1. What is annual allowance?
If an employee does not use the annual leave generated under the Labor Standards Act for one year, it automatically expires, and at this time, the annual paid leave that has not been used is compensated as an annual allowance instead
The occurrence of annual leave depends on those who have worked for less than one year and those who have worked for more than one year. (Article 60 of the Labor Standards Act)
[If you worked for less than a year]
Annual leave, which occurs on a monthly basis (1 day for 1 month opening) for a period of less than 1 year, will expire if it is not used for 1 year from the date of joining the company.
For unused annual leave, you can use it before retirement or claim an annual allowance.
단However, if the employer has taken all measures to promote the use of annual leave pursuant to Article 61 of the Labor Standards Act, he/she cannot claim annual allowance
[If you worked for more than a year]
If the worker is absent for one year, a new 15 days of annual leave will occur.
If you retire after working for more than a year, you can use all your new annual leave or claim your annual allowance.
다However, if giving a leave of absence at the time requested by the worker has a significant impact on the operation of the project, the timing may be changed, so consultation is necessary
Apeach, who needs a break, can also use the remaining annual leave of the new annual leave (15 days + a) in the second year or claim an annual allowance.
Number of days off per year based on the number of years of service
2. Calculation method of annual leave allowance
Annual allowance calculation method: ordinary wage per day X number of unused annual leave days
Ordinary wage: Basic salary, various allowances (position allowance, job allowance, family allowance, other regular allowances), and bonuses
Allowances normally and uniformly paid by must be included
Example) Assuming that the average monthly wage is 3 million won,
Average hourly wage calculation = 3,000,000 / 209 hours (40 hours per week) = 14,354
Daily ordinary wage = 14,354 * 8 (1 working hour) = 114,832
If the unused annual leave is 10 days, = 114,832 * 10 days = 1,148.3 million won
3. Payment Criteria
How to check annual allowances when leaving the company
Labor Standards Act
However, the employee’s claim at a time when the leave is that time if there is a huge disruption to business operations can be changed.
Labor a response to the example.
In general, leaving the remaining after the annual used in its annual compensation arising to inform you.
When to retire the remaining unused annual How do you have?
Retirement calculator a shortcut.
4. (leaving,) retirement allowance of order.
Severance pay calculation method
14 days from the date of retirement and retirement benefits, employers and workers may be delayed given consent. However, employers’ unilateral severance pay may be subject to complaints from the Ministry of Employment and Labor.
If you don’t receive your severance pay, you can get support from the Ministry of Employment and Labor. You can apply for support by filing a claim for unpaid wages on the Ministry of Employment and Labor website.
How to calculate severance pay See how to calculate the calculation
Unused annual allowances should, of course, be included in severance payout.
Let’s take care of our annual allowance when we retire and make sure we don’t lose money!
5. Five requirements for reasons for interim settlement of severance pay
How to get interim retirement allowance
Where a person who is a homeless person purchases a house in his/her name and pays a lease deposit or deposit for the purpose of housing;
In the case of paying medical expenses for diseases or injuries that require medical treatment for more than 6 months (if the patient is himself, his/her spouse, or his/her dependents)
Where an employee has received a decision to declare bankruptcy and commence personal rehabilitation procedures within five years from the date of application for interim settlement of severance pay;
Where the employer decides to work for at least three months by reducing wages or changing the prescribed working hours on the condition that the retirement age is extended or guaranteed (ex: wage peak system)
In the case of damage caused by natural disasters, etc. or social disasters such as infectious diseases such as COVID-19, the reasons and requirements determined and publicly notified by the Minister of Employment and Labor.
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