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When should you receive your money?
When should you receive your money?
Final paycheck: Last day of your contract
Severance pay: Within 14 days of the last day of your contract*
Housing Allowance: Within 1 months of the last day of your contract
Pension (for those it applies to): Unsure. More information needed.
What documents should you gather?
What documents should you gather?
Letter of Employment: This can be obtained from the administration office at your main school. You can also request one from the BMOE. (You must request this on the last day of your contract for it to cover the full working period).
Pay slips: If you have access to NEIS, you can print out your payslips from the 급여 section. If you do not have access to NEIS, these can be obtained from the administration office at your main school.
Tax documents: You can get the Certificate of Income from the Hometax website by following the guide here.
Medical Records: You can get your medical records from any clinics or hospitals you've visited. (I can't remember how much it costs, but I think maybe around a few thousand won?). You can just ask at the desk.
Police Certificate: If you are going back to work at a school or similar, you may want to apply for the police certificate. WARNING: this can be unnecessarily difficult to obtain. If you would like a guide, let me know and I'll add a page here.
Things to Settle
Things to Settle
Phone contract
Internet/TV contract if applicable
Utility bills
Health Insurance - WARNING. If you stay any days after finishing your contract, you will receive a bill for health insurance for this time. The rate can be quite high (though I've heard of people getting this lowered after calling the NHIS line).
What about my ARC card?
What about my ARC card?
You must return this to the immigration officer at the airport when departing Korea.
Severance Pay Information
Severance Pay Information
Honestly, severance pay is more confusing than it really needs to be ㅠㅠ
Busan insists on using the DC type. This means that rather than it being (average monthly pay) x (years worked), our severance is calculated (average monthly pay of year 1) = (average monthly pay of year 2) + (etc). So if you earned 2,300,000 a month the first year, then 2,500,000 the next, the severance would be around 2,300,000 + 2,500,000 = 4,800,000.
When you leave, the school may ask you to open an IRP account. (Not entirely sure why, but apparently it's necessary). When you leave, the school will request the money from the DC account be transferred to you (presumably via this IRP account - I need more info). However, as opening this IRP account and then requesting the transfer and then the bank actually transferring the money takes some time, you might not get the severance within the 14 days mentioned.
Pension Information
Pension Information
You need to apply for your pension refund from the pension office. The school cannot do this for you. (There's a few branches around the city - I know of Suyeong and City Hall, but I'm sure there's more)
You need:
Application for lump-sum refund (Can get at the office or online)
Passport
ARC
Bankbook (copy) (Or other proof of bank account)
Proof of date of departure within a month from the date of application (such as a flight ticket)
(I'm not entirely sure, but I think you have two options. The first is to receive the money to your bank after you have left Korea. The second option is to receive the money at Incheon airport when you leave. I've heard rumours you get less money if you get it at the airport though? As I said, I'm not really sure. If anyone can confirm or deny this please let me know)
I'm leaving mid-contract, what extra things do I need to know?
I'm leaving mid-contract, what extra things do I need to know?
Severance Pay: If you've worked for over a year, your severance will be pro-rated.
Renewal and Contract Completion Bonuses: You will not receive these bonuses.
Housing: If on school housing, you will need to vacate your housing by the last day of your contract (in the case of leaving early, this will be your last day of work). You may be able to stay longer if you work that out with the landlord. You may also be liable to pay the remaining months rent if they cannot find a replacement tenant.
Pension: The pension premium is calculated based on the estimated income for the year. Since you are leaving mid-year, the estimated income will have changed. This means there will be a settlement and you may need to pay more or receive a refund.
Paid Leave: Your paid leave days will be pro-rated. (Number of days worked / 366) x 26 days
Sick Leave: Like the paid leave, the sick leave days are also pro-rated. (Number of days worked / 366) x 11 days. Of these, 3 days can be used without a certificate.
Health Insurance: Like the pension, health insurance is also based on the estimated income for the year. Since you are leaving mid-year, the estimated income will have changed. This means there will be a settlement and you may need to pay more or receive a refund.
You should talk to the administration office in your school to see whether you owe any money before you leave. If you do, you can either leave money for this or give permission for the school to deduct it from your housing deposit.
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