SEOUL, Feb. 14 (Korea Bizwire) — About 2,200 employees of South Korea’s major commercial banks have left on voluntary retirement since late last year in return for receiving huge severance pay. According to industry sources, KB Kookmin Bank, Shinhan Bank and Woori Bank reflected their voluntary retirement expenses in their fourth-quarter results. These banks provided [...]
SEOUL, Jan. 12 (Korea Bizwire) — The average amount of severance pay for retirement falls short of 100 million won (US$91,000), far below the expectations among those in their 40s and 50s that they would need at least 200 million won to support their children’s education as well as their marriage after they retire. The [...]
SEOUL, Aug. 13 (Korea Bizwire) — More than half of foreign workers in South Korea are not aware of the fact that they are entitled to receive departure insurance payments and other various forms of severance payments, according to a study by human rights organizations. Departure insurance is mandatory for employers in South Korea who [...]
SEOUL, Nov.24 (Korea Bizwire) – The Human Resources Development Service of Korea announced that it will be managing a mobile service that calculates severance pay until the end of the year, to offer a more convenient option for business owners and foreign workers. The service can be used by going to the EPS homepage (http://www.eps.go.kr), [...]