A Settlement Allowance is a stipend given initially to those that freshly arrive in Korea.
Settlement Allowance Amount and Use
Settlement Allowances for EPIK and GEPIK and other Offices of Education are generally of about 300,000 won and are given to new teachers to help them with the costs of settling into their new housing. Settlement allowances are generally paid in the first month of employment, but are generally not provided as soon as you arrive.
Settlement Allowance Ineligibility
Those that are already living in South Korea are not eligible for the settlement allowance. The allowance is only for new arriving teachers.