The Redundancy Settlement Agreement is a crucial document used in Hong Kong when an organization needs to terminate employment relationships due to genuine redundancy situations. It serves as a comprehensive record of the termination arrangement, incorporating both statutory requirements under Hong Kong law and any additional benefits the employer agrees to provide. The agreement typically becomes necessary during company restructuring, downsizing, or closure of business operations. It must comply with the Employment Ordinance (Cap. 57) and related Hong Kong employment legislation, particularly regarding statutory severance calculations and notice periods. The document helps minimize legal risks by obtaining the employee's informed consent to the termination terms and securing a waiver of potential claims, while ensuring the employee receives appropriate compensation and benefits.
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Sets out the context of the employment relationship and the circumstances leading to redundancy
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the official end date of employment and final working day
5. Payments and Benefits: Details all payments including statutory severance, ex-gratia payments, and other benefits
6. Tax Treatment: Explains the tax implications of the various payments
7. Company Property: Requirements for return of company property and documents
8. Confidentiality: Obligations regarding confidential information and trade secrets
9. Post-Termination Restrictions: Confirms which existing restrictive covenants remain in force
10. Full and Final Settlement: Waiver of claims and confirmation of settlement terms
11. Governing Law: Confirms Hong Kong law governs the agreement
12. Entire Agreement: Confirms this document represents the complete agreement between parties
13. Execution: Signature blocks and execution provisions
1. Garden Leave: Include when employee is not required to work during notice period
2. Reference: Include when agreed form of reference is to be provided
3. Outplacement Support: Include when company is providing career transition services
4. Share Options/Awards: Include when employee has outstanding share options or awards
5. Medical Benefits Extension: Include when post-termination medical coverage is offered
6. Legal Costs: Include when employer agrees to contribute to employee's legal costs
7. Internal/External Announcements: Include when parties agree on specific communication approach
8. Assistance with Ongoing Matters: Include when employee agrees to provide assistance post-termination
1. Schedule 1 - Payment Calculations: Detailed breakdown of all payment components including statutory severance calculation
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Existing Restrictive Covenants: Copy of relevant restrictions from employment contract
4. Schedule 4 - Agreed Form of Reference: If applicable, the agreed reference text
5. Schedule 5 - Outstanding Benefits: Details of any pro-rated bonus, commission, or other benefits
6. Appendix A - Certificate of Independent Legal Advice: Confirmation that employee received independent legal advice
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Financial Services
Banking
Technology
Manufacturing
Retail
Professional Services
Real Estate
Construction
Healthcare
Education
Telecommunications
Media and Entertainment
Logistics and Transportation
Hospitality
Insurance
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Operations
Compliance
Employee Relations
Payroll
Relevant Roles
HR Director
HR Manager
Legal Counsel
Employment Lawyer
HR Business Partner
Compensation and Benefits Manager
Employee Relations Manager
Chief Human Resources Officer
Chief Legal Officer
Chief Executive Officer
Chief Financial Officer
Operations Director
Managing Director
General Manager
Department Head
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