The Severance Pay Agreement is a crucial document used in Irish employment law contexts when terminating employment relationships, whether through redundancy, mutual agreement, or other circumstances. It provides a legally binding framework that details severance payments, statutory entitlements, and various post-employment arrangements. This document is essential for ensuring compliance with Irish employment legislation, including the Redundancy Payments Acts, while protecting both employer and employee interests. The agreement typically includes provisions for payment calculations, tax considerations, benefit arrangements, and confidentiality obligations, serving as a comprehensive record of the termination terms and helping prevent future disputes.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment history and reason for separation
3. Definitions: Defined terms used throughout the agreement
4. Termination Date: Specific date when employment will terminate and final working day if different
5. Severance Payment: Details of the severance payment amount, calculation method, and payment timing
6. Tax Treatment: Statement regarding tax treatment of payments and employer's position on tax indemnity
7. Employee Benefits: Treatment of existing benefits, including pension, health insurance, and company property
8. Waiver and Release: Employee's waiver of claims against the employer
9. Confidentiality: Obligations regarding confidentiality of the agreement and company information
10. Reference: Terms regarding the provision of employment references
11. Return of Property: Requirements for returning company property
12. Governing Law: Specification of Irish law as governing law
13. Execution: Signature blocks and execution requirements
1. Garden Leave: Used when the employee will be placed on garden leave during the notice period
2. Post-termination Restrictions: Include when enforcing existing or new non-compete or non-solicitation provisions
3. Legal Costs: Include when the employer is contributing to the employee's legal costs for reviewing the agreement
4. Outplacement Support: Used when providing career transition services
5. Company Car: Include when addressing company car arrangements
6. Share Options/Awards: Used when dealing with existing share schemes or equity arrangements
7. Collective Agreement Reference: Include when termination is part of a collective redundancy situation
8. Reaffirmation: Used when requiring the employee to reaffirm the waiver at termination date
1. Schedule 1 - Payment Calculation: Detailed breakdown of severance payment calculation, including statutory redundancy, ex-gratia payment, and other elements
2. Schedule 2 - Benefits Summary: Comprehensive list of benefits and their treatment post-termination
3. Schedule 3 - Company Property: Itemized list of company property to be returned
4. Appendix A - Statutory Rights: Summary of relevant statutory rights and entitlements
5. Appendix B - Tax Treatment Summary: Detailed explanation of tax treatment of various payment elements
6. Appendix C - Existing Restrictive Covenants: Copy of relevant restrictive covenants from employment contract that will continue
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