Severance allowance (Article 46, Labor Code): half a month's salary for each year of work.
Job-loss allowance (Article 47, Labor Code): 1 month's salary for each year of work, at least 2 months' salary.
Conditions: at least 12 months of regular work. Severance allowance does not apply where the employee is eligible for a pension or abandons work for 5 consecutive days. Job-loss allowance has no pension-related condition.
Period used for calculation = total actual period worked − period of unemployment insurance contributions − period for which an allowance has already been paid.
A remaining fraction of up to 6 months counts as half a year; more than 6 months counts as 1 year.
Salary used = average of the 6 consecutive months before termination under the labor contract.