What is the value of compensation for retirement and disability?

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What is the value of compensation for retirement and disability?

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Retirement and disability compensation – for whom

The Labor Code says that retirement and disability compensation is due to the worker who meets the conditions that give him the right to a disability or retirement pension, whose employment relationship has ended due to retirement.

Retirement and disability compensation is paid in the amount of at least one month’s salary and is paid only once – an employee who has received severance pay cannot acquire the right to it again. In addition, if the employee has already received severance pay from a retirement pension, he or she cannot apply for the payment of severance pay from a retirement pension. Likewise – if the employee has already received severance pay from a previous employer. Information on this matter must be included in the employment certificate.

Retirement and disability compensation It is granted to employees who terminate their employment relationship with their employer, regardless of who terminated it. The length of service with a particular employer is also not important – the employee becomes entitled to compensation when he or she acquires the right to a pension.

Retirement and disability compensation – how much does it cost?

Height retirement and disability compensation is equal to at least one month’s salary. However, the employer may pay a higher benefit. In this case, the workplace must have a collective agreement or regulations governing this issue.

To calculate value of retirement and disability compensation the provisions relating to the payment of holiday allowance should be applied, but without division by coefficient and hours.

Therefore, the value of retirement and disability benefits does not include:
1) one-time or aperiodic payments for the completion of a specific task or for a specific achievement,
2) remuneration for time on call and for unavailability not attributable to the employee,
3) birthday bonuses (prizes),
4) remuneration for the period of vacation, as well as for the period of other justified absences from work,
5) cash equivalent for vacation,
6) additional remuneration of legal consultant for legal representation,
7) remuneration for the period of incapacity for work due to illness or isolation due to an infectious disease,
7a) the value of the remuneration for work up to the value of the minimum wage,
8) prizes from the company’s prize fund, additional annual remuneration, amounts receivable for profit sharing or balance sheet surplus,
9) compensation for retirement or disability or other severance payments in cash,
10) remuneration and compensation due in the event of termination of the employment relationship – applying the principles set out in § 7-11.

Important

The value of compensation is the sum of:
– fixed monthly salary
– three-month average of variable remuneration due during a month
– the twelve-month average of variable remuneration due for periods exceeding one month

When withdrawing retirement and disability compensationThe employer must take into account the advance payment of income tax. However, severance pay is exempt from ZUS and health insurance contributions.

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