eBay Korea Employees to Receive '50% of Annual Salary' Severance Pay Upon Sale
[Asia Economy Reporter Lim Chun-han] U.S. eBay will pay a bonus equivalent to 50% of the annual salary to employees of eBay Korea, whose sale to Emart has been confirmed.
According to industry sources on the 12th, U.S. eBay announced via email that it will pay a bonus of 50% of the base annual salary as a token of appreciation to all employees in relation to the sale of eBay Korea. However, those who joined after the 25th of last month will receive 25% of the base annual salary.
The average annual salary at eBay Korea is approximately 58 million KRW, with about 970 employees. Accordingly, the total amount of the appreciation bonus is estimated to reach about 28.1 billion KRW.
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Earlier, Emart announced on the 24th of last month that it would acquire 80.01% of eBay Korea's shares from U.S. eBay for 3.4404 trillion KRW. On the same day, the two companies agreed on the main terms of the share sale contract and signed an agreement to enter into the transaction contract once the foreign exchange transaction report submitted to the Bank of Korea is approved.
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