The Voluntary Severance Agreement is utilized in Singapore when an employer and employee mutually agree to terminate their employment relationship under agreeable terms. This document is particularly relevant during corporate restructuring, workforce optimization, or when an employee seeks early retirement. The agreement ensures compliance with Singapore employment law while protecting both parties' interests through clear documentation of severance payments, benefit arrangements, and mutual releases. It serves as a comprehensive record of the separation terms and helps prevent future disputes by clearly outlining all obligations and entitlements.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of the agreement including employment history and basis for separation
3. Definitions: Key terms used throughout the agreement
4. Separation Terms: Date of separation and voluntary nature of termination
5. Severance Payment: Amount, calculation method, and payment timing
6. Final Payments: Treatment of salary, unused leave, and other entitlements
7. Release of Claims: Mutual release of legal claims between parties
8. Confidentiality: Obligations regarding company information and agreement terms
1. Post-Employment Restrictions: Non-compete and non-solicitation clauses, used when protecting business interests is crucial for senior employees
2. Reference Letter: Terms regarding provision of employment references, included when specifically requested by employee
3. Outplacement Support: Details of career transition assistance, included when company provides such services
4. Medical Benefits Extension: Continuation of health coverage terms, included when extended medical benefits are offered
1. Schedule 1: Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule 2: Company Property: List of items to be returned to employer
3. Schedule 3: Outstanding Benefits: List of accrued benefits and their treatment
4. Appendix A: Release Form: Detailed release of claims document
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