Saturday, November 22, 2008

How I got a 2 million won a month raise.

In July, as I have mentioned, I accepted a position teaching English in the UAE. At that time, the expected salary was almost twice my Korean uni salary at 3.95million. So, with all the benefits (international school tuition for my kids, 8 million won equivalent furniture/settling allowance, yearly roundtrip air for me and the family, housing, medical, more...) it was tough to pass up.
But now, thanks to the KRW nose-dive over the last 5 months, I am now making the equivalent of almost 6 million won a month (and rising). Its getting easier and easier to pay off those credit cards. I stayed through the 1997 IMF crisis in Korea and this is looking just like that only in slow motion. Anyone out there think we will reach the same 2000 won to the dollar rate we saw in 1997?
I hate to say it because I have relatives and friends in Korea who are in for a rough ride. But one does what is necessary to feed one's seed. Looks like I bailed out just in time.

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