The Severance Payment Agreement is a crucial document used in Malaysia when formalizing the termination of employment relationships through mutual agreement or as part of a broader separation arrangement. It is primarily used during voluntary separation schemes, restructuring exercises, or individual employment terminations where both parties agree to specific separation terms. The document must comply with Malaysian employment laws, particularly the Employment Act 1955 and Industrial Relations Act 1967, while addressing key aspects such as payment calculations, tax considerations, and post-employment obligations. This agreement helps prevent future disputes by clearly documenting all separation terms and ensuring both parties understand their rights and obligations.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment history and reason for separation
3. Definitions: Key terms used throughout the agreement including 'Termination Date', 'Severance Payment', and other relevant definitions
4. Severance Payment: Details of the severance amount, calculation method, and payment terms
5. Tax Treatment: Clarification of tax implications and responsibilities
6. Release and Waiver: Employee's release of claims against the employer
7. Confidentiality: Obligations regarding confidentiality of the agreement and company information
8. Return of Company Property: Requirements for returning company assets and documents
9. General Provisions: Standard clauses including governing law, entire agreement, and amendments
1. Non-Compete Obligations: Restrictions on future employment, used when protecting business interests is crucial
2. Non-Solicitation: Restrictions on soliciting employees or customers, included when business protection is needed
3. Continuing Obligations: Any ongoing duties or responsibilities post-employment
4. Reference and Announcement: Terms regarding employment references and public announcements about the separation
5. Medical Benefits Extension: Details of any continued medical coverage, if applicable
6. Outplacement Services: Terms of any career transition support provided
7. Legal Fees: Provisions regarding payment of legal fees for agreement review
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation including base salary, prorated bonuses, and other components
2. Schedule 2 - Outstanding Benefits: List of accrued benefits, unused leave, and other entitlements
3. Schedule 3 - Company Property Checklist: Itemized list of company property to be returned
4. Appendix A - Release Form: Detailed release and waiver of claims document
5. Appendix B - Confidential Information: Specific definition and scope of confidential information
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