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Contact Us SHRM Licensing for employment service business in Vietnam. Conditions to ensure food safety for food traders in Vietnam. Regulations on severance pay in Vietnam Regulations on cases of severance pay in Vietnam take effect from February 1st, Post date: 2, view s. Regulations on cases of severance pay in Vietnam Employers in Vietnam are responsible for offering severance pay to employees upon termination of employment contracts in the following cases: a The labor contract expires.
Regulations on conditions and levels of severance pay in Vietnam - The employer is responsible for offering severance pay to the employee who has worked on a regular basis for a period of at least 12 months. The salary as the basis for calculation of severance allowance is prescribed as follows: a The salary as the basis for calculation of severance allowance shall be the average salary of the last 06 months under the employment contract before the termination.
Home » News » Labor legal news. Discover Personio today. Employers typically give it the same meaning as redundancy, but it is used in a different — but crucial — way.
Ensure that you have all of your employee information, including contracts, feedback, one-time payments, and more, in one single place with Personio. While the term is commonly used in the United States, the use of severance pay in the United Kingdom is often quite ambiguous. Normally, it refers to a payment made to an employee by an employer in return for them agreeing to leave without pursuing a claim against the business. When a voluntary severance package is offered, employees are expected to sign a voluntary severance agreement.
This protects employers, to a large extent, from claims of unfair dismissal as employment tribunals are unlikely to accept that employees were dismissed if they signed the agreement. Does that differ from voluntary redundancy? Read our guide to find out. A severance pay package is usually negotiated with employees who earn a lot of money, have a lot of benefits, or who the company wants to usher out of the business as quietly as possible.
If in doubt, though, refer to the legislation around redundancy pay and stick to those rules instead. One example of when severance pay might be used is when the business would prefer not to go through a lengthy, formal grievance or disciplinary procedure to get an employee to leave. A severance pay package might be offered to a salesperson, for instance, who has not performed to the required level.
Severance packages might also be offered to senior leaders when the business makes management changes and they ask an employee to leave, but the business would prefer not to go through formal redundancy procedures. In cases like this, government-legislated redundancy pay would not be sufficient to cover the salary and benefits that a senior employee will lose, so the company issues a layoff package to cover the amount of their loss of work for an extended period of time.
Considering that senior staff typically have a much longer notice period between three and 12 months , a severance pay package may pay them out in part or in full for the salary, bonus, leave, and benefits they would receive during all or part of that notice period. Read our full guide to voluntary redundancy by clicking right here. Severance pay packages are also sometimes issued when employees leave but have a lot of insider knowledge that could be valuable to a competitor.
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