The rules on severance pay in detail
Statutory severance is paid in a limited number of circumstances, defined by statute. The payment is based on the number of ‘average monthly salaries’ or ‘minimal salary’ to be paid and the average monthly salary is calculated based on the last two months’ fixed salary plus all bonuses. The minimal salary is set by the Government.
The amount of statutory severance pay is as follows:
Employers sometimes also provide contractual redundancy pay schemes that offer more generous payments than those provided by law.
Author: Vasil Kisil & Partners
Date: December 2019