How severance pay is worked out
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How severance pay is worked out
- What this guide does
- 1. Who is entitled
- 2. The formula
- 3. Working out the average daily wage
- 4. Working out the severance
- 5. Try it with your own numbers
- 6. By when it must be paid
- 7. If your figure is different
- Where to ask
Legal basis (in Korean): 근로자퇴직급여 보장법 제4조·제8조 · 근로기준법 제2조(평균임금) · 고용노동부 https://www.moel.go.kr · 고객상담센터 1350
This is a general explanation to help you understand how severance pay is calculated, not legal advice. Every amount in the tables is made up for the sake of the explanation and has nothing to do with real wages. If your company uses a retirement pension scheme (DC/DB), the calculation and the way it is paid are different. Check your own figure with the Ministry of Employment and Labor severance calculator or the customer center (1350).
