Voluntary Resignation vs Dismissal: Rights and Consequences in Spain 2026
Differences between voluntary resignation and dismissal in Spain: settlement, unemployment benefit, notice period, constructive dismissal and when to negotiate an agreed exit.
How to calculate a Spanish finiquito (settlement) in 2026: components, formulas and common mistakes
Complete guide to calculating a Spanish finiquito: unpaid days, unused vacation, proportional bonuses and severance. With formulas and a table of rates by termination type.
Table of contents
How to Calculate a Spanish Finiquito (Settlement) in 2026
What is a finiquito?
The finiquito is the document by which an employer settles all amounts owed to a worker when the employment relationship ends. It is not synonymous with severance pay: the finiquito covers what the company owes regardless of the reason for termination, while severance (indemnización) is an additional amount that only applies in certain types of dismissal.
A complete finiquito includes four components:
- Unpaid salary for outstanding days: what is still owed for the last partial month
- Unused vacation days: vacation earned but not yet taken
- Proportional bonus pay: if bonuses are paid in June/December (not monthly)
- Severance pay: only if the type of termination triggers it
Formula summary
| Component | Formula |
|---|---|
| Daily salary | Annual gross ÷ 365 |
| Unpaid days | Daily salary × unpaid days in last month |
| Unused vacation | Daily salary × (earned days − days taken) |
| Bonus proportion | (Annual bonus ÷ 6) × months in current semester |
| Severance | Daily salary × days/year × years of service |
Severance rates by dismissal type
| Termination type | Days/year | Cap |
|---|---|---|
| Unfair dismissal | 33 | 24 monthly salaries |
| Objective dismissal (arts. 51-52 ET) | 20 | 12 monthly salaries |
| Worker-initiated termination (art. 50 ET) | 33 | 24 monthly salaries |
| Temporary contract expiry (art. 49.1.c ET) | 12 | None |
| Voluntary resignation | 0 | N/A |
| Upheld disciplinary dismissal | 0 | N/A |
Tax treatment
Unpaid salary, unused vacation and proportional bonuses are subject to IRPF withholding as employment income. Severance pay for dismissal is exempt from IRPF up to the legally established limits (Art. 7.e LIRPF). The excess above legal limits is taxed as irregular employment income.
Use our free calculator
Calculate your finiquito automatically based on your salary, termination type and seniority using our free finiquito calculator.
Try Lexiel free · 28 days
Use code LEX-BLOG for double the standard trial period. Cancel anytime, no commitment.
Get started freeKeep reading
Mutual Termination of Employment Contract Spain 2026
Guide to mutual termination of employment contracts in Spain (Art. 49.1.a ET): differences from voluntary resignation and dismissal, what you receive, unemployment benefit entitlement, tax implications and how to negotiate correctly.
Collective dismissal (ERE) in Spain 2026: complete guide for companies and workers
Practical guide to collective redundancy in Spain: causes, numerical thresholds, consultation period, 20 days/year severance, permanence priority and rights of affected workers.