End of Contract Details

I'm finishing my contract, now what?

Here are some guidelines for what to start preparing if you have decided to finish your contract with the DMOE. Your co-teacher should have received the same information as an attachment to an official document, all in Korean. Please have your co-teacher refer to that while helping you to prepare to leave the country.

NOTE: Your contract completion bonus and severance pay may not be available until after you've left Korea. Please be sure to either work something out with your school's financial administrator by providing your home country's bank account information (your name as it is on the bank account, name of bank, bank account number, bank branch number, SWIFT code, etc.) OR have it automatically forwarded from your Korean bank account to an account back home.

Please follow the links below for more detailed information:

Collecting Pension Refund (국민연금 보험료):

Pension

Contract Completion Bonus (계약완료 지원비):

Entrance Allowance & Contract Completion Bonus

Extending Your Visa (Temporary Extension):

Recently, E-2 visas have been issued with 13 month validity, to make up for the fact that your contract period may not start exactly when your visa is granted. However, this is not the case across the board. Due to an error by your embassy, your visa may have been issued for exactly 12 months starting from the time your visa was processed, instead of matching the time period of your actual contract. This will put you in a situation where your visa may expire before the end of your contract. Please double check your visa expiration date!

Renewing and Extending E-2 Visas

Severance Pay (퇴직금):

Severance Pay

Security Deposit (손해배상담보금):

Security Deposit

Apartment:

For school provided housing, make sure your apartment is clean and orderly before you leave, since in some situations, the new NET will be moving in the following day or the actual day that you leave. Also, be sure to pay all of your outstanding bills including but not limited to landline phone and internet service, cell phone, electricity, gas, etc. As utilities bills for the last month of your stay is not issued until a month after you have left, please make sure to communicate with your school on how you would like to pay for it. You have until the last day of your contract to move out of the place. You may request to your school if you can move out the morning of the next day. But you must get permission from your school.

Cell Phone & Bank Account:

It is your responsibility to take care of your Korean cell phone plan and bank account before leaving the country. Please make sure to terminate your cell phone plan and pay for any remaining bills before departing the country. And close down your Korean bank account if you chose to no longer keep the account active. You may ask your co-teacher for assistance if necessary. However, he/she will not be able to terminate your cell phone plan or bank account for you instead since your name is tied to the account. And so the only way would be for you to physically visit the cell phone service or bank before departing the country. It is advised that you call your cell phone company or bank before making a visit and for any inquiries.

Residence Card:

You must return your RC to the Korean Immigration Office in one of the following ways:

- Go to the immigration office, return the card, and obtain a receipt that states you have returned the card (do not lose this!). Then, show the receipt to an immigration official at the time of departure.

- Return the card to an immigration official at the airport at the time of departure (usually the person who checks you out at customs).