A Severance Payment Agreement becomes necessary when an employment relationship is terminated, whether through redundancy, mutual agreement, or organizational restructuring. This document, governed by Singapore law, serves to formalize the separation terms and protect both parties' interests. The agreement details the severance package, including monetary compensation, benefits, and other entitlements, while ensuring compliance with Singapore's employment legislation and MOM guidelines. It typically includes releases from future claims and defines ongoing obligations such as confidentiality and non-competition.
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1. Parties: Identification of employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment history and reason for separation
3. Definitions: Key terms used throughout the agreement
4. Severance Payment: Amount, calculation method, and payment terms of the severance package
5. Tax and CPF: Treatment of statutory deductions and contributions
6. Release of Claims: Mutual release of all claims between parties
7. Confidentiality: Ongoing obligations regarding confidential information
1. Benefits Continuation: Details of any continued benefits post-employment and when such benefits will be offered
2. Non-Competition: Post-employment competitive restrictions applicable to senior employees or when protecting business interests
3. Reference Letter: Terms regarding provision of employment references when agreed as part of the separation package
4. Outplacement Services: Details of career transition support when providing additional career support services
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation
2. Schedule 2 - Company Property: List of company property to be returned
3. Schedule 3 - Outstanding Benefits: List of accrued benefits and their treatment
4. Appendix A - Form of Release: Standard form for final release of claims
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