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How Korea severance pay works
Severance is 30 days' average wage for each year of service. The average wage is the last 3 months' wages divided by the number of days in that period, and if the ordinary wage (monthly ordinary wage ÷ 209 × 8) is higher, the ordinary wage applies instead.
You qualify after 1 year of service working 15 hours or more per week on average over 4 weeks. The employer must pay within 14 days of leaving, or 20% annual delay interest applies, and you have 3 years to claim unpaid severance.
Why a calculator for Korea, in English?
The average-wage formula, the ordinary-wage floor and the treatment of bonuses are easy to get wrong, and the official calculator is Korean-only. This calculator is written in English and shows both the average-wage result and the floor check side by side.
The calculator is free, needs no account, and runs entirely in your browser. The result is pre-tax: severance is taxed as retirement income. Defined-contribution (DC) plans follow contributions plus returns, not this formula.
Frequently asked questions about South Korea
What calculators does Calcotia offer for South Korea?
For South Korea, Calcotia offers one calculator: the severance pay (toejikgeum) calculator, which computes 30 days' average wage per year of service, with the ordinary-wage floor check and the 14-day payment rule.
I resigned — do I still get severance in Korea?
Yes, if you worked at least 1 year at 15 hours or more per week on average over 4 weeks. Korean severance is owed on resignation as well as dismissal; the amount depends on your average wage and years of service, not on the reason for leaving.
I worked 11 months — anything?
No. You need at least 1 full year of service to qualify for statutory severance. At 11 months there is no statutory severance, however many hours you worked.
Is the South Korea calculator free?
Yes. Every Calcotia calculator is free, works instantly in the browser and needs no account or sign-up. The result is pre-tax; severance is taxed as retirement income.