Housing Expense
Welcome to our Key Money Loan and Housing Policy page. This section is dedicated to providing you with detailed information about our policy on housing loans and related responsibilities. Understanding this policy is crucial for new instructors as they navigate their housing arrangements during their tenure with the company. We aim to support our employees in their transition to a new location, and this policy provides a structured approach to housing loans and rental responsibilities.
Key Points from the Policy
As you prepare for your transition, please note that you will be accountable for all housing and utility-related expenses. We encourage you to engage with your local staff representative to clarify any pending responsibilities related to your accommodation. To ensure clarity and minimize potential misunderstandings, we recommend that all communication be documented in writing.
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As part of the off-boarding process, the resigning Instructor is reminded that they are responsible for all rent, utilities, maintenance, and any damage fees related to housing provided through a loan during their employment. Upon termination with proper 30-day written notice and allowing access for potential new tenants, the Instructor must either repay the full housing deposit to the Company, continue covering all housing-related costs until the Company recovers the deposit from the landlord, or vacate the apartment and forfeit any claim to the deposit if requested by the Company. Any failure to comply, including not vacating the property or not repaying the deposit, may result in the Instructor being liable for additional costs such as rent, utilities, legal fees, and related expenses.
Refer to your Employment Agreement Contract:
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​​​ Article 11: Key Money Deposit Policy
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The Company shall provide the Instructor with a housing key money deposit (“Deposit”) of Ten Million (10,000,000) Korean Won for a period of one year noted in Article 2 for the sole purpose of acquiring housing arrangements within a five (5) kilometer radius of the Company and/or owned schools. The deposit is for Instructors entering a contract for the first time with the Company and shall be valid if the contract is renewed. The deposit must be fully returned to the company upon termination of the contract.
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The Deposit cannot be requested nor used to adjust existing accommodation arrangements by the Instructor, and is only available when the Instructor executes a valid, binding housing contract in which the premises is leased under the Company’s name and the Deposit held under the account of the Company.
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During the period of this agreement, Instructor is responsible for all rent payments, utility and maintenance fees, and/or damage fees associated with housing to which the Loan was used for, and the Company shall not be held responsible for any such payments.
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In the event that this agreement is terminated by either party through a written 30 day notice (in correspondence with the employment agreement and allowing access to the apartment to be shown to prospective tenants), the Instructor must either: (i) repay the full amount of the Deposit to the Company, (ii) pay rent and all other associated costs below until the Company receives the Deposit from the Landlord, (iii) vacate the premises and surrender possession of the property to the Company, if requested by the Company, and make no legal claim for the Deposit. Any costs associated with Instructor’s failure to vacate the premises or failure to repay the Deposit to the Company, including but not limited to rent payments, maintenance and utility fees, legal expenses, and attorney fees, shall be paid by the Instructor.
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In the event that this agreement is terminated by the Instructor and the Company states the apartment is no longer needed as stated in section 4, he/she is responsible to pay the realtor fee to place it back in the market and find a new tenant, if needed.
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