The Employee Severance Agreement is a crucial document used in Hong Kong employment relationships when formalizing the termination of employment. It is typically used in situations involving mutual separation, redundancy, or negotiated exits, providing a clear framework for the termination process while ensuring compliance with Hong Kong's Employment Ordinance and related legislation. The agreement comprehensively addresses key aspects such as severance payments, benefits, confidentiality obligations, and releases of claims. It serves to protect both employer and employee interests by clearly documenting all termination terms and preventing future disputes. The document must be carefully drafted to comply with Hong Kong's stringent employment laws, including statutory requirements for severance payments and notice periods, while also addressing practical aspects such as the return of company property and post-employment obligations.
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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, including start date and position
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date when employment relationship ends and final working day details
5. Severance Payment: Details of the severance package, payment amounts, and payment schedule
6. Final Wages and Benefits: Settlement of outstanding salary, leave pay, and other employment benefits
7. MPF and Pension Arrangements: Details of handling Mandatory Provident Fund and any other pension arrangements
8. Company Property: Requirements for return of company property and documents
9. Confidentiality Obligations: Ongoing obligations regarding confidential information
10. Release and Waiver: Mutual release of claims and waiver of rights
11. Tax Implications: Statement on tax treatment of payments and responsibilities
12. Reference and Announcement: Agreement on employment references and internal/external announcements
13. Governing Law: Specification of Hong Kong law as governing law
14. Entire Agreement: Standard entire agreement clause
1. Post-termination Restrictions: Non-compete and non-solicitation clauses, if applicable to the employee's role
2. Ongoing Cooperation: Terms for employee assistance in handover or future inquiries, used when there are ongoing projects or potential litigation
3. Legal Fees: Provision for payment of legal fees for agreement review, typically for senior executives
4. Equity and Share Options: Treatment of any share options or equity arrangements, for employees with share schemes
5. Outplacement Services: Provision of career transition services, typically for senior roles or redundancy situations
6. Medical Benefits Extension: Continuation of medical benefits post-termination, if offered
7. Intellectual Property Rights: Special IP provisions for employees involved in creative or technical work
8. Garden Leave: Terms of garden leave if applicable during notice period
9. Future Employment: Agreement on how future employment opportunities will be handled, typically for senior executives
1. Schedule 1 - Payment Breakdown: Detailed breakdown of all payments including severance, salary, bonuses, and benefits
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Benefits Summary: Summary of benefits and their treatment post-termination
4. Appendix A - Acknowledgment Form: Form for employee to acknowledge receipt of payments and return of company property
5. Appendix B - Reference Letter Template: Agreed format and content of reference letter if applicable
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