A severance package (contract completion bonus) equal to 1
month's salary will be deposited into your account at the end of
your contract. The severance pay is in addition to your last months' wages.
Airfare Allowance
1.3 million Won will be issued upon arrival for your airfare expenses into South Korea
An additional 1.3 million Won will be issued at the completion of
your contract to cover the cost of your flight home
Medical Insurance
Expect to receive 50/50 medical coverage during your contracted
term.
Medical coverage includes: doctors visits, hospital visits, emergency care and extended care only
Tax Exemption
All nationalities (excluding Canadians) are exempt from paying taxes
in Korea during their first 2 years of work in the public school sector
National Pension Plan (North American only)
Public school teachers are required to pay into the Korean national pension fund which equates to 9% of your monthly salary. 4.5% is deducted from your monthly wage adn the education board matches this with an additional 4.5%
American and Canadian teachers are eligible for a lump sum return (9% of their annual income) on their pension contributions.
Contract Renewal Bonus
After your contract has been completed you will have the chance to renew your contract for another year.
If you renew your contract within the same Province or Metropolitan
city then you will be entitled to a 2.0 million won renewal allowance
and an additional two week vacation period between the end of your current contract and the start of your new contract (teachers are not eligible for additional settlement allowances and entrance airfare allowances with this scenario – teachers are entitled to an exit allowance of 1.3 million won at the end of their second contract).
