What types of employment agreements can be accommodated in the Republic of Korea (i.e., fixed-term, part-time, hourly, etc.), and what are the restrictions for each type? Does Pebl have templates available?

In the Republic of Korea, the following types of employment agreements can be accommodated:

• Indefinite Employment Agreements: These agreements do not have specific restrictions mentioned.

• Fixed-term Employment Agreements: These are permitted when the nature of the role requires it. Velocity Global Korea provides templates for fixed-term agreements.

• Part-time Employment Agreements: The terms and conditions for these agreements must be proportionate to the working hours compared to full-time employees engaged in the same type of job. Templates for part-time agreements are available.

Velocity Global Korea offers templates for all these types of employment agreements through our Global Work Platform™.

Is it necessary for the employment agreement to be bilingual with Korean taking precedence in the Republic of Korea?

Our employment agreement templates in the Republic of Korea are drafted in English.

Can seniority be recognized in employment agreements in the Republic of Korea, and if so, in what ways can this be reflected in employment agreements?

In the Republic of Korea, seniority can be recognized in employment agreements. Velocity Global Korea's employment agreement template includes provisions that account for the years of service of transferring employees for both severance and benefits purposes.

Can the actual plan be put in the employment agreement in the Republic of Korea?

In the Republic of Korea, variable compensation can be included in the employment agreement if it is a guaranteed bonus. However, if the bonus is discretionary or considered as variable compensation, it must be documented in a separate Variable Compensation Agreement (VCA).

Does the Variable Compensation Plan require a local translation in the Republic of Korea?

The Variable Compensation Plan does not require a local translation in the Republic of Korea.