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Severance Pay Calculator
Calculate severance pay based on employment dates and salary. Based on Korean Labor Standards Act.
💡 How to Use
Select your start and end dates, enter your monthly base salary, then click 'Calculate' to instantly compute your severance pay. Optionally add monthly fixed allowances (meals, transport, etc.) and annual bonus for a more accurate result. Under the Korean Labor Standards Act, severance pay is calculated based on 3-month average daily wage and requires at least 1 year of continuous service. Useful for planning job changes or retirement.
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FAQ
Who is eligible for severance pay?▼
Employees who have worked continuously for at least 1 year and at least 15 hours per week (60 hours per month) are eligible. This includes full-time, contract, and part-time workers (15+ hours/week).
Can I receive severance pay for less than 1 year?▼
Under the Labor Standards Act, employers are not required to pay severance for less than 1 year of service. However, company policies or collective agreements may provide for it — check your internal regulations.
Is severance pay taxed?▼
Yes, severance pay is subject to retirement income tax. Deductions based on years of service apply — longer service means lower tax burden. Retirement income tax is classified separately and not combined with other income.