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Severance Package
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully. In addition to their remaining regular pay, it may include some of the following: * Any additional payment based on months of service * Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer. * A payment in lieu of a required notice period. * Retirement accounts * Stock options * Assistance in searching for new work, such as access to employment services or help in producing a résumé. Packages are most typically offered for employees who are laid off or retire. Severance pay was instituted to help protect the newly unemployed. Sometimes, they may be offered for those who either resign, regardless of the circumstances, or are fired. Policies for severance packages are often found in a company's employee handbook ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Termination Of Employment
Termination of employment or separation of employment is an employee's departure from a job and the end of an employee's duration with an employer. Termination may be voluntary on the employee's part, or it may be at the hands of the employer, often in the form of dismissal (firing) or a layoff. Dismissal or firing is usually thought to be the employee's fault, whereas a layoff is generally done for business reasons (for instance, a business slowdown or an economic downturn) outside the employee's performance. Firing carries a stigma in many cultures and may hinder the jobseeker's chances of finding new employment, particularly if they have been terminated from a previous job. Jobseekers sometimes do not mention jobs from which they were fired on their resumes; accordingly, unexplained gaps in employment, and refusal or failure to contact previous employers are often regarded as "red flags". Dismissal Dismissal is when the employer chooses to require the employee to leave, us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disorderly Conduct
Disorderly conduct is a crime in most jurisdictions in the United States, the People's Republic of China, and Taiwan. Typically, "disorderly conduct" makes it a crime to be drunk in public, to " disturb the peace", or to loiter in certain areas. Many types of unruly conduct may fit the definition of disorderly conduct, as such statutes are often used as "catch-all" crimes. Police may use a disorderly conduct charge to keep the peace when people are behaving in a disruptive manner to themselves or others, but otherwise present no danger. Disorderly conduct is typically classified as an infraction or misdemeanor in the United States. However, in certain circumstances (e.g., when committed in an airport, a park, a government office building, or near a funeral) it may be a felony in some US states. United States Definitions A basic definition of disorderly conduct defines the offense as: :A person who recklessly, knowingly, or intentionally: ::(1) engages in fighting or in tu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voluntary Redundancy
Voluntary redundancy (VR) is a financial incentive offered by an organisation to encourage employees to voluntarily resign, typically in downsizing or restructuring situations. The purpose is to avoid compulsory redundancies or layoffs. Reasons A voluntary redundancy programme is not always driven by short term revenue goals. It can also be motivated by the strategic choice to change the age structure within the company. According to research, people who accept voluntary redundancy may at times return to the company after changes in the company's prospects, strategic vision, or economic climate and, in doing so, may bring new ideas. Examples LM Ericsson implemented a VR programme in the spring of 2006. It offered the programme to 17,000 employees in Sweden between the ages of 35 and 50. Those who voluntarily left were given between 12 and 16 months of severance, 50,000 kronor, and a course in entrepreneurship coupled with job placement services. The goal was to have a maximum o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Layoff
A layoff or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees (collective layoff) for business reasons, such as personnel management or downsizing (reducing the size of) an organization. Originally, ''layoff'' referred exclusively to a temporary interruption in work, or employment but this has evolved to a permanent elimination of a position in both British and US English, requiring the addition of "temporary" to specify the original meaning of the word. A layoff is not to be confused with wrongful termination. ''Laid off workers'' or ''displaced workers'' are workers who have lost or left their jobs because their employer has closed or moved, there was insufficient work for them to do, or their position or shift was abolished (Borbely, 2011). Downsizing in a company is defined to involve the reduction of employees in a workforce. Downsizing in companies became a popular practice in the 1980s and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golden Parachute
A golden parachute is an agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay, cash bonuses, stock options, or other benefits. Most definitions specify the employment termination is as a result of a merger or takeover,golden parachute ". ''InvestorWords''LL. WebFinance.golden parachute . ''''. |
Golden Handshake
