South Korea has a great demand for native English speakers willing to teach English. It is common for institutions to provide round-trip airfare for a one-year contract and a rent-free apartment. It should be noted that since March 15th 2008 rules for E2 visas have changed. Prospective English teachers are now required to undergo a medical, provide a criminal background check, provide an original degree certificate and sealed transcripts. On arriving in Korea teachers will have to undergo a further medical check before they receive their ARC card.
The current currency fluctuations are making the potential savings less, but realistically an English teacher should be able to save a minimum of $10,000 per year. Return flights are included in the contract and some schools will offer cash instead. A severance pay equivalent to one month’s salary is paid at the end of a contract as well. Citizens of the USA and Canada (and, as of mid-2008, Australia) will also receive back their pension contributions and their employers’ part of the pension contributions on leaving the country.
There are four main places to work in Korea: Universities, Public Schools, Private Language Academies (known in Korea as a “Hagwon”), and teaching Business English in-house.