Korean Retirement Pay Calculator
Estimate your retirement pay the way the Ministry of Employment and Labour calculates it — including the parts most other calculators get wrong.
Calculate Your Retirement Pay
How retirement pay is calculated
Under Article 8 of the Employee Retirement Benefit Security Act you are owed at least 30 days of average wage for each year of continuous service. The average wage is the wages paid over the three months before you leave, divided by the calendar days in that period — and where your ordinary wage is higher, the law uses the ordinary wage instead.
What this tool gets right
- Derives the retirement date as the day after your last working day, as the official calculator requires
- Counts real calendar days in the 3-month window — never a flat 90
- Keeps Saturdays, Sundays and public holidays in the count instead of subtracting them
- Treats average-wage exclusions and service-length exclusions as the different things they are, so parental leave does not cut your service length
- Applies the ordinary-wage floor when your ordinary wage is the higher of the two
- Adds a qualifying bonus and prior-accrued annual leave allowance at three twelfths
- Runs entirely in your browser — your payslip figures are never sent anywhere
What it cannot decide
- Whether a particular allowance legally counts as wages — that depends on your contract and practice
- Whether a leave period broke your continuous service, which turns on its legal basis and your employment rules
- Your defined-contribution pension balance, which depends on contributions and investment return
- Anything your company’s own rules or a collective agreement improve on top of the statutory minimum
Common questions
About this estimate
This calculator is an estimate based on Korean law and the calculation principles published by the Ministry of Employment and Labour. The actual amount can differ depending on your specific service period, any unpaid or suspended periods, whether a pay item legally qualifies as wages, your retirement pension type (defined benefit, defined contribution, or statutory), and your company's own rules or agreements. A calculator cannot resolve a disputed legal question. Where anything is unclear, confirm with the Ministry of Employment and Labour on 1350 or consult a certified labor attorney.
- Ministry of Employment and Labour — Retirement Pay Calculator
- Employee Retirement Benefit Security Act
- Labor Standards Act Enforcement Decree Article 2
- Ministry of Employment and Labour Hotline 1350
KR_RETIREMENT_PAY_2026_09_16 · LAST VERIFIED 2026-09
Important Disclaimer
Bantiya provides this guide to help Sri Lankans understand their options in South Korea. While we work hard to keep it accurate for 2026, immigration rules can change without notice. Always confirm the latest requirements directly with official sources before making any immigration decision.
