The Severance Release Agreement is a crucial document used in Pakistan when formally ending an employment relationship through mutual agreement or unilateral termination. It serves as a comprehensive legal instrument that protects both employer and employee interests by clearly defining the terms of separation, including financial settlements, ongoing obligations, and mutual releases. This document is particularly important in the Pakistani context as it must comply with federal labor laws such as the Industrial Relations Act 2012, the Employment Standing Orders Ordinance 1968, and various provincial labor regulations. The agreement typically comes into play during corporate restructuring, redundancies, voluntary separations, or negotiated exits, providing a clear framework for severance payments, statutory benefits, and final settlements while ensuring all legal requirements are met.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief overview of the employment relationship, including start date, position, and reason for termination
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Payment', 'Claims', and 'Confidential Information'
4. Termination of Employment: Official confirmation of employment termination date and final working day
5. Severance Payment: Details of the severance package, payment terms, timing, and tax implications
6. Final Settlement: Breakdown of all final payments including salary, benefits, and statutory entitlements
7. Release and Waiver: Employee's release of claims against the employer and affiliated parties
8. Company Property: Requirements for return of company property and confirmation of compliance
9. Confidentiality Obligations: Ongoing confidentiality obligations and handling of sensitive information
10. Non-Disparagement: Mutual agreements regarding non-disparagement
11. Governing Law: Specification of Pakistani law as governing law and jurisdiction
12. Acknowledgment: Employee's acknowledgment of understanding and voluntary acceptance
13. Execution: Signature blocks and execution requirements
1. Post-Employment Restrictions: Non-compete and non-solicitation provisions, if applicable to the employee's role
2. Continuing Cooperation: Terms for employee's assistance in transition or future matters, used when handover is complex
3. References: Agreement on how future employment references will be handled
4. Outstanding Stock Options: Treatment of any unvested stock options or equity, included if employee has such benefits
5. Legal Consultation: Acknowledgment of right to legal counsel, recommended for senior employees
6. Revocation Period: Period during which the employee can revoke acceptance, included for senior employees
7. Medical Benefits Continuation: Details of any post-employment medical coverage, if offered
8. Outplacement Services: Terms of any career transition support, if provided
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation including base salary, bonuses, and statutory payments
2. Schedule B - Benefits Summary: List of benefits and their treatment post-termination
3. Schedule C - Company Property Checklist: Itemized list of company property to be returned
4. Schedule D - Claims Release Details: Specific list of claims being released under Pakistani law
5. Appendix 1 - Statutory Payments: