Settlement Pay Calculator (Finiquito) Spain

In Spain, the finiquito (settlement) is the document and final payment that settles all earned, unpaid labor entitlements accrued up to the last working day (unpaid salary of the final month, accrued unused holiday, and accrued extra pay), regardless of the cause of termination. Severance pay (indemnización), in contrast, is an additional statutory compensation that only applies to specific legal termination grounds such as objective dismissal, unfair dismissal, or the expiry of certain fixed-term contracts.

Yes. Voluntary resignation entitles the worker to the full settlement of earned entitlements: worked days in the final month, accrued unused holiday days, and accrued proportional extra payments. However, voluntary resignation does not generate statutory severance pay, and failure to give the notice required by the applicable collective agreement or employment contract may allow the employer to deduct omitted notice days from the settlement.

Under Article 38 of the Spanish Workers' Statute, employees are entitled to a minimum of 30 calendar days of paid holiday per full year worked. Upon termination, accrued and unused holiday days from the current accrual period are compensated in the final settlement at the daily salary rate. Previous-period vacation is not inferred automatically, but valid carried-over days (such as from legally protected situations like temporary disability) can be entered manually. This payment is subject to special Social Security contributions (L13 settlement) and personal income tax (IRPF) withholding.

Under a 12-payment regime (where extra pay bonuses are prorated monthly into each paycheck), extra pay is already settled up to date, resulting in €0 additional extra pay in the settlement. Under a traditional 14-payment regime (separate summer and Christmas bonuses), the employer must pay the proportional amount accrued from the start of each semiannual period up to the termination date for any bonus that has not yet been paid.

All calculations are presented in gross amounts (€). Standard salary components of the settlement (unpaid monthly wage, accrued vacation payout, and extra pay) are subject to standard Social Security deductions and personal income tax (IRPF) withholdings. In contrast, statutory dismissal compensation up to the limits established in the Workers' Statute (and up to the €180,000 statutory cap under Article 7.e LIRPF) is exempt from personal income tax.

If holiday days taken exceed accrued holiday days for the relevant period, the employer may seek an adjustment in the final settlement where supported by the collective agreement, employment contract, or agreement between the parties. The calculator displays an informative warning without automatically applying a deduction to prevent unjustified deductions.