Benefits of Teaching in Korea
The benefits of teaching in Korea are excellent. Korea is one of the most financially rewarding places to teach in all of Asia and you will not be disappointed as a teacher here.
One of the main reasons that many of us make the decision to teach English abroad is likely the ability to travel. We live in this foreign country on another continent and are surrounded by many other countries that may have previously seemed like a pipe dream to go to.
You will initially come over to your new country with enough funds to set yourself up with, but over time you will accumulate enough for travel when you have vacation time.
This was a definite battle I faced while teaching in Prague because I was just breaking even (sometimes under) with my salary. Fast forward to today, and I can certainly say that the money and benefits are part of what made Korea seem so attractive.
So, lets talk about some of the benefits involved with a teaching position in Korea.
Free Housing
This isn’t money, but the value equates to extra money in your pocket. Imagine having your rent paid for every month for 12 months straight. That extra cash can be spent freely shopping or stowed away in a savings account.
Entrance/Exit allowance
Flying to Korea can be expensive, especially the further west you’re coming from. Many times this serves as a barrier for us when we want to teach abroad or just travel for that matter.
“I’ll be fine when I get there but, how can I afford to get there?” we ask ourselves. Well, Korea has got this covered both for your arrival and departure.
They will pay airfare of 1,300,000 KRW (roughly $1100 USD) each way which makes that decision to come abroad a lot easier.
Settlement allowance
Your flight is paid for but you still didn’t come with that much money. Furthermore, you won’t get your first paycheck for a little over a month!
No need to fret, there’s 300,000 KRW worth of pocket change coming your way. You get this within your first month, and if you’re lucky, your MOE/POE will get those funds to you during the first week in your new city,
Pension reimbursement
Even as a temporary foreigner, we are subject to pension coverage just as a Korean national. This equates to a 4.5% deduction (figure just under $100 USD) from our monthly salary.
However, upon leaving the country you are entitled to a refund of all the deductions taken. This only applies to foreigners whose countries have an agreement with Korea’s social security system (As of June 2015, pertaining to EPIK teachers, USA, Canada and Australia are the only countries that apply).
Severance Pay
Alas, once successfully completing your contract, you are entitled to a severance pay from your school that is almost equal to one month’s salary. A nice pat on the back for a job well done.
You can earn a lot and save a lot during your time in Korea. It’s definitely a place to come to make some smart financial decisions, whether that be paying off loans or saving for the future. You’ll also meet many other teachers here with the exact same goals in mind.
Kenneth is a Travel and Teaching Blogger. Kenneth began his ESL teaching adventure in Prague, Czech Republic before his far east journey to the ROK (Republic of Korea), better known as, South Korea. You can call him an avid traveler or a dedicated teacher, but the title he’s most proud of is “Bonafide Foodie.”
Always seeking the signature tastes of other cultures is a true passion, and he’s got pictures to prove it. Ultimately, however, Kenneth’s main goal is to share those real personal teaching and travel experiences that YOU can relate to.
