The Employment Settlement Agreement is a crucial document used in Malaysian employment law contexts when an employer and employee agree to formally terminate their employment relationship on mutually agreed terms. It is particularly valuable in situations involving senior executives, dispute resolution, redundancy scenarios, or where there is a need to document complex termination arrangements. The agreement serves to prevent future litigation by providing a comprehensive settlement of all claims, while ensuring compliance with Malaysian employment laws and regulations. It typically includes detailed provisions for settlement payments, tax treatment, confidentiality obligations, and post-employment restrictions. The document must be carefully drafted to ensure enforceability under Malaysian law and should include provisions for independent legal advice to protect both parties' interests.
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1. Parties: Identification of the employer and employee, including their full legal names and addresses
2. Background: Brief history of employment relationship, reason for settlement, and context of the agreement
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Settlement Sum', 'Claims', etc.
4. Termination Date: Confirmation of employment termination date and final working day
5. Settlement Payments: Detailed breakdown of settlement sum, payment schedule, and tax treatment
6. Accrued Rights: Treatment of salary, benefits, and other entitlements up to termination date
7. Tax Indemnity: Responsibilities for tax payments and indemnities related to settlement payments
8. Waiver and Release: Mutual release from claims and proceedings
9. Company Property: Requirements for return of company property and documents
10. Confidentiality: Obligations regarding confidentiality of agreement terms and company information
11. Full and Final Settlement: Confirmation that the agreement represents full and final settlement of all claims
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Execution: Signature blocks and execution formalities
1. Reference: Terms regarding the provision of employment references - include if agreed as part of settlement
2. Non-Disparagement: Mutual obligations not to make derogatory statements - include if reputation protection is important
3. Post-Termination Restrictions: Restatement or modification of existing restrictive covenants - include if enforcing or varying existing restrictions
4. Legal Costs: Provisions regarding payment of legal fees - include if employer is contributing to employee's legal costs
5. Announcement: Agreed form of internal/external communications - include for senior employees or public-facing roles
6. Share Options/Awards: Treatment of existing share schemes - include if employee has share-based incentives
7. Outplacement Support: Details of any career transition services - include if part of settlement package
8. Medical Insurance: Continuation of medical benefits - include if extending post-termination
9. Garden Leave: Terms of any garden leave period - include if applicable before termination date
1. Schedule 1 - Settlement Sum Breakdown: Detailed itemization of all payment components and their tax treatment
2. Schedule 2 - Claims: Comprehensive list of statutory and contractual claims being settled
3. Schedule 3 - Company Property: Itemized list of company property to be returned
4. Schedule 4 - Continuing Obligations: List of employment contract terms that survive termination
5. Appendix A - Resignation Letter: Form of resignation letter to be signed by employee
6. Appendix B - Announcement: Agreed form of internal/external announcement if applicable
7. Appendix C - Certificate of Independent Legal Advice: Confirmation from employee's lawyer regarding advice given
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