300-worker dismissal permission and the reskilling fund
Summary
Factories, mines and plantations with 300+ need government permission for lay-off, retrenchment or closure. Retrenchment compensation is 15 days per year of service, plus a separate 15 days to the reskilling fund.
Key points
- Closure: 60 days' notice for smaller units; 300+ apply 90 days ahead
- Standing orders are deemed certified if not decided within 60 days
What it means for Korean companiesNotice, compensation and settlement deadlines apply equally below 300 workers.