract over a month ago.  I never got my severance pay or flight money so I inquired about it.  I had to fill out a severance request form.  Ask you school about it.  The contract states you should get it within 2 weeks after end of contract, but that doesnt always work.  I am waiting too see when It hits my bank acct. 

[Daejeon]

They definitely promised me 2.0mill. All along that's wht my co-teachers been saying untill today. I guess I have to live with 1.5mill....wow I can't trust anyone now....esp in Korea. Lesson learned  :(

Your co teachers are not lawyers, or have back ground in finances, banking, administration.  This is a simple mis communication.  You should not be angry at anyone over this.  Severance is always pro rated against variables.  Since the contracts NET's are on are standard, and your contract is a modified standard contract, you must expect all things pertaining to a "contract term" not be 12 months, but 10, as that is you adjusted contract length.

[geebee]

I speak and understand korean and english very well. That's why I know that my co-teacher has been aware that this was gonna occur. She's been speaking to other teachers behind my back about this. Only if she told me the truth from the beginning I wouldn't have gone all upset....wht bugs me is that she lied to me and I trusted her.  I'm not saying that all co-teachers are like that but for next time I can't trust them fully cause of this incident which is such a shame.

[geebee]

Thanks everyone for yur comments it's been very helpful ;)

[suz]

I work for S.M.O.E.   I'm leaving Korea.  I have worked 4 contract periods and now want to make sure I get my severance pay.  I was told way back that severance pay is given when you actually leave S.M.O.E permanently.  I then forgot about it until of course until now.  They now have to give me quite a lot of accumulated money.  I'm told they will transfer it to my account of my choice.  How can I find out how much I have accumulated?  I don't want to be left in the dark about this and I don't want any surprises.  Should I ask the accountant in the school to find out for me?  Or should I go directly to the district in my area. .Also I 'm asking for a favor to be granted and get the money on 8/24 along with my regular salary.
Perhaps an exception could be made.  I'm leaving to go to Israel and would rather not have them transfer it.   I would loose money.  I would appreciate any information on this matter.  Thanks

(MOD Caps removed from topic)

[Jeff Winston]

You know SMOE has a number of sites that answers these questions for you right.

Anyway I am nice :)

Severance Amount 4X Your final Pay grade ( so if you finish your contract at say 2.5 million, then your serverance is ten million. )

you  ( almost certainly) will NOT get your severance on 8/24, you will get it mailed to your bank account ( i have yet to hear even one time where they have paid this out early)

[boanerges]

Hi

If someone stays for about 4.5 years, I'd assume they would receive severance pay covering the 4 full years they have worked with smoe. What about the 6 months duration, is this somehow pro-rated ?
He renenwed for 6 months following his 4 year stay and did not leave his contract early. How does this work ?

[cat fud]

Severance is only payable on completed 12-month contracts.  Therefore the 6-month contract does not qualify.

[Ollie84]

Actually, with SMOE you are entitled to  6 months severance, if you are working beyond your first year, consecutively.

[jrwhite82]

Severance is only payable on completed 12-month contracts.  Therefore the 6-month contract does not qualify.

According to labor law it could qualify.  Provided they didn't cash out the severance at the end of each contract.  If you worked 4 and a half contracts and never cashed out your severance you are entitled to 4.5x the average of your final 3 months salary. 

If you cashed out your severance at the end of each contract and didn't roll it over, then you are not entitled to those last 6 months. 

[sweet_potato]

When I completed my first year (and signed another contract), I received 2 million as a resigning bonus, and about 2 million as severance for completing my first year. When I finish in August this year, I'm expecting 2 million severance for this year, plus 1.3million flight money. And I understand that the pension office will send 2 years worth of pension to my home bank account a little after I leave.  I'm with EPIK, and I think I got those facts right.

It's strange that some of you weren't getting your severance after completing each year. If I understand correctly, severance is an extra month's pay. So if you stayed for another year, your pay probably went up each year. I would be concerned that they would not give me an appropriate severance amount for each year, if they were waiting to pay me out at the end of 2,3 or 4 years of working there. For those of you who want to stay for your second year, I would recommend that you try your best to get your severance after each year. It just makes sense to do it that way and avoids a headache in the future.

[cat fud]

When I completed my first year (and signed another contract), I received 2 million as a resigning bonus, and about 2 million as severance for completing my first year. When I finish in August this year, I'm expecting 2 million severance for this year, plus 1.3million flight money. And I understand that the pension office will send 2 years worth of pension to my home bank account a little after I leave.  I'm with EPIK, and I think I got those facts right.

That sounds quite right!

It's strange that some of you weren't getting your severance after completing each year. If I understand correctly, severance is an extra month's pay. So if you stayed for another year, your pay probably went up each year. I would be concerned that they would not give me an appropriate severance amount for each year, if they were waiting to pay me out at the end of 2,3 or 4 years of working there. For those of you who want to stay for your second year, I would recommend that you try your best to get your severance after each year. It just makes sense to do it that way and avoids a headache in the future.

