Act Governing Retirement, Severance, and Bereavement Compensation Under the Individual Account System for the Teaching and Other Staff of Public Educational Institutions Article 33

Severance pay to a staff member shall be paid in one lump sum out of the cumulative total amount in their individual account.A staff member dismissed with severance pay may apply to temporarily suspend payment of their severance pay. During the temporary suspension of payment period, the management and utilization of the cumulative total amount in their individual account shall be handled by the management authority in accordance with the provisions of the latter part of Paragraph 4 of Article 29. No later than the date the person turns 60, the management authority will return the principal, and interest or dividends earned, of the severance pay that the person has not yet collected in one lump sum.If a person in the circumstances referred to in the preceding paragraph dies before reaching the age of 60, the management authority shall pay the principal, and interest or dividends earned, of any severance pay that the person did not collect to the person’s survivors in one lump sum. The scope, order of entitlement, and proportional entitlements of the survivors shall be handled in accordance with the provisions of Article 34.