Calculate NZ Holidays Act 2003 termination final pay: greater of Ordinary Weekly Pay (OWP) vs Average Weekly Earnings (AWE), 8% accrued holiday pay, days in lieu, and after-tax net payout.
NZ Holiday Pay & Termination Final Pay (OWP vs AWE) Calculator: Calculate NZ Holidays Act 2003 termination final pay: greater of Ordinary Weekly Pay (OWP) vs Average Weekly Earnings (AWE), 8% accrued holi...Temel formül: \text{Entitled Leave Rate} = \max(\text{Ordinary Weekly Pay (OWP)}, \; \text{Average Weekly Earnings (AWE)}) \\
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\text{AWE} = \frac{\text{Gross Earnings in Past 52 Weeks}}{52} \\
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\text{Accrued Holiday Pay} = 8\% \times \text{Gross Earnings Since Last Anniversary} - \text{Leave in Advance} \\
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\text{Total Gross Final Pay} = \text{Entitled Leave} + \text{8\% Accrued} + \text{Days in Lieu} + \text{Final Period Wages}.
All leave & final wages
OWP higher (Standard pay)
Since last anniversary
After tax & KiwiSaver
Inputs to determine OWP vs AWE and final pay entitlements.
Entitled leave, 8% accrued, and statutory deductions.
\text{Entitled Leave Rate} = \max(\text{Ordinary Weekly Pay (OWP)}, \; \text{Average Weekly Earnings (AWE)}) \\
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\text{AWE} = \frac{\text{Gross Earnings in Past 52 Weeks}}{52} \\
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\text{Accrued Holiday Pay} = 8\% \times \text{Gross Earnings Since Last Anniversary} - \text{Leave in Advance} \\
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\text{Total Gross Final Pay} = \text{Entitled Leave} + \text{8\% Accrued} + \text{Days in Lieu} + \text{Final Period Wages}Under the NZ Holidays Act 2003, entitled annual holidays must be paid at the greater of Ordinary Weekly Pay (OWP) or Average Weekly Earnings (AWE over the preceding 52 weeks). For leave accrued since the employee's last anniversary date, 8% of gross earnings is paid, along with outstanding alternative holidays (days in lieu) and unpaid final cycle hours.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual Reserve Bank of New Zealand (RBNZ) interest rates, IRD PAYE brackets, ACC Earner's Levy, KiwiSaver regulations, and lender criteria may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult a qualified financial advisor, CPA, or official Inland Revenue documentation prior to executing financial commitments.
OWP is what the employee normally earns for an ordinary working week. AWE is the gross earnings over the past 52 weeks (including overtime, allowances, and bonuses) divided by 52. By law, the employee must be paid whichever rate is higher.
If employment terminates before the employee has completed 12 months of service, or for the period worked since the last annual leave entitlement date, 8% of gross earnings is paid as accrued holiday pay, less any leave taken in advance.
Alternative holidays earned by working on public holidays must be paid out in full in the final pay at the employee's Relevant Daily Pay (RDP) or Average Daily Pay (ADP).
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