Estimate your payout upon finishing a standard 12-month employment contract in Korea. Input your monthly wages and annual contract dates to verify your severance entitlement.
Set Contract Dates
Input your contract start date and the day after your contract concludes.
Provide Monthly Gross Wages
Enter your pre-tax monthly salary for each of the final three months.
Calculate Total
Review your calculated service days and estimated pre-tax severance amount.
Completing a full one-year contract qualifies you for statutory severance pay. Ensure your start date and end date span at least 365 calendar days.
If your contract included completion bonuses or paid leave encashment over the year, enter them to include the standard 3/12 pro-rata addition in your average daily wage.
Enter your total gross pre-tax earnings before tax deductions and national insurance contributions.
Defined Contribution pensions invest monthly/annual employer contributions separately and do not use this statutory terminal calculation formula.