Japan
Serbia
Exchange rates: European Central Bank reference rates, 2026-10-23. Japan: Tokyo, Kyokai Kenpo, salary paid evenly each month with no bonus, no dependants. Serbia: Employee in Belgrade, Serbian tax resident and a Serbian national (no expatriate regime), aged 40 or over, single with no dependants, full-time, salary only paid evenly as monthly pay (no bonus, meal or holiday allowance shown separately), calendar year 2026. Salary tax withheld monthly at 10% after the RSD 34,221 monthly non-taxable amount; employee and employer social contributions up to the 2026 ceiling. Income tax also includes the annual personal income tax (godišnji porez), which the employee self-assesses and pays by 15 May 2027 on 2026 income above three times the average annual salary; it is computed here with the 2025 average annual salary because the 2026 figure is published only in early 2027. Employees under 40 at 31 December get a further deduction of three average annual salaries, so they pay this annual tax only at much higher pay.
At three salary levels
| Salary (US$ equivalent) | Japan | Serbia |
|---|---|---|
| $60,000 | Cost 1.14× Keeps 73% ¥9,408,202 | Cost 1.15× Keeps 71% RSD 6,297,625 |
| $120,000 | Cost 1.10× Keeps 66% ¥18,816,403 | Cost 1.11× Keeps 74% RSD 12,595,251 |
| $250,000 | Cost 1.05× Keeps 57% ¥39,200,840 | Cost 1.05× Keeps 77% RSD 26,240,105 |
Employment rules compared
| Japan | Serbia | |
|---|---|---|
| Statutory annual leave | 10 days after six months, rising to 20; 5 days must be taken | 20 working days minimum |
| Public holidays in 2026 | 18 | 12 (Belgrade) |
| Notice of dismissal | 30 days, or pay in lieu | Employee 15-30 days; employer 8-30 days (performance only) |
| Severance required by law | None | Redundancy: 1/3 month's pay per year of service |
| Typical negotiated exit | Commonly 3–6 months’ pay plus unused leave | No official benchmark |
| Probation | Commonly 3–6 months; dismissal still needs grounds | Up to 6 months, 5 working days' notice |
| Working hours | 40 a week; overtime capped at 45 a month and 360 a year | 40 h/week; overtime max 8 h/week, 12 h/day |
| How hard is dismissal? | Very hard: needs objectively reasonable grounds | Moderate: listed grounds, warning procedure |
| Women in management (ILO) | 14.5% (2023) | 31.9% (2025) |
Questions
What does a US$120,000 salary cost an employer in Japan and Serbia?
With the rates and exchange rates as of October 2026, in Japan (Tokyo, ¥18,816,403) the employer’s total cost is 1.10 times the salary; in Serbia (RSD 12,595,251) it is 1.11 times. The employee keeps 66% of salary in Japan and 74% in Serbia.
Is it cheaper to employ someone in Japan or Serbia?
At this salary, the employer’s on-cost is lower in Japan. The ratio changes with pay, though: where contributions are capped, the on-cost falls as a share of salary for high earners. Enter the real salary in the calculator above to compare.
How do notice and severance compare?
Japan: 30 days, or pay in lieu; no severance is required by law, and negotiated exits are commonly 3–6 months’ pay plus unused leave. Serbia: notice is employee 15-30 days; employer 8-30 days (performance only); severance required by law: redundancy: 1/3 month's pay per year of service; typical negotiated exit: no official benchmark.
Which has more paid leave and public holidays?
Japan: 10 days after six months, rising to 20; 5 days must be taken, and 18 public holidays in 2026. Serbia: 20 working days minimum, and 12 public holidays in 2026.
Sources: Japan (Kyokai Kenpo, Japan Pension Service, MHLW, National Tax Agency, MIC). Serbia: every rate and rule is listed with its primary source on Serbia's HR data. Exchange rates: ECB reference rates (2026-10-23); for currencies the ECB does not quote, the central bank's rate.
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