💰 Korea Statutory Retirement Pay Calculator

Method
Retirement pay estimate = applied daily wage × 30 × service days ÷ 365. Daily average wage = wages paid in the three calendar months before retirement, plus 3/12 of eligible annual bonus and eligible annual-leave pay, divided by the exact calendar days in that period. If daily ordinary wage is higher, this estimate applies that amount. The one-year eligibility warning uses the first calendar anniversary, including the civil-calendar boundary for a 29 February start; the payment amount still uses actual service days ÷ 365. Excluded periods, whether a payment is legally wages, interim settlements, retirement-pension plan terms and tax are outside this calculator.

Primary method: Ministry of Employment and Labor retirement-pay calculator and example. Calendar-year eligibility: Ministry 1350 retirement-pay guidance and Civil Act Article 160. The official calculator instructs users to enter the retirement date as the day after the last day worked, allocates annual bonus and eligible leave pay at 3/12, and applies ordinary wage when higher.

Dates determine both service and average-wage periods

The retirement date is the day after the last day worked. Service days run from the employment start date up to, but not including, that retirement date. The average-wage denominator is the exact number of calendar days in the preceding three calendar months, commonly 89 to 92 days.

Enter actual paid wage components

Simple mode accepts one total for wages paid in the preceding three months. Detailed mode keeps the existing segment entry and requires segment days to equal the calculated three-month denominator. Bonus and annual-leave inputs are separate because the official example adds eligible annual totals at 3/12.

A payment estimate is not an eligibility ruling

The general statutory conditions include at least one year of continuous service and an average of at least 15 contractual hours per week over four weeks. Missing weekly hours remain unverified. Excluded service or average-wage periods and plan-specific facts require employer or professional confirmation.