The Mutual Severance Agreement is utilized in Malaysian employment contexts when both employer and employee agree to terminate their employment relationship on mutually acceptable terms. This document is particularly important in situations where companies are undergoing restructuring, when senior executives are departing, or during amicable separations where both parties wish to formalize the termination arrangements. The agreement must comply with Malaysian employment law requirements, including the Employment Act 1955 and related regulations. It typically includes detailed provisions for severance payments, benefits, confidentiality obligations, and releases of claims, while ensuring all statutory entitlements are properly addressed.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief description of the employment relationship, reason for separation, and mutual desire to terminate employment
3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Severance Payment', and other relevant definitions
4. Termination of Employment: Formal statement of employment termination, specifying the effective date and mutual agreement
5. Severance Payment: Details of the severance package, payment terms, and timing
6. Statutory Entitlements: Confirmation of payment of all statutory entitlements under Malaysian law
7. Tax and Social Security: Treatment of tax and social security obligations related to severance payments
8. Release and Waiver: Mutual release of claims and obligations between parties
9. Confidentiality: Obligations regarding confidential information and trade secrets
10. Return of Company Property: Requirements for returning company assets and documents
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
12. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Non-Competition: Restrictions on working for competitors, used for senior employees or those with access to sensitive information
2. Non-Solicitation: Restrictions on soliciting employees or customers, typically for management-level employees
3. Reference Letter: Terms regarding the provision of employment references
4. Outplacement Services: Provision of career transition support services
5. Share Options/Awards: Treatment of existing employee share options or awards
6. Continuing Obligations: Specific ongoing obligations post-termination
7. Legal Fees: Agreement on payment of legal fees for agreement review
8. Medical Benefits Extension: Extension of medical benefits beyond termination date
9. Public Announcements: Agreement on how the departure will be communicated externally
1. Schedule 1 - Payment Calculation: Detailed breakdown of severance payment calculation including basic salary, prorated bonus, and other components
2. Schedule 2 - Benefits Summary: List of all benefits and their treatment post-termination
3. Schedule 3 - Company Property: Itemized list of company property to be returned
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations or matters to be resolved
5. Appendix A - Statutory Declaration: Standard form statutory declaration confirming agreement to terms
6. Appendix B - Release Form: Detailed release of claims form as required under Malaysian law
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