The Termination Settlement Agreement is a crucial document used in Malaysian employment contexts when an employment relationship is being terminated by mutual agreement or as part of a negotiated exit. It serves to document the terms of separation, including financial settlements, continuing obligations, and mutual releases, while ensuring compliance with Malaysian employment laws. This document is particularly important in situations involving senior executives, sensitive departures, or potential disputes, as it provides legal certainty and protection for both parties. The agreement typically includes provisions for settlement payments, tax treatment, confidentiality, non-compete clauses (where applicable), and the return of company property, all structured within the framework of Malaysian employment legislation including the Employment Act 1955, Industrial Relations Act 1967, and relevant tax laws.
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1. Parties: Identification of the employer and employee entering into the settlement agreement
2. Background: Brief history of employment relationship and circumstances leading to termination
3. Definitions: Key terms used throughout the agreement including 'Termination Date', 'Settlement Sum', 'Claims'
4. Termination of Employment: Formal statement of employment termination and effective date
5. Settlement Payments: Details of all payments to be made, including final salary, notice pay, and settlement sum
6. Tax and Statutory Deductions: Treatment of tax, EPF, SOCSO, and EIS contributions on payments
7. Company Property: Requirements for return of company property and documents
8. Confidentiality: Obligations regarding confidential information and terms of settlement
9. Full and Final Settlement: Waiver and release of claims by both parties
10. Reference: Agreement on the form and content of employment references
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Non-Compete and Non-Solicitation: Restrictions on future employment and client/employee solicitation - include for senior employees or those with access to sensitive information
2. Continuing Obligations: Survival of specific terms from employment contract - include when original employment contract contains important post-termination obligations
3. Legal Advice: Acknowledgment of independent legal advice - include when settlement involves significant rights or complex terms
4. Assistance with Handover: Requirements for knowledge transfer and handover - include for key positions requiring transition
5. Medical Benefits: Continuation or termination of medical benefits - include when relevant to employment package
6. Share Options/Awards: Treatment of outstanding share options or awards - include when employee participates in share schemes
7. Public Announcements: Agreement on external and internal communications - include for senior positions or public-facing roles
1. Schedule 1 - Settlement Payment Breakdown: Detailed breakdown of all payment components including statutory and ex-gratia payments
2. Schedule 2 - Company Property List: Comprehensive list of company property to be returned
3. Schedule 3 - Form of Reference: Agreed template for employment reference
4. Appendix A - Claims Being Settled: Specific list of claims being waived under the agreement
5. Appendix B - Resignation Letter: Template resignation letter if termination is documented as resignation
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Healthcare
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Retail
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Relevant Teams
Human Resources
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Operations
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Relevant Roles
Chief Executive Officer
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Managing Director
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Department Head
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Sales Director
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Human Resources Director
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Department Supervisor
Senior Engineer
Project Manager
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