Am I eligible for severance pay in Korea?

Yes, if you worked for the same employer for 1 year or more with at least 15 hours per week. This applies to all workers including foreigners.

How much severance pay do I get?

At minimum, 30 days of average wages for each year of continuous service. Average wage is calculated from your last 3 months of pay.

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Employment

Severance Pay Calculator

Calculate your retirement allowance (퇴직금) entitlement.

1Employment Details

Start Date

End Date (or expected)

Monthly Salary (last 3 months avg)

만원

Estimated Severance Pay

₩10,586,301

1288 days (3.5 years) of service

2Breakdown

Service period1288 days (3.53 years)

Daily wage (monthly ÷ 30)₩100,000

FormulaDaily × 30 × years

Severance Pay₩10,586,301

📖 Severance Pay in Korea

Under Korean labor law, all employees (including foreigners) who have worked for 1+ years are entitled to severance pay (퇴직금). This is a legal right, not a benefit.

Calculation: 30 days of average wage × number of years worked. Average wage is based on your last 3 months of total compensation (including regular bonuses).

Important for foreigners: Severance pay is separate from your final paycheck. Your employer must pay it within 14 days of your last day. If they refuse, you can file a complaint with the Labor Board (고용노동부).

Tax: Severance pay is subject to retirement income tax, which is calculated separately from regular income tax and is usually lower.