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?
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.