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Settlement Allowance - 300,000 KRW (one-time payment)
All EPIK GETs,
regardless of level, will be provided with a settlement allowance of 300,000 KRW
in the first month of their first contract.
Free Furnished Housing Provided - Single studio-type housing
Free furnished
housing or a rent subsidy will be provided by the host POE.
A leased house/apartment/studio-type room as well as
basic household goods will be provided by the host POE. Basic household goods
include: a bed, a table and chairs, a wardrobe, a gas stove, a refrigerator, a
washing machine, a microwave oven, and a TV set.
Utilities are not provided for and are the
responsibility of the EPIK GET.
Due to
variations in housing costs in different regions of Korea, the size and location
of the supplied housing can vary from POE to POE.
If housing is unavailable, a monthly rent subsidy of
300,000 KRW will be provided in lieu of free f furnished housing.
Severance Pay - Equal to approximately one month’s
salary/year
All EPIK GETs, regardless of level, who successfully
complete a one-year contract will be entitled to receive severance pay.
Severance pay is equal to approximately one month’s salary.
Airfare Reimbursement - One-way to Korea and One-way from Korea
During
the 10-day orientation, all EPIK GETs, regardless of level, will be provided
with reimbursement for the cost of direct, one-way, economy-class airfare from
their place of permanent residence to Korea.
Reimbursement for return travel to
their place of permanent residence is provided by way of a lump-sum payment upon
successful completion of the contract.
Before
the end of the 10-day orientation, the cost of airfare from your place of
permanent residence to Korea will be reimbursed by the EPIK office. To be
eligible for an airfare reimbursement during orientation, the following items
must be submitted: the passenger’s copy of your original flight ticket, the
original purchase receipt from your travel agent or provider, and your original
boarding pass(es).
To prevent early termination
of contracts, incoming airfare reimbursement is issued in the form of a loan
from the employer to the EPIK GET.
This loan is
in the amount of the actual purchase price of a direct, one-way, economy-class
ticket from EPIK GETs’ place of permanent residence to Incheon International
Airport. Upon successful completion of the contract, the loan is waived. Flight
itineraries that include unnecessary stopovers may not be eligible for
reimbursement.
In the event that the contract is
terminated with six (6) months of its implementation, including renewal
contracts, regardless of course or grounds, the EPIK GET will repay the
above-mentioned loan to the EPIK office immediately
Roundtrip Tickets
For those EPIK GETs who
purchase direct, roundtrip, economy-class tickets, 50% of the actual purchase
price will be reimbursed before the end of orientation and the remaining 50%
will be reimbursed upon the successful completion of the contract. To be
eligible for an airfare reimbursement during orientation, the following items
must be submitted: the passenger’s copy of your original flight ticket, the
original purchase receipt from your travel agent or provider, and your original
boarding pass(es).
EPIK GETs Hired in
Korea
For those EPIK GETs who apply and
are hired in Korea, airfare reimbursement is based on the actual purchase price
of a round-trip, economy-class ticket to and from Japan.
However, for those EPIK GETs who apply from within Korea
but then return to their permanent residence, airfare reimbursement will be
based on the actual purchase price of a direct, one-way, economy-class ticket
from their permanent residence to Incheon International Airport. Flight
itineraries that include unnecessary stopovers may not be eligible for
reimbursement.
Upon successful completion of
your contract, you may need to travel to a destination other than your place of
permanent residence. If this is the case, your host POE may be able to reimburse
you for your flight provided that the cost of this flight is equal to or less
than the cost of a direct, one-way, economy-class ticket to your place of
permanent residence. Arrangements for this reimbursement must be made in advance
between you and your host POE.
For renewing
GETs, roundtrip airfare to their place of permanent residence will be provided
upon successful completion and renewal of your contract. If you need to travel
to a destination other than your place of permanent residence, your host POE may
be able to reimburse you for your flight provided that the cost of this flight
is equal to or less than the cost of a direct, one-way, economy-class ticket to
your place of permanent residence. Arrangements for this reimbursement must be
made in advance between Employee and Employer.
Tax Exemption - 2 years
of income tax exemption (except Canadians)
With the exception of Canadians, all EPIK GETs, regardless of GET level, are exempt from paying Korean Income tax for the first two years of their employment in Korea.
To be eligible for this tax exemption, you must submit
official proof of residency in the form of Residency Certification from the
relevant jurisdictional tax office of your country of permanent residence. This
document must be submitted to the supervisor of your POE within one month of
your arrival in Korea.
If you have previously
worked for more than two years in Korea, you are ineligible for this income tax
exemption.
Income tax exemption can be an
exceptional benefit since, for example, in the USA, single persons with no
dependents may need to pay one-third of their income as tax.
As there is no tax treaty between Canada and Korea,
Canadian EPIK GETs will be taxed between 2 and 4 percent on their Korean income
depending on their EPIK GET level.
Compulsory Medical Insurance - 50% of your premiums paid by your
employer
Pursuant to the National Medical Insurance Act, 50% of your
medical insurance premiums will be paid by your host POE. Current medical
insurance premiums total approximately 4.31% of your salary and are payable
monthly. Half of this amount, about 2.1%, will be paid by your host POE, with
the remaining amount being deducted from your monthly salary. This medical
insurance will allow you to receive medical attention and prescription medicines
at a fraction of their original cost. In the event that EPIK GETs have
dependents living with them in Korea, their host POE will continue to pay 50% of
their medical insurance premiums for both the GET and his/her dependents.
National Pension Scheme - 50% of your compulsory contributions paid by your
employer
(1) National Pension Scheme
Pursuant to the Korean
National Pension Corporation Act, 50% of your compulsory pension contributions
will be paid by your host POE.
Current
compulsory pension contributions total approximately 9% of your salary and are
payable monthly. Half of this amount, about 4.5%, will be paid by your host POE,
with the remaining amount being deducted from your monthly salary.
(2)
National Pension Scheme Refunds
At present, only EPIK GETs holding American
or Canadian citizenship are eligible for a lump-sum pension refund upon
successfully completing their contract and departing Korea. Information and
documentation to apply for this refund can be found on the Korean National
Pension Service website.
EPIK GETs from
countries other than the USA and Canada are only entitled to receive pension
benefits in the case of retirement or tragedy. More information about pension
benefits and refunds can be found on the Korean National Pension Service.
10-day EPIK Orientation - An excellent transition and networking
opportunity
All EPIK GETs, regardless of level, will receive
orientation and training related to living and teaching in Korea by way of a
10-day orientation program. During this orientation, EPIK GETs will be exposed
to various subject areas and activities.
The
10-day orientation is conducted by the Center for In-service Education at the
orientation place prior to your contract start date.
The orientation period is not included in the term of
employment and as such is unpaid.
Orientation is
mandatory for all EPIK GETs. If you are not present at orientation, you will not
be eligible for employment.
Transportation from
Incheon International Airport to the orientation site at the orientation place
will be provided free of charge.
Upon the
successful completion of orientation, transportation from the orientation site
at the orientation place to each EPIK GETs respective POE will be provided free
of charge.
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