The Standard Severance Agreement is typically used in Singapore when employment relationships are terminated through mutual agreement or as part of a restructuring exercise. This document ensures compliance with Singapore's employment laws while providing clarity on separation terms. It includes essential elements such as severance payments, treatment of benefits, confidentiality obligations, and release of claims. The agreement should align with the Employment Act, Tripartite Guidelines, and other relevant Singapore regulations. When properly executed, a Standard Severance Agreement helps minimize potential disputes and provides legal certainty for both parties.
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1. Parties: Identification of employer and employee, including registered addresses
2. Background: Brief context of employment relationship and reason for separation
3. Definitions: Key terms used throughout the agreement
4. Separation Date: Clear statement of employment termination date and final working day
5. Severance Payment: Details of severance package, calculation method, and payment timeline
6. Statutory and Contractual Payments: Treatment of salary, unused leave, and other entitlements
7. Release of Claims: Mutual release of claims and liabilities
8. Confidentiality Obligations: Ongoing duties regarding confidential information
9. Return of Property: Requirements for returning company assets and documents
1. Non-Compete Provisions: Restrictions on future employment - typically used for senior employees or those with access to sensitive information
2. Reference Letter: Terms regarding provision of employment references - included when agreed as part of separation package
3. Outplacement Services: Details of career transition support - included when offering additional support services
4. Medical Benefits Extension: Continuation of health coverage - included when extending medical benefits post-termination
5. Share Options/Awards: Treatment of outstanding equity compensation - included when employee has existing share schemes
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation
2. Schedule 2 - Outstanding Benefits: List of accrued benefits and their treatment
3. Schedule 3 - Company Property: Inventory of items to be returned
4. Appendix A - Form of Release: Standard release form to be signed
5. Appendix B - Reference Letter Template: Agreed format for employment reference
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