South Korea in the Perspective of a Filipino Expatriate

Thursday, July 13, 2017

All About Twejikum (퇴직금) (Computation, Claiming, Etc.)

The Twejikum (퇴직금) is one of the benefits that a migrant worker in Korea can avail after the sojourn in South Korea. It is also called “severance pay”, a lump sum of money paid by the employer for the number of years that a particular worker has served the company. Those who were able to work in one company for a minimum of one year or more are qualified to receive the severance pay.


COMPUTATION


About one month before your departure, your company(or you) will contact the insurance company for the computation of your Departure Guarantee Insurance. The insurance company will then provide the receipt where it shows the computation of your Twejikum. This is how it is being computed:



  1. 1. Add your last 3 months salary

Example:

 January : 1,800, 000 Won

 February: 1,900,000 Won

 March: 2,000,000 Won

Last 3 months salary = 1.8M won + 1.9M won + 2M won = 5.7M won


  1. 2. Get the average pay per day by dividing the sum of your Last 3 months salary by the total number of days of last 3 months.

Example:

January : 31 days

February: 28 days

March: 31 days

Total Number of Days of Last 3 Months= 31+28+31 = 90 days

Average Pay Per Day = 5.7M won ÷ 90 days = 63,333.33 Won/Day


  1. 3. Compute the Average salary in one month by multiplying the result of number 2 to 30 days.

Average Pay Per Month = 63,333.33 x 30 = 1,900,000 Won

  1. 4. Compute your Twejikum by Multiplying the result to the number of years of service.

To compute the exact number of years, this is the formula:

Number of years = Total Number of years + [Total Number of Months x (1 year/12 months)]

(For example, worker has finished 4 years and 10 months of work):

                Number of years = 4 years + [10 months x (1 year/12 months)]

                Number of years = 4 years + 0.83

                Number of years = 4.83

Twejikum = 1,900,000 Won x 4.83

Twejikum = 9,177,000 KRW


CLAIMING


Now that you know how much your twejikum is, the big question now is how to claim it!


Your boss should pay you that amount the moment you leave the company. Basically, they have been paying for your severance pay already via the Departure Guarantee Insurance. However, as they are only paying 8.3 percent of your monthly salary, your boss should pay you upfront for the remaining amount.


Say for example, your boss was able to deposit a total of 6,000,000 won in your departure guarantee insurance, he should pay you a total of  9,177,000 KRW- 6,000,000 KRW which is 3,177,000. This amount should be deposited in your payroll account along with your last salary or whatever account you want to nominate.


How about the 6,000,000 won? Where should you claim it?


You should claim it at the airport. Your boss will let you sign up a form where you can nominate a bank to which you want to claim the remaining amount of your departure guarantee insurance. Once you signed up the form, all you need to do is wait for your date of departure and claim it in the airport.


CLAIMING TWEJIKUM AT THE AIRPORT



When claiming Twejikum at the airport, you must go to the bank you nominated at the third floor of Incheon Airport. Usually, they are located near the boarding gates of the airport. You can ask around or look it up yourself, they are not difficult to find.


Once you’re at the currency exchange center of the bank of your choice, they will simply ask you for passport and Alien Card. They already know you are coming, there’s no more fuss or asking for extra document when you approach them.



They will convert your money into dollar denomination, and after verification, they will give you a receipt of the conversion of your money. You must present this receipt at the bank after passing through the immigration so they will give you your cash. Don’t worry, they will provide instruction as to which gate the bank is located, all you need to do is enter the immigration and proceed to the gate they suggested to find the bank and get your cold cash!


That’s it! It’s not really that complicated. If you know how to follow instruction, you can get your twejikum without a fuss. For better flow of transaction, it would be better if you book a flight at night time and during weekdays.

33 comments:

  1. Yun pong kukmin paano i-claim? Sa incheon airport po ba yun o sa pinas na makukuha?

    ReplyDelete
    Replies
    1. it's up to you jhonel. I'm in the process of writing about claiming kukmin at the airport, hopefully, i can publish it within this week, watch out for it.

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    2. Ok sir, i'll wait for that. Salamat po :)

      Delete
  2. What if My end of visa is April 17 and i work till april 12 what months they will base the computation?

    ReplyDelete
    Replies
    1. computation will be based on the actual date when you stop working. so, it should be computed up to april 12.

      Delete
  3. Which salary are they going to use for computation sir/Ma'am. The Gross, or Net salary? Tnx.

    ReplyDelete
  4. Is twegikom same as twegik yeonkum?
    Is the computation of twegikom for korean husband is the same as EPS?
    THANKS.

    ReplyDelete
  5. Good day pede napo ba maclaim twejikum sa gimhae airport?

    ReplyDelete
  6. last 3 months salary based on months or based on days? ie. 90 days.

    see, if my last working date is may 21 than how i count my severance pay

    if it is base on month the last month salary will be low because i will work only May 21

    March = 2000000
    April = 1800000
    May = 1200000

    than march 31+ April 30 May 31 =92 days?
    5000000/92 = 54347 won

    Is this is right????????????
    please clear me.

