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Early retirement compensation package

Cheng Zhi
Fri, 14 May 2010 01:09:34 PM  (Last updated: Fri, 14 May 2010 06:30:01 PM)

I have served my company as a middle manager for 30 years and have another 4 more years to official retirement age. My monthly salary is more than RM10,000 p.m. My company is working out an early retirement compensation package for me. My question is as I am not covered by the Employment (Termination & Lay off benefits ) Regulation 1980, is the company obliged to compute the compensatiion amount by observing certain fomula or it has complete liberty to pay any amount and I have no recourse at all if that amount does not meet my expectation?

KL Siew
Fri, 14 May 2010 06:30:00 PM

In your case, the Employment(Termination and Layoff Benefits) Regulations is not applicable to you. Since they are working out a retirement package for you, there is nothing to prevent you from  negotiating one with the Regulations as a guideline. Anyway, if you are not happy to the package, you may enlist the help of the Industrial Relations Department. Consult them.

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