Foreign executives working in South Korea encounter a diverse range of opportunities and challenges. Among the various aspects that require attention, understanding the intricacies of severance pay entitlement under Korean labor law is paramount. One of the key questions that often arise is whether foreign executives are entitled to legally mandated severance pay in South Korea. In this article, we will delve into the complexities surrounding severance pay for foreign executives, shedding light on the legal framework and crucial considerations. (more…)
There was a news report that more than half of the foreign workers in South Korea are not aware of the fact that they can claim for the severance pay. Yes, Korean labor law recognizes severance pay. It is being regulated by the 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.