BUSINESS MERGERS AND ACQUISITIONS ACT Article 17

In case of the merger/consolidation and acquisition by a company, the prior employer company shall terminate the labor contract with any labor not retained or declining the continued employment; the labor shall be entitled with a prior notice of termination of employment or paid a wage payable during that prior notice in accordance with Article 16 of the Labor Standards Act, and be duly paid the pension or made severance pay as the law prescribes.The case of any labor declining the continued employment comprises that any labor having accepted the continued employment later refuses to stay with the company before the reference date of the merger/consolidation and acquisition by a company.