Departure insurance and severance when you go home

The employer must join the departure guarantee insurance (출국만기보험). This takes the place of severance pay. But if you worked at the same workplace for less than 1 year, the lump sum goes to the employer, not the worker. Time worked at several companies is not simply added together to decide this.

When do I apply

How do I receive it

• At the airport on the day you leave
• Into your bank account after you leave

Payment is made within 14 days from the time you leave the country. If you apply because of a change of residence status or a death, or if you apply after your departure date, it is within 14 days from the application date.

What you must know

After 3 years, apply to the Service

You can claim the departure guarantee insurance from the insurer within 3 years from the day the reason for payment arose. If 3 years have passed, check whether it was transferred to the Human Resources Development Service of Korea and apply for the dormant insurance money. For insurer claims call 1600-0266; for applications to the Service call 1644-8000.

To check before you leave

• Apply for the departure guarantee insurance (to receive it at the airport, usually from 1 month before to 7 days before)
• Check the difference between severance pay and the insurance money
• Settle the wages and premiums you are still owed
• Ask 1355 whether you can claim the national pension lump-sum refund, giving your enrollment history and nationality
• Do not close the account you will be paid into until all payments have arrived (the departure guarantee insurance money and the national pension can arrive after your departure is confirmed)