Free Salary & Tax CalculatorAs of 2024

Enter average wage and days of employment → Calculate estimated severance pay immediately🏦 Severance Pay Calculator

Enter your average wage and days of employment to instantly calculate your estimated severance pay. This applies to employees who have worked for one year or more.

🏦 Severance pay📅 Days of employment💰 Average wageCondition of 1 year or more
advertisement
Enter employment information
Date of employment
Resignation date
Average monthly wage over the past 3 months3 million won
원
1 million5 million10 million20 million
Severance pay accrues for continuous employment of one year or more. Average wage = Total wages for the last 3 months ÷ Total number of days.
Calculation result
🏦

After entering the hire date, resignation date, and salary
Please press Calculate.

Estimated severance pay
—
—
Period of employment—
Days of employment—
Average daily wage—
Severance pay calculation formula—
Whether severance pay is paid—
advertisement
advertisement

Severance pay calculation method

Severance pay is a statutory benefit received by an employee when they retire after working for one year or more.

Severance pay calculation formula

Severance Pay = Average Daily Wage × 30 Days × (Days of Employment ÷ 365 Days)
Average daily wage = Total wages for the last 3 months ÷ Number of days in the period
There is no severance pay for less than one year of service. Severance pay must be paid within 14 days of the termination date.

Frequently Asked Questions

When does severance pay start accruing?
Severance pay accrues if you have worked continuously for one year or more. There is no severance pay for less than one year of service.
Can contract workers also receive severance pay?
Yes, even contract workers and part-timers can receive severance pay if they work at least 15 hours a week for more than one year.
What happens if severance pay is not paid?
Failure to pay severance pay is a violation of the Labor Standards Act and may result in imprisonment for up to 3 years or a fine of up to 30 million won.

Other salary and tax calculators

💵 Salary Calculator📊 Salary Calculator📅 Salary Calculator⏰ Hourly Wage Calculator📆 Weekly Wage Calculator🗓️ First-class calculator📋 Withholding Tax Calculator🏷️ VAT Calculator💳 Net Pay Calculator🛡️ 4 Major Insurance Calculator🎁 Weekly Holiday Allowance Calculator🧾 Severance Pay Tax Calculator🔄 Salary Conversion Calculator