The Termination Due To Closure Of Business document is essential when a company in Malaysia decides to cease operations and needs to formally terminate employee contracts. This document is used in accordance with Malaysian employment law, particularly when a business is closing due to financial difficulties, strategic decisions, or other legitimate business reasons. It contains crucial information about the termination process, including notice periods as required by the Employment Act 1955, calculation of termination benefits, final payment details, and post-employment obligations. The document ensures compliance with local regulations while providing clear communication to employees about their rights and entitlements during the business closure process. It's particularly important as it helps protect both employer and employee interests during this significant organizational change.
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1. Parties: Identification of the employer company and the employee
2. Background: Context of the business closure decision and general situation
3. Definitions: Key terms used in the document including 'Termination Date', 'Final Payment', 'Termination Benefits'
4. Notice of Termination: Formal notice of employment termination due to business closure
5. Effective Date: Clear statement of the last day of employment
6. Reason for Termination: Detailed explanation of the business closure
7. Final Payment Details: Breakdown of final salary, notice period payment, and statutory termination benefits
8. Return of Company Property: Requirements for returning company assets and documents
9. Confidentiality Obligations: Ongoing obligations regarding company confidential information
10. Full and Final Settlement: Terms of the final settlement and release of claims
1. Transition Arrangements: Used when employees are required to assist in the closure process
2. Outplacement Support: Include if the company is providing job search assistance or career transition support
3. Medical Benefits Extension: Include if continuing medical coverage post-termination
4. Reference Letter Provision: Include if providing standard reference letters
5. Retention Bonus: Include if offering bonuses for employees staying until the closure date
6. Government Assistance Programs: Include information about available government support programs if applicable
1. Schedule 1 - Calculation of Final Payment: Detailed breakdown of all payment components including salary, benefits, and statutory payments
2. Schedule 2 - Company Property Checklist: List of company items to be returned
3. Schedule 3 - Employee Benefits Summary: Summary of benefits and their treatment post-termination
4. Appendix A - Timeline of Closure: Key dates and milestones in the closure process
5. Appendix B - Contact Information: List of relevant contact persons for queries during and after the closure process
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