A ReduNDAncy Settlement Agreement is used when an organization needs to terminate employment due to genuine reduNDAncy situations in Singapore. This document formalizes the terms of separation, including severance payments, notice periods, and other benefits, while ensuring compliance with Singapore's employment laws and MOM guidelines. It provides legal protection for both parties by documenting the agreed terms and including necessary waivers and releases. The agreement typically addresses final salary payments, pro-rated bonuses, unused leave, and any additional compensation, while also covering confidentiality obligations and post-employment restrictions.
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1. Parties: Details of employer and employee, including registered addresses and company registration details
2. Background: Context of employment relationship and circumstances leading to reduNDAncy situation
3. Definitions: Key terms used tHRoughout the agreement including 'Termination Date', 'Settlement Payment', etc.
4. Termination Date: Specified last day of employment and confirmation of employment termination
5. Settlement Payment: Details of reduNDAncy compensation amount, payment method and timing
6. Final Payments: Provisions for outstanding salary, annual leave, and other statutory entitlements
7. Tax Provisions: Treatment of payments for tax purposes and employer's withholding obligations
8. Confidentiality: Non-disclosure obligations regarding the agreement terms and company information
9. Full and Final Settlement: Waiver of claims against employer and acknowledgment of settlement finality
1. Reference Provision: Terms regarding the provision of employment references and agreed format
2. Outplacement Support: Details of any career transition assistance or support services provided
3. Post-termination Restrictions: Non-compete and non-solicitation provisions if applicable to senior employees
4. Company Property: Provisions regarding the return of company equipment, documents and materials
1. Schedule 1: Payment Calculation: Detailed breakdown of settlement payment components
2. Schedule 2: Outstanding Benefits: Itemized list of accrued benefits and entitlements
3. Schedule 3: Company Property: Comprehensive list of company items to be returned
4. Appendix A: Form of Release: Standard form of legal release and waiver
Relevant legal definitions
Agreement
Company
Confidential Information
Effective Date
Employee
Employment
Final Payment
Group
Notice Period
Original Employment Agreement
Parties
ReduNDAncy Payment
Settlement Payment
Statutory Entitlements
Termination Date
Outstanding Benefits
Company Property
Claims
Relevant Period
Trade Secrets
Intellectual Property Rights
Business Day
CPF
MOM
Related Corporations
Representatives
Surviving Provisions
Tax
Waiver
Company
Confidential Information
Effective Date
Employee
Employment
Final Payment
Group
Notice Period
Original Employment Agreement
Parties
ReduNDAncy Payment
Settlement Payment
Statutory Entitlements
Termination Date
Outstanding Benefits
Company Property
Claims
Relevant Period
Trade Secrets
Intellectual Property Rights
Business Day
CPF
MOM
Related Corporations
Representatives
Surviving Provisions
Tax
Waiver
Clauses
Interpretation
Termination of Employment
Settlement Payment
Final Payments and Benefits
Tax Treatment
CPF Contributions
Company Property
Confidentiality
Non-Disparagement
Continuing Obligations
Full and Final Settlement
Release and Waiver
Reference
Legal Costs
Announcements
Post-Termination Restrictions
Return of Property
Outplacement Support
Severability
Entire Agreement
Third Party Rights
Governing Law
Jurisdiction
Counterparts
Data Protection
Surviving Provisions
Further Assurance
Independent Legal Advice
Warranties and Representations
Termination of Employment
Settlement Payment
Final Payments and Benefits
Tax Treatment
CPF Contributions
Company Property
Confidentiality
Non-Disparagement
Continuing Obligations
Full and Final Settlement
Release and Waiver
Reference
Legal Costs
Announcements
Post-Termination Restrictions
Return of Property
Outplacement Support
Severability
Entire Agreement
Third Party Rights
Governing Law
Jurisdiction
Counterparts
Data Protection
Surviving Provisions
Further Assurance
Independent Legal Advice
Warranties and Representations
Relevant Industries
Relevant Teams
Relevant Roles
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