Working in Korea

  Note: This article was written by a professional with over 3 years of experience working in a Korean company. Do Foreigners Get Severance Pay in Korea? Everything You Need to Know One of the most important financial benefits of working in South Korea is Severance Pay , locally known as "Toejikgeum" (퇴직금) . Many expats wonder if they are eligible for this benefit just like Korean citizens. The answer is a resounding YES . In Korea, labor laws protect all employees regardless of their nationality. If you meet certain criteria, your employer is legally obligated to pay you severance when you leave the company. 1. Who is Eligible? To receive severance pay, you must satisfy two main conditions under the Employee Retirement Benefit Security Act: Duration of Service: You must have worked for the same employer for at least one consecutive year . Working Hours: You must have worked an average of 15 hours or more per week (or 60 hours or more per month). Note: It doesn't matte...