Korean Severance pay (retirement pay) is the compensation that an employee in Korea is entitled to receive from his employer doing business in Korea once the employment has ended. Under Korean Employee Retirement Benefit Security Act, a regular full-time employee in South Korea shall receive a severance pay within 14 days from termination of employment. The amount of severance pay is equal to employee’s one month salary for every year of consecutive service. For similar articles, you may read: StatutoryContinue reading
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