Leaving a Korean Job: Money Checklist

Preparing to Leave Your Job

Leaving a job involves more than just saying goodbye. It's important to manage your finances and paperwork correctly to avoid problems later. This guide focuses on the money-related aspects.

Start planning early. Gather all your employment documents, pay stubs, and any records of your working hours or benefits.

Good record-keeping is your best tool when managing your departure.

Key Financial Items to Check

Final wages: Article 36 generally requires wages and other money to be paid within 14 days after retirement, while allowing the date to be extended by agreement in special circumstances. Preserve any such agreement and check the final wage statement.

Severance pay (퇴직금): do not decide eligibility from service length alone. Check continuous service, scheduled weekly hours, worker status, the average-wage period, and any separate retirement-benefit arrangement.

Unused Annual Leave Allowance: If you have unused annual leave days, your employer may be required to pay you for them. Check your contract and company policy.

National Health Insurance (국민건강보험): ask NHIS when the workplace enrollment will be reported as ended and whether another enrollment category or payment remains.

National Pension (국민연금): nationality, social-security agreements, contribution history, and departure facts can affect lump-sum-refund eligibility. Use the NPS eligibility guidance rather than assuming every foreign worker receives a refund.

Employment and industrial-accident insurance: ask the responsible official agency about the status of a particular enrollment, benefit, or existing claim. Do not treat the last work date as an answer to every insurance question.

Important Steps to Take

Request a Certificate of Employment: Ask your employer for a certificate of employment (재직증명서 - Jaejik Jeungmyeongseo) or a certificate of separation (이직확인서 - Ijik Hwakinsseo). These documents can be useful for future employment or visa applications.

Confirm Contact Information: Make sure your employer has your correct contact information (phone, email, address) for sending final documents or if they need to reach you.

Keep Records: Keep copies of all pay stubs, your employment contract, any termination notices, and records of communication with your employer regarding your departure. This includes bank statements showing final payments.

Seek Official Guidance: If you have questions about your final pay, severance, or insurance, contact the relevant official government agencies directly.

What to do step by step

1. Review your employment contract and pay stubs to understand your entitlements.
2. Communicate with your employer about your final pay, severance, and other benefits.
3. Keep detailed records of all financial transactions and communications related to your departure.
4. Contact official government services (e.g., Ministry of Employment and Labor, National Pension Service, National Health Insurance Service) for accurate information regarding your specific situation.

What this guide assumes

• You are a foreign worker currently employed in Korea.
• You are planning to leave or have recently left your job.
• You are seeking general guidance on financial aspects of job separation.

Example

David worked at a company in Busan for two years. When he decided to leave, he reviewed his contract and confirmed his eligibility for severance pay. He spoke with his HR department to confirm his last day and the expected payment dates for his final salary and severance. He kept copies of his last three pay stubs and his bank statements showing the final deposits. He also contacted the National Pension Service to ask about his lump-sum refund eligibility before leaving Korea.

Limits and cautions

• This guide provides general information and is not legal, tax, or financial advice.
• Eligibility for severance pay, pension refunds, and other benefits can depend on specific employment conditions, visa type, and nationality.
• It does not cover all possible scenarios or specific industry regulations.
• The information here does not replace the need to confirm current requirements with official sources like the Ministry of Employment and Labor or other relevant government agencies.

Frequently asked questions