Ah, you mean as if I were actually giving out the 20 000$ to everyone???? That number is so foreign to me as money, haha it seems impossible.

I think I got you now.

Since you're pretty open about your situation on here you must have walked away with quite a chunk of change when you moved to Uiwang.  The years of severance, key money and the big Gunpo security deposit would've added up to a tidy sum. 

I got my severance every year, it didn't add up over 4 years. Key money was 2 000 000. I'm not poor, let's be clear. haha but having 10 000 000 to just piss away, as in this thread I made, is not on. There are more important things.

I got my severance every year, it didn't add up over 4 years. Key money was 2 000 000. I'm not poor, let's be clear. haha but having 10 000 000 to just piss away, as in this thread I made, is not on. There are more important things.

Oh, they paid you out every year?  I wonder why some schools still do that? 

Yeah, I'm with Colburnnn.  If public school teachers here are a victim of government belt tightening next year the five year pay out will be a nice cushion.  D10 and some travel will be in order.  Sorry, not to derail the thread.  I refer to myself in the third person so I'd just pocket the hypothetical 20K. 

well it's illegal, but they of course do it because it works out cheaper for the school

It's not illegal.  The law only says it has to be at least the average of the last three months' salaries and that is for the contract duration.  Whether that is for one year or a one year contract renewed numerous times doesn't really matter.  If you get it each year, it's nice.  If you can wait until you finish then it's super nice when you finally get it.  I suppose there are more difficulties with calculation if you've been there a long time and gone through a number of pay grades.  So obviously you want to get as much as possible.  I imagine there are more disagreements that way than for someone getting it each year.   I still get mine each year as do the other two Korean contract teachers, but then I've been 1+ for about 8 years, so I've already hit the max.  It's up to the school in the end.  Another school near me accumulates it.   

as far as i know, they changed the law a few years ago (to make it more black/white and not a grey area) and they, by law, should only give it after you finish employment with them, not just after each contract. but yeah i'd probably prefer the money in my bank account every year rather than waiting 8 years. now, if only i could claim the 15m back i've put into the pension fund here

The big difference would be if you had substantial raises during your tenure.
 

The big difference would be if you had substantial raises during your tenure.
 

yeah. even if you worked over 8 years going from 2.2 to 2.7, that's still a lot of money you'd miss out on if you took it every year.

do any other countries do this severance system? something i've wondered about before

Go out with a bang after a session with some Bolivian Flake...!

$10,000 for me - help my mom move to Europe where she's wanted to live out the last of her years. Whatever money, if any, I'd have left over from that I would put towards travelling - go to Scandinavia and see the northern lights, Egypt, etc. Cross out a number of places off my bucket list.
$10,000 for society - $5,000 towards The Ocean Cleanup project and $5,000 towards the Trevor Project.

Conditions: 10 has to be for you, whatever you want, and the other 10 has to help society in some way.

I can't tell you what to do, but try not to be the asshole genie stereotype, like twisting the condition (the 10 for society could be spent on me cuz I'm part of society!) NO.

I would divide up $10,000 for different charities and would give it to them, personally.  I want to make sure it is actually used in the way intended.  One place would be a school in Siem Reap, Cambodia.  Another would be a local homeless shelter and the final one would be for the Wounded Warriors program. 

For myself, I would put 1/2 in savings and the rest in checking.