Severance pay on a KRW 2,750,000 monthly wage in Korea
With a steady monthly wage of KRW 2,750,000, severance pay is about KRW 2,712,329 after 1 year and KRW 27,123,288 after 10 years.
Severance pay by years of service
| Years of service | Estimated severance pay |
|---|---|
| 1 year | KRW 2,712,329 |
| 2 years | KRW 5,424,658 |
| 3 years | KRW 8,136,986 |
| 5 years | KRW 13,561,644 |
| 7 years | KRW 18,986,301 |
| 10 years | KRW 27,123,288 |
| 15 years | KRW 40,684,932 |
| 20 years | KRW 54,246,575 |
Assumes a steady monthly wage with no bonus or annual leave payout. The actual amount depends on your average wage in the 3 months before leaving.
Compare nearby monthly wages
| Monthly wage | 1 year | 5 years | 10 years |
|---|---|---|---|
| KRW 1,500,000 | KRW 1,479,452 | KRW 7,397,260 | KRW 14,794,521 |
| KRW 1,750,000 | KRW 1,726,027 | KRW 8,630,137 | KRW 17,260,274 |
| KRW 2,000,000 | KRW 1,972,603 | KRW 9,863,014 | KRW 19,726,027 |
| KRW 2,250,000 | KRW 2,219,178 | KRW 11,095,890 | KRW 22,191,781 |
| KRW 2,500,000 | KRW 2,465,753 | KRW 12,328,767 | KRW 24,657,534 |
| KRW 2,750,000 | KRW 2,712,329 | KRW 13,561,644 | KRW 27,123,288 |
| KRW 3,000,000 | KRW 2,958,904 | KRW 14,794,521 | KRW 29,589,041 |
| KRW 3,250,000 | KRW 3,205,479 | KRW 16,027,397 | KRW 32,054,795 |
| KRW 3,500,000 | KRW 3,452,055 | KRW 17,260,274 | KRW 34,520,548 |
| KRW 3,750,000 | KRW 3,698,630 | KRW 18,493,151 | KRW 36,986,301 |
| KRW 4,000,000 | KRW 3,945,205 | KRW 19,726,027 | KRW 39,452,055 |
See the full severance pay table »
The severance pay formula
Severance pay = daily average wage x 30 days x (days worked / 365). The daily average wage is your total pay for the 3 months before your last working day divided by the number of days in those months, with one quarter of your annual bonus and unused annual leave payout added. With a steady monthly wage of KRW 2,750,000, one year of service therefore gives about KRW 2,712,329.
Severance pay must be paid within 14 days of your last working day. E-9 and H-2 workers are generally covered by a departure guarantee insurance that is paid after they leave Korea, usually within 14 days of departure.
Calculate your exact severance payFrequently asked questions
How much severance pay do I get with a KRW 2,750,000 monthly wage after 1 year?
Assuming a steady wage with no bonus or leave payout, one year of service gives about KRW 2,712,329.
What is the severance pay after 3, 5 and 10 years on a KRW 2,750,000 monthly wage?
About KRW 8,136,986 after 3 years, KRW 13,561,644 after 5 years and KRW 27,123,288 after 10 years. Bonuses and unused annual leave payouts increase the figure.
How long do I have to work to receive severance pay?
You must have worked continuously for at least one year and work an average of 15 or more hours a week. Work of less than one year does not qualify for statutory severance pay.
Does this apply to foreign workers on an E-9 visa?
E-9 workers are generally covered by a departure guarantee insurance paid by the employer, which is paid out after leaving Korea instead of severance pay during employment. The amount is of a similar scale, so check with your employer how it is paid.