That is also correct, but... severance is calculated on your most recent salary, so in fact it's better to get it all at the end, since you will get the number of years multiplied by a higher salary.

I have received my severance at the end of each year, so I can't do this.  I don't know how to choose between the two options, or if a choice is possible.

[Davey]

When I completed my first year (and signed another contract), I received 2 million as a resigning bonus, and about 2 million as severance for completing my first year. When I finish in August this year, I'm expecting 2 million severance for this year, plus 1.3million flight money. And I understand that the pension office will send 2 years worth of pension to my home bank account a little after I leave.  I'm with EPIK, and I think I got those facts right.

That sounds quite right!

It's strange that some of you weren't getting your severance after completing each year. If I understand correctly, severance is an extra month's pay. So if you stayed for another year, your pay probably went up each year. I would be concerned that they would not give me an appropriate severance amount for each year, if they were waiting to pay me out at the end of 2,3 or 4 years of working there. For those of you who want to stay for your second year, I would recommend that you try your best to get your severance after each year. It just makes sense to do it that way and avoids a headache in the future.

That is also correct, but... severance is calculated on your most recent salary, so in fact it's better to get it all at the end, since you will get the number of years multiplied by a higher salary.

I have received my severance at the end of each year, so I can't do this.  I don't know how to choose between the two options, or if a choice is possible.

You're supposed to get it annually according to the EPIK contract, although some schools choose to do it in lump sum. You can request to get it in lump sum; not sure if they'll accommodate, but it's worth a shot.

Whether it's better to get severance annually or lump sum depends on what you will do with it. If invest it and/or pay off debt, it may be better to get in annually due to the time value of money.

[glb0b]

Whether it's better to get severance annually or lump sum depends on what you will do with it. If invest it and/or pay off debt, it may be better to get in annually due to the time value of money.

You also have to consider taxes. For the first 2 years (unless you are Canadian) severence will be tax free. If you get it in year 3 you will have to pay tax on it.

[makeshiftb0y]

I checked my SMOE contract, and it states: if you work longer than one calendar year, you will receive your severance pay when you leave SMOE.

I'd actually prefer to get it at the end of each contract. I know, in theory, it'd be better to get when I leave SMOE, since my pay level would be higher than, but I don't really trust people enough to give me a huge sum of money at once, if i end up staying here for a long period of time. Also, the exchange rate right now is decent--who knows what it will be years from now. Also, as someone pointed out, I don't have to pay tax for my first two years.

Has anyone here actually talked to Jon Park about this, or someone else from SMOE?

[happySuwon]

Hey there~
Soon I will finish my contract and leave Korea,after three years.
I have OT,Severance Pay,Security deposit and possible flight reimbursement that has to be paid.
What is the expected timeline for these things to be paid?Before I leave, a week after I leave?After I have begged and pleaded
and sold a kidney?
For those who have left,what was the wait time ?
Thank you !

[MichaelTeacher]

I'm wondering the same thing.  I have just given my Co-teacher all of my U.S. bank account info, and supposedly all the money that is owed to me for my last months pay, severe3nce pay, and camp pay, will be wire-transfered directly to my home bank account.  Are you you doing it the same way?  What recourse to we have if they screw up our payment and we already back in our home country?

[happySuwon]

no idea :-)
I have a good relationship with my school, and I doubt they will screw me over. BUT , i don't know how long i will have to wait...

[Ectofuego]

Hey there~
Soon I will finish my contract and leave Korea,after three years.
I have OT,Severance Pay,Security deposit and possible flight reimbursement that has to be paid.
What is the expected timeline for these things to be paid?Before I leave, a week after I leave?After I have begged and pleaded
and sold a kidney?
For those who have left,what was the wait time ?
Thank you !

I got this one gents!    You can stay a couple days past your contract to get everything but the pension.  All other cash will generally be given on, before, or directly after contract.  You can negotiate how you recieve that with you school, but if you stay like 2 days past contract in a hotel close by, they can not say anything about it.  Be direct that you need the money now.  THe pension on the other hand takes time.   After you go to the pension office and give them proof of departure and your bank account info in your home country, you will see the money about a month after you arrive home.

[annab]

Hi guys.

I just re-signed yesterday. My understanding was, like people have mentioned above, that I was to get the renewal bonus + severance. This is how I read what was stated in my contract.        My co-teacher was unsure so called someone at the MOE and that said no, you'd only one of them.

I'm unsure what to do now. I have told my co-teacher that many friends that have previously re-signed have received both. However, now he has the word of the person at the MOE.
Does anybody have an email address or somebody I could contact to clarify this?

Thanks :)