Severance pay calculation:
-
100% severance pay is calculated as follows: basic severance pay calculation multiplied by months of work divided by 12
-
In case of an insured for whom severance pay deposits were made in a provident fund and/or insurance company as part of comprehensive pension agreement, the National Insurance Institute will complete the deposited amount up to 100% severance pay or more, according to the provisions of the collective agreement or the agreement signed between the employer and the insurance company / provident fund.
-
An insured who has not been insured by the employer by provident fund or insurance company at all will receive full severance pay, 100% or more, from the National Insurance Institute, according to the provisions of the collective agreement.
The payment is subjected to the provisions of the Severance Pay Law or the employee's rights as settled in the collective agreement.
Employee's wage components on which severance pay calculation is based:
In any case, the employee's wage used for the severance pay calculation will not be below the minimum wage, in accordance with the scope of actual working hours.