A Voluntary Severance Agreement is a crucial document used in situations where an employer and employee mutually agree to terminate their employment relationship under agreeable terms. This document, governed by Indian employment law, serves as a comprehensive record of the separation terms, including financial compensation, statutory benefits, and post-employment obligations. It's particularly relevant in corporate restructuring, voluntary retirement schemes, or amicable separations where both parties seek a clear, legally binding framework for the termination. The agreement must comply with various Indian labor laws, including the Industrial Disputes Act, 1947, Payment of Gratuity Act, 1972, and relevant state-specific regulations. It typically includes detailed provisions for severance payments, confidentiality obligations, release of claims, and handling of company property, while ensuring all statutory requirements are met.
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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 mutual decision to terminate
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Separation: Clear statement of when the employment relationship will terminate
5. Severance Payment: Details of the severance package, payment terms, and schedule
6. Statutory Dues and Benefits: Overview of gratuity, provident fund, and other statutory payments
7. Tax Implications: Statement on tax treatment of payments and responsibilities
8. Full and Final Settlement: Confirmation that the agreement represents complete settlement of all claims
9. Confidentiality Obligations: Ongoing duties regarding company confidential information
10. Return of Company Property: Requirements for returning all company assets and documents
11. Release of Claims: Mutual release of all claims between parties
12. Reference and Communication: Agreement on how departure will be communicated and reference provisions
13. Governing Law: Specification of Indian law as governing law and jurisdiction
14. Entire Agreement: Statement that this document represents the complete agreement between parties
1. Non-Compete Obligations: Restrictions on future employment, if applicable and reasonable under Indian law
2. Equity/Stock Options: Treatment of any outstanding equity or stock options
3. Intellectual Property Rights: Specific provisions for employees involved in IP creation
4. Continued Medical Benefits: Extension of medical coverage if offered
5. Outplacement Services: Details of any career transition support provided
6. Non-Solicitation: Restrictions on soliciting employees or customers
7. Cooperation in Pending Matters: Requirements for assistance in ongoing projects or litigation
8. Training Cost Recovery Waiver: Waiver of any training bonds or recovery of training costs
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Statutory Dues Statement: Itemized list of all statutory payments due
3. Schedule C - Benefits Summary: Comprehensive list of benefits and their treatment post-separation
4. Schedule D - Company Property Checklist: List of company assets to be returned
5. Schedule E - Payment Timeline: Schedule of dates for all payments to be made
6. Appendix 1 - Release Form: Detailed release of claims form
7. Appendix 2 - Confidentiality Agreement: Detailed confidentiality terms and obligations
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