After I had been working at Haeundae Campus for a little over a year, the school was purchased by our corportate headquarters. Therefore, I am no longer a franchise employee as of March 1. Being a corporate employee has had some good points and some bad points, but overall, it is better than being a franchise employee. For example, I get my own company email now. I had to sign a new contract effective at the beginning of March, the start of our spring term. I had two choices: a contract for a year, or a contract that would end at the end of the fall term, a month after when my previous contract would have ended. (The company didn't want a new teacher coming in the middle of the term.) I chose to have the longer contract so that I wouldn't have to worry about signing another contract for a longer period of time. There are other reasons, but that is for another post some other time.
The manner in which I would be paid changed. When I was a franchise employee, I had a salary and benefits that included an apartment, health insurance, pension, 10 paid vacation days, and 1-month severance pay as required by law. Now, I am paid like a contracter. All corporate employees are paid on an hourly basis and are guaranteed 24 hours per week except during weeks that have holidays. In addition, there are no benefits. For the first time in the nearly three years, I will have to start paying rent. This new pay system though will give me better pay though. This pay system is available for teachers at regular program franchises and it is my understanding that it is the option that most teachers take because the pay is better. On salary, nobody gets anything extra unless they teach more than 120 hours. But, with the hourly pay, you get more pay than normal if you teach more than 96 hours. When they calculated the hourly pay, they added the value of all of the pay and benefits that we would get for a whole year. Then, they divided that by 12. That number was divided by 96, since that was how many hours we were guaranteed in a month. That gave the suggested hourly rate. In my case, they raised my hourly rate from what was suggested since I'd been with the program for so long. In my program, most foreigners stay for only a year; however, I have been with the company for almost three years. They also said that my pay was high for my program. I didn't have a problem with the amount that I was offered.