Items included in severance pay calculation and average wage calculation method
Do you want to know how many million won in severance pay an employee with a monthly salary of 3 million won and 3 years of service would receive? Many people simply multiply the salary by the years of service, but in reality, a much more complex calculation is hidden beneath the surface. Severance pay is a statutory benefit that must be paid, but without knowing the exact calculation method, it is difficult to determine if the amount offered by the company is correct. In this article, we will guide you step-by-step through everything from how to calculate average wages to the items included, so that anyone can follow along… Read more