    ReplyDelete
    Replies
    1. hi, that' wrong. the computation of your last three months must be based from february 21 up to May 21. This is how you add up your last three months salary:

      Your salary from february 21 to february 28 + Your salary from March 1 to march 31 +your salary from April 1 to April 30 + your Salary from May 1 to May 21.

      Delete
  7. hi, that' wrong. the computation of your last three months must be based from february 21 up to May 21. This is how you add up your last three months salary:

    Your salary from february 21 to february 28 + Your salary from March 1 to march 31 +your salary from April 1 to April 30 + your Salary from May 1 to May 21.

    ReplyDelete
    Replies
    1. mam pano po pghindi binigay ni amo ung tejikum at nasa pilipinas nko pano po yun san po ako pdng lumapit pra mgreklamo

      Delete
  8. GOOD AFTERNOON MAM,,,ASK LANG SA AIRPORT PO ALIN PO ANG UNANG I CACLAIM TEJIKUM PO B O KUKMIN,,TNKS PO.

    ReplyDelete
    Replies
    1. it doesn't matter po maam, it's up to you ano gusto mo unahin

      Delete
  9. MAM ISANG QUESTION PA PO PALA,,,YUNG TEJIKUM KO PO KASE,,BALE APRIL 12 PO FLIGHT KO..TPOS HNGGNG APRIL 10 LANG PO YUNG LAST DAY KO SA WORK,,,ANG CUTOFF PO NAMEN AY EVERY 21...PAANU PO KAYA ANG COMPUTATION NG TEJIKUM KO...ITO PO BA AY DECM,21 TO JAN 20 THEN JANUARY 21 TO FEB 20 THEN FEB 21 TO MARCH 20 EH YUNG MARCH 21 PO HNGGNG APRIL 10 KSAMA PA PO BA ??TNKS PO

    ReplyDelete
    Replies
    1. sorry po maam/sir, ngaun lang ako nakareply. computation should be based from the exadct last three months of your work. Jan 10 to feb 10, feb 10 to march 10, march 10 to april 10. dyan po ibabase yong computation

      Delete
  10. Happy good day po, ask ko lng po kung isa lang po ba ang format ng pagcompute ng twejikum ng company?

    ReplyDelete
    Replies
    1. Kng s pinas kukunin ang kukmin.ung twejikum b mrrecive p rin s airport or isasama n lhat ippdala ..no need na ba to go sa bank sa airport to get the twejikum

      Delete
  11. Paano po kung 1 year and 10 months lang ako. Pano po cinoutation dun???

    ReplyDelete
  12. Mam ung akin matapos ako feb 14 pno kung exit ako feb 10 wala po b problem un....?please reply

    ReplyDelete
  13. Hello, is it possible na ibang monthly wage ang ibibigay ng employer for computation? And possible po ba na mas mababa pa sa basic ngayon, ang ibigay ng employer na monthly wage for computation?

    ReplyDelete
  14. sir paano po ba ma claim ang teigikum dito sa pinas kasi

    ReplyDelete
  15. hello po dito na po kasi ako sa pinas mahigit one month na po ako dito. paano po ba yung proseso ng pagkuha ng twegikum dito sa pinas.

    ReplyDelete
    Replies
    1. hndi po ba kyo nag bigay ng bank account bago umuwi? ihuhulog kasi yun sa bangko na ibinigay nyo

      Delete
  16. Good evening po ma'am.bukas npo uwi ko. Pano po ang computation ng twejikum ko. Bale 3 yrs lng ako sa trabaho ko

    ReplyDelete
  17. Good day! I'm still confused between twejikum and kookmin. Are they the same or entirely different benefits? Am I entitled to both or just either if they are the same? I will be leaving by end of August or early September. Thanks in advance!

    ReplyDelete
  18. good day po..hingi po sna q advice about po s twejicom q po s cmpny.nkauwi n po q lst year nng nov.nktpos po aq ng 4years and 10mnths s isang cmpny n wlang realese.about po s mga seperation po nkuha q nmn po lhat except po s twejicom q po s cmpny'yung s cmputation po ng lst 3months n sweldo.b4 po q umuwi kinausap nmn ng tao s global s ansan si sajang n khit klahati mna kso wl dw po tlg pera c sajang nag promis nmn po c amo n ippdla nlng dw po pag nnd2 n q s pinas kso po until now hnd p bnbgay..pina follow up nmn po ng mga naiwan q ksmhang pinoy sa compny kso lagi sagot n amo wl dw po pera at paxenxia n..saan po kaya q pede lumapit pra makuha q pa yun..salamat po

    Godbless

    ReplyDelete
  19. Good day ma'am/sir. Kailangan pba ng bank account sa pinas para makuha yung twejikum at kukmin? Or cash na po kukunin lahat sa incheon airport?

    ReplyDelete
  20. mam ung amo ko ung kulang hindi niya binigay tama na daw un na hulugan sa samsung tejikum pag sinunod ko computation mo kulang siya ng 1.6 million dipende ba sa amo kung magbibigay siya o puede ko siya ireklamo sa labor may laban po ba ko nun salamat po

    ReplyDelete
  21. Mam tanung lng po magkaiba po ba yung kukmin at tuwegigum mam..

    ReplyDelete