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Severance Pay Calculator (Spain)

Estimate your severance pay: unused holidays, unpaid worked days and pro-rata bonus payments.

Severance pay (finiquito) is the financial settlement the company is obliged to give an employee when the employment contract ends, whether through dismissal, voluntary resignation, end of contract or mutual agreement. It covers three basic items: unused holiday days, wages for the current month not yet paid, and the pro-rata share of bonus payments.

It is important to distinguish severance pay from dismissal compensation: severance pay is always owed, while compensation is only applicable in certain types of dismissal (unfair dismissal: 33 days/year, objective dismissal: 20 days/year). This calculator helps you estimate the gross severance amount so you can verify that the document proposed by the company is correct.

Start date

End date

Monthly gross salary (€)

€

Pending holiday days

Bonus payments already pro-rated

Total Estimated

6,607.34 €

Compensation (20 days/year)

3,285.42€

Pending holidays

821.92€

Bonus payments

2,500.00€

Informative note

This calculation is an estimate based on 20 days per year (objective dismissal). Factors such as collective agreements, unjustified absences or specific contract types may alter the final result.

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Indicative gross estimate. Does not include income tax withholding. Objective dismissal compensation is 20 days/year. Consult a labour adviser for the exact amount.

What severance pay is and how to calculate it

Severance pay (finiquito) is the amount the company owes you when the contract ends, whatever the reason. It brings together three items: the holiday days you have not taken, the wages accrued but not yet paid for the current month, and the pro-rata share of bonus payments built up since the last one.

Each part is calculated from the daily wage (annual gross salary divided by 365). Pending holidays and worked days are multiplied by that daily wage, and the bonus pro-rata is worked out from the months elapsed. This calculator adds the three items to give you a gross estimate.

Example

With a monthly gross salary of €2,500 (≈ €82.19/day), 10 pending holiday days come to about €821.90, on top of which you add the unpaid worked days and the pro-rata share of bonus payments.

What the settlement is made up of

The settlement clears everything the company owes you when the contract ends, whatever the reason. It comprises three main items. The first is accrued but untaken holiday, calculated by multiplying the outstanding days by the daily wage. The second is the days actually worked in the current month that have not yet been paid. And the third is the proportional share of extraordinary bonus payments, applicable only if they are not already pro-rated in monthly payslips. To these three items you may add concepts such as outstanding commissions, unpaid overtime or holiday funds, and where applicable the dismissal indemnity, which is legally distinct from the settlement itself.

Worked example

A worker with a gross annual salary of €30,000 has a daily wage of 30,000 / 365 = €82.19. If 12 days of untaken holiday remain when the contract ends, they are owed 12 × 82.19 = €986.28. If they also worked 10 unpaid days of the current month, that adds another €821.90. And if bonus payments are not pro-rated and 5 months have passed since the last one, the proportional share would be approximately (2,500 / 12) × 5 = €1,041.67. The gross settlement would therefore come to about €2,849.85, before the applicable withholdings.

Indemnity by type of contract termination

Type of termination	Indemnity
Unfair dismissal	33 days/year (max. 24 months)
Objective dismissal	20 days/year (max. 12 months)
Collective redundancy	20 days/year (max. 12 months)
End of temporary contract	12 days/year
Justified disciplinary dismissal	No indemnity
Voluntary resignation	No indemnity

How to interpret the result

The figure obtained is a gross, indicative amount. Income tax withholding and social security contributions apply to the salary components, although dismissal indemnity is tax-exempt up to €180,000 when it does not exceed the legal limits. Before accepting the settlement as correct, check three things: that the daily wage used includes the pro-rata of bonus payments where applicable, that the outstanding holiday days match your own record, and that variable items such as commissions or allowances have been included. If something does not add up, sign with 'no conforme' and claim within the legal deadlines.

Frequently asked questions

Strictly speaking, severance pay and the dismissal indemnity are different: severance pay covers amounts the company owes at contract end (holidays, worked days, pro-rata bonuses), while the indemnity is additional compensation for the dismissal itself. This calculator includes the objective dismissal indemnity (20 days/year) as a reference, but you can disregard it if it does not apply to you. For unfair dismissal the indemnity rises to 33 days per year worked.

It depends on your contract and collective agreement. Some companies pay two full bonus payments (typically in July and December), while others spread them across monthly pay by dividing the total amount by 12. If your bonuses are already pro-rated, enable the 'Bonus payments already pro-rated' toggle so the calculator does not count them twice. You can check your payslip: if you see a line such as 'pro-rata bonus', they are already included in your monthly pay.

Severance pay must be settled on the day of signing or, at the latest, on the last working day. In practice, many companies process it on the next regular payroll date. If the company delays payment, the worker is entitled to claim a surcharge of 10% per year on the outstanding amounts. The severance document is signed in the presence of the worker, who may request that a trade union representative is present before signing. Never sign a severance document without reading it carefully and verifying that the amounts are correct.

Yes, but you must write 'no conforme' (not in agreement) next to your signature. Signing without that note can be read as accepting the amounts and waiving your right to claim, although case law qualifies that a settlement has no releasing effect if it contains objective errors or was signed under defective consent. By adding 'no conforme' you record that you are receiving the money but retain the right to challenge it. You have 20 working days to contest a dismissal and one year to claim unpaid amounts, so it is worth reviewing the document calmly or consulting an employment lawyer or your union before signing.

It depends on the reason the contract ends. Objective dismissal, on economic, technical, organisational or production grounds, entitles you to 20 days' salary per year worked capped at 12 months' pay. Unfair dismissal, declared as such by a judge or acknowledged by the company, amounts to 33 days per year with a maximum of 24 months' pay, though 45 days per year applies to seniority accrued before February 2012. Justified disciplinary dismissal and voluntary resignation generate no indemnity at all. The expiry of a temporary contract entitles you to 12 days per year worked.