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.

🔍

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 (₩10K)

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.

✓Updated for 2026Last reviewed October 6, 2026See what changed

Written and reviewed by Taeyang Kim · Rates and thresholds are taken directly from the official notices of Korea's National Tax Service, National Pension Service, National Health Insurance Service, Ministry of Employment and Labor, and Minimum Wage Commission. Results are non-binding estimates for reference only and may differ from the actual amount depending on your circumstances. Found a mistake? Tell us through Contact.