This document is specifically designed for use in Hong Kong employment situations where an employer and employee have agreed to terminate employment through a voluntary redundancy arrangement. The Voluntary Redundancy Settlement Agreement serves as a legally binding document that protects both parties' interests while ensuring compliance with Hong Kong employment law, particularly the Employment Ordinance (Cap. 57). It is commonly used during corporate restructuring, downsizing, or organizational changes where employees voluntarily accept redundancy terms. The agreement covers crucial elements including severance calculations, benefit arrangements, confidentiality provisions, and mutual releases. It requires independent legal advice for the employee and includes specific provisions reflecting Hong Kong's legal requirements regarding employment termination, tax treatment of payments, and post-employment obligations.
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1. Parties: Identifies the employer and employee, including their full legal names and addresses
2. Background: Sets out the context of the redundancy situation and confirms the voluntary nature of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the final day of employment and any notice period arrangements
5. Payments: Details all payments including statutory severance, ex-gratia payments, and treatment of outstanding salary/benefits
6. Tax Treatment: Clarifies the tax status of various payments and responsibilities for tax liabilities
7. Company Property: Requirements for return of company property and handling of company information
8. Confidentiality: Obligations regarding confidential information during and after employment
9. Release and Waiver: Mutual release of claims between parties, subject to terms of the agreement
10. Legal Advice: Confirmation that employee has received independent legal advice on the agreement
11. Entire Agreement: Confirms this document represents the complete agreement between parties
12. Governing Law: Specifies Hong Kong law as governing law and jurisdiction
1. Garden Leave: Details of any garden leave period before termination - use when employee is to remain employed but not attend work
2. Post-termination Restrictions: Non-compete and non-solicitation clauses - use when protecting business interests is crucial
3. Reference: Terms of employment reference to be provided - use when agreed as part of settlement
4. Retention Bonus: Details of any bonus for staying until termination date - use when needed to retain employee until specific date
5. Outplacement Support: Details of career transition services - use when providing additional support
6. Insurance Continuation: Extension of medical or other insurance benefits - use when offering continued coverage
7. Share Options/Awards: Treatment of existing share options or awards - use when employee has equity compensation
8. Announcement: Agreed internal/external communications about departure - use when managing communications is important
1. Schedule 1: Payment Calculation: Detailed breakdown of all payments including statutory severance calculation
2. Schedule 2: Benefits Summary: List of all benefits and their treatment post-termination
3. Schedule 3: Outstanding Company Property: Inventory of company property to be returned
4. Schedule 4: Claims Released: Comprehensive list of potential claims being waived
5. Appendix A: Legal Advice Certificate: Certificate from independent legal advisor confirming advice given
6. Appendix B: Resignation Letter: Template or copy of formal resignation letter
Relevant legal definitions
Agreement
Business
Claim
Company
Confidential Information
Effective Date
Employee
Employment
Employment Ordinance
Final Payment
Group
Hong Kong
Independent Legal Adviser
Long Service Payment
MPF
Notice Period
Parties
Personal Data
Related Companies
Release
Restricted Period
Severance Payment
Statutory Entitlements
Termination Date
Termination Payment
Territory
Untaken Annual Leave
Voluntary Redundancy
Waiver
Working Day
Business
Claim
Company
Confidential Information
Effective Date
Employee
Employment
Employment Ordinance
Final Payment
Group
Hong Kong
Independent Legal Adviser
Long Service Payment
MPF
Notice Period
Parties
Personal Data
Related Companies
Release
Restricted Period
Severance Payment
Statutory Entitlements
Termination Date
Termination Payment
Territory
Untaken Annual Leave
Voluntary Redundancy
Waiver
Working Day
Clauses
Interpretation
Termination
Payments
Tax
Benefits
Company Property
Confidentiality
Intellectual Property
Data Protection
Non-Disparagement
References
Announcements
Release and Waiver
Post-Termination Restrictions
Legal Advice
Third Party Rights
Severability
Variation
Counterparts
Notices
Governing Law and Jurisdiction
Entire Agreement
Warranties and Representations
Cooperation
Insurance
Outplacement Support
Return of Property
Surviving Obligations
Termination
Payments
Tax
Benefits
Company Property
Confidentiality
Intellectual Property
Data Protection
Non-Disparagement
References
Announcements
Release and Waiver
Post-Termination Restrictions
Legal Advice
Third Party Rights
Severability
Variation
Counterparts
Notices
Governing Law and Jurisdiction
Entire Agreement
Warranties and Representations
Cooperation
Insurance
Outplacement Support
Return of Property
Surviving Obligations
Relevant Industries
Financial Services
Banking
Technology
Manufacturing
Retail
Professional Services
Real Estate
Construction
Healthcare
Education
Telecommunications
Insurance
Hospitality
Media and Entertainment
Logistics and Transportation
Relevant Teams
Human Resources
Legal
Finance
Operations
Administration
Corporate Services
Compliance
Risk Management
Information Technology
Sales
Marketing
Customer Service
Research and Development
Project Management
Business Development
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Director
Senior Manager
Manager
Team Leader
Executive
Associate
Analyst
Administrator
Supervisor
Coordinator
Specialist
Officer
Assistant
Professional
Consultant
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