A golden handshake is a clause in an executive employment contract that provides the executive with a significant severance package in the case that the executive loses their job through firing, restructuring, or even scheduled retirement. This can be in the form of cash, equity, and other benefits, and is often accompanied by an accelerated vesting of stock options. According to Investopedia, a golden handshake is similar to, but more generous than a golden parachute because it not only provides monetary compensation and/or stock options at the termination of employment, but also includes the same severance packages executives would get at retirement. The term originated in Britain in the mid-1960s. It was coined by the city editor of the ''Daily Express'', Frederick Ellis. It later gained currency in New Zealand in the late 1990s over the controversial departures of various state sector executives. "Golden handshakes" are typically offered only to high-ranking executives by major ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compromise Agreement
In the United Kingdom, a compromise agreement is a specific type of contract, regulated by statute, between an employer and its employee (or ex-employee) under which the employee receives consideration, often a negotiated financial sum, in exchange for agreeing that he or she will have no further claim against the employer as a result of any breach of a statutory obligation by the employer. Except when ACAS have been involved and arranged a COT3 settlement, COT3 being the name of the form used, compromise agreements are the only means whereby an employee can waive statutory claims such as unfair dismissal, discrimination or entitlements to a redundancy payment. The agreement will only be valid where (i) it is in writing and (ii) the employee has received independent legal advice from a relevant adviser who has professional indemnity insurance. An employee cannot compromise potential future claims, though claims that have already arisen, unknown to the employee, can be waived. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mediation
Mediation is a structured, interactive process where an impartial third party neutral assists disputing parties in resolving conflict through the use of specialized communication and negotiation techniques. All participants in mediation are encouraged to actively participate in the process. Mediation is a "party-centered" process in that it is focused primarily upon the needs, rights, and interests of the parties. The mediator uses a wide variety of techniques to guide the process in a constructive direction and to help the parties find their optimal solution. A mediator is facilitative in that she/he manages the interaction between parties and facilitates open communication. Mediation is also evaluative in that the mediator analyzes issues and relevant norms ("reality-testing"), while refraining from providing prescriptive advice to the parties (e.g., "You should do..."). Mediation, as used in law, is a form of alternative dispute resolution resolving disputes between two o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Procedure In Canada
In Canada, the rules of civil procedure are administered separately by each jurisdiction, both federal and provincial. Nine provinces and three territories in Canada are common law jurisdictions. One province, Quebec, is governed by civil law. In all provinces and territories, there is an inferior and superior court. For certain matters, jurisdiction lies at first instance with the Federal Court of Canada. In all cases, the final court of appeal is the Supreme Court of Canada. Jurisdictions Ontario Ontario's civil procedure is governed by its Rules of Civil Procedure. Its stated aim is "to secure the just, most expeditious and least expensive determination of every civil proceeding on its merits." Most civil cases in Canada are tried by judges without a jury. Although the claims of civil proceeding are permitted to be tried before a jury, courts have broad discretion to strike the jury and proceed with a judge-only trial. The Ontario Rules of Civil Procedure have been l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Just Cause (employment Law)
Just cause is a common standard in employment law, as a form of job security. When a person is terminated for just cause, it means that they have been terminated for misconduct, or another sufficient reason. A person terminated for just cause is not entitled to notice or severance and is generally ineligible for unemployment benefits. Labor union contracts (United States) The standard of just cause provides important protections against arbitrary or unfair termination and other forms of inappropriate workplace discipline. Just cause has become a common standard in labor arbitration, and is included in labor union contracts as a form of job security. Typically, an employer must prove just cause before an arbitrator in order to sustain an employee's termination, suspension, or other discipline. Usually, the employer has the burden of proof in discharge cases or if the employee is in the wrong. In the workplace, just cause is a burden of proof or standard that an employer must mee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wallace V United Grain Growers Ltd is a leading decision of the Supreme Court of Canada in the area of Canadian employment law, particularly in determining damages arising from claims concerning wrongful dismissal. Background In 1972, Public Press (a subsidiary of United Grain Growers) expanded its activities in commercial printing through acquisition of a web press, and hired Wallace, who had experience in selling such products. As Wallace was 46, he sought and received assurances that he would be treated fairly and have a guarantee of security in employment until at least his 65th birthday. Wallace was the company's top salesperson throughout his employment, which was terminated in 1986 without explanation. In a letter issued after termination, UGG claimed that "the main reason for his termination was his inability to perform his duties satisfactorily." The termination and allegation caused great emotional distress for Wallace, and he was unable to find similar employment elsewhere. Prior to his termination, Wal ... [...More Info...] [...Related Items...] OR: [Wikipedia] |
