The Severance Pay Contract is a crucial document used in Hong Kong employment terminations where an employee becomes entitled to severance payment under the Employment Ordinance (Cap. 57). This document is typically used when an employee has been employed under a continuous contract for not less than 24 months and is dismissed due to redundancy or specified circumstances. The contract outlines the statutory severance payment calculation (based on length of service and final wages), payment timeline, tax implications, and mutual obligations. It serves as a formal record of the severance arrangement while ensuring compliance with Hong Kong employment laws and protecting both parties' interests. The document is particularly important in the context of Hong Kong's strict employment regulations and the need for clear documentation of termination benefits.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief context of the employment relationship and reason for the severance agreement
3. Definitions: Key terms used in the agreement including 'Severance Payment', 'Termination Date', 'Years of Service', etc.
4. Severance Payment Amount: Specification of the total severance amount and calculation method as per Employment Ordinance
5. Payment Terms: Timeline and method of severance payment, including any installment arrangements
6. Tax Treatment: Statement on tax handling of the severance payment and responsibilities of each party
7. Release and Waiver: Employee's acknowledgment of payment and waiver of further claims
8. Confidentiality: Terms regarding confidentiality of the severance agreement and its terms
9. Return of Company Property: Requirements for returning company assets and documents
10. Governing Law: Specification that Hong Kong law governs the agreement
11. Entire Agreement: Statement that this document represents the complete agreement between parties
1. Non-Competition: Post-employment restrictions, used when protecting business interests is crucial
2. Non-Solicitation: Restrictions on soliciting employees or customers, used for senior positions
3. Continuing Obligations: Ongoing duties post-employment, used when there are lasting responsibilities
4. Reference Provision: Terms regarding future employment references, used when agreed as part of severance
5. Medical Benefits Extension: Continuation of medical benefits, used in enhanced severance packages
6. Outplacement Services: Provision of career transition support, used in senior executive agreements
7. Pro-rata Bonus: Treatment of outstanding bonus payments, used when bonus periods are incomplete
1. Schedule 1 - Calculation Details: Detailed breakdown of severance payment calculation including years of service, monthly wages, and any adjustments
2. Schedule 2 - Employee Information: Details of employee's position, length of service, and final salary
3. Schedule 3 - Outstanding Benefits: List of any accrued benefits to be paid out (annual leave, bonuses, etc.)
4. Appendix A - Acknowledgment Form: Form for employee to acknowledge receipt of severance payment
5. Appendix B - Company Property Checklist: List of company items to be returned before final payment
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