Severance Pay
Severance pay is compensation that employees with at least 1 year of service are entitled to under certain conditions.
Severance Pay Entitlement Conditions
- Termination by employer without just cause
- Termination by employee with just cause
- Retirement
- Military service
- Termination by female employee due to marriage (within 1 year)
- Death
Calculation
Severance pay equal to 30 days gross wage is paid for each full year. The ceiling amount is determined annually.
Statute of Limitations
Severance pay lawsuit must be filed within 5 years of termination.