Severance, weekly holiday pay & minimum wage calculator
Check Korean severance pay, weekly holiday pay and minimum wage comparisons by country in one place.
For reference only Actual amounts may differ. Work rules, employment contracts and individual circumstances are not reflected, and the result has no legal effect. Confirm with the Korean Ministry of Employment and Labor (1350) or a labor professional.
Country basis
This scheme is based on Korean law. Severance pay is calculated under the Korean Employee Retirement Benefit Security Act. Other countries' schemes are not supported.
Severance pay inputs
Inputs and results are never stored or transmitted.
Results
Calculation basis
This scheme is based on Korean law. Weekly holiday pay is calculated under the Korean Labor Standards Act. Other countries' schemes are not supported.
Weekly holiday pay inputs
Inputs and results are never stored or transmitted.
Results
Calculation basis
Minimum wage comparison inputs
Inputs and results are never stored or transmitted.
Comparison results
Calculation basis
Calculation rules and rounding
- Severance = daily average wage x 30 x days of service / 365. The daily average wage is total wages in the 3 months before the retirement date divided by the total days of that period.
- Days of service count both the start date and the last working day, and the retirement date is the day after the last working day. The 3 months run from 3 calendar months before the retirement date to the last working day.
- The law has no rounding rule, so intermediate values are not rounded and only the final amount is truncated to whole won.
- Weekly holiday pay = hourly wage x (contracted weekly hours / 40 x 8 hours). 40 hours or more counts as 8 hours; the monthly figure multiplies by 365 / 7 / 12 (about 4.345 weeks) and rounds to whole won.
- The minimum wage comparison compares the hourly equivalent with the country standard to two decimal places, and displayed amounts are rounded to two decimals.
- Minimum wages are pre-tax (gross). Exceptions by industry, age or region and premium pay are not reflected.
Minimum wage standards and sources
Only countries verified against official sources are offered. Values may change after verification, so check the source for the latest figure.
| Country | Standard year | Effective from | Value | Source |
|---|