The Severance Release Agreement is a crucial document used in Malaysia when formalizing the termination of employment relationships, particularly in situations involving mutual separation, redundancy, or negotiated exits. It serves as a comprehensive record of the separation terms while ensuring compliance with Malaysian employment laws, including the Employment Act 1955 and Industrial Relations Act 1967. The document typically includes detailed provisions for severance payments, benefit arrangements, release of claims, and ongoing obligations such as confidentiality and non-competition (where applicable). It's designed to protect both employer and employee interests by clearly documenting all aspects of the separation and preventing future disputes. The agreement becomes especially important in cases involving senior employees, sensitive positions, or significant severance packages.
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Outlines the employment relationship and circumstances leading to termination
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the official end date of employment
5. Severance Payment: Details the severance amount, calculation method, and payment terms
6. Release of Claims: Employee's release of legal claims against the employer
7. Company Property: Requirements for returning company property
8. Confidentiality: Ongoing obligations regarding confidential information
9. Tax Matters: Treatment of tax obligations related to severance payments
10. Final Wages and Benefits: Details of final salary, unused leave, and benefit arrangements
11. General Provisions: Standard clauses including governing law, entire agreement, and amendments
1. Non-Compete Obligations: Restrictions on future employment with competitors (if applicable to employee level and local law)
2. Non-Solicitation: Restrictions on soliciting employees or customers (if appropriate for employee role)
3. Outplacement Services: Details of any career transition support provided
4. Reference Letter: Terms regarding employment references and communications about departure
5. Equity/Stock Options: Treatment of any outstanding equity compensation
6. Medical Benefits Extension: Details of any continued medical coverage
7. Legal Fees: Provisions for payment of legal fees for agreement review
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Company Property List: Itemized list of company property to be returned
3. Schedule C - Outstanding Benefits: List of accrued benefits and their treatment
4. Schedule D - Release Details: Specific claims being released and any exceptions
5. Appendix 1 - Acknowledgment Form: Employee acknowledgment of receiving and understanding the agreement
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