[Updated: February 12, 2020] There was a report in 2019 that more than half of foreign workers in South Korea are not aware of the fact that they are entitled to receive severance pay under Korean law. Yes, Korean labor law recognizes severance pay. It is being regulated by Guarantee of Workers’ Retirement Benefits Act(“GWRBA”).
In this article, we will provide you a guide to the general ideas of how severance pay works, who gets it and how much in Korea. Continue reading