Severance pay on a KRW 7,000,000 monthly wage in Korea
With a steady monthly wage of KRW 7,000,000, severance pay is about KRW 6,904,110 after 1 year and KRW 69,041,096 after 10 years.
Severance pay by years of service
| Years of service | Estimated severance pay |
|---|---|
| 1 year | KRW 6,904,110 |
| 2 years | KRW 13,808,219 |
| 3 years | KRW 20,712,329 |
| 5 years | KRW 34,520,548 |
| 7 years | KRW 48,328,767 |
| 10 years | KRW 69,041,096 |
| 15 years | KRW 103,561,644 |
| 20 years | KRW 138,082,192 |
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 4,500,000 | KRW 4,438,356 | KRW 22,191,781 | KRW 44,383,562 |
| KRW 5,000,000 | KRW 4,931,507 | KRW 24,657,534 | KRW 49,315,068 |
| KRW 5,500,000 | KRW 5,424,658 | KRW 27,123,288 | KRW 54,246,575 |
| KRW 6,000,000 | KRW 5,917,808 | KRW 29,589,041 | KRW 59,178,082 |
| KRW 6,500,000 | KRW 6,410,959 | KRW 32,054,795 | KRW 64,109,589 |
| KRW 7,000,000 | KRW 6,904,110 | KRW 34,520,548 | KRW 69,041,096 |
| KRW 7,500,000 | KRW 7,397,260 | KRW 36,986,301 | KRW 73,972,603 |
| KRW 8,000,000 | KRW 7,890,411 | KRW 39,452,055 | KRW 78,904,110 |
| KRW 8,500,000 | KRW 8,383,562 | KRW 41,917,808 | KRW 83,835,616 |
| KRW 9,000,000 | KRW 8,876,712 | KRW 44,383,562 | KRW 88,767,123 |
| KRW 9,500,000 | KRW 9,369,863 | KRW 46,849,315 | KRW 93,698,630 |
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 7,000,000, one year of service therefore gives about KRW 6,904,110.
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 7,000,000 monthly wage after 1 year?
Assuming a steady wage with no bonus or leave payout, one year of service gives about KRW 6,904,110.
What is the severance pay after 3, 5 and 10 years on a KRW 7,000,000 monthly wage?
About KRW 20,712,329 after 3 years, KRW 34,520,548 after 5 years and KRW 69,041,096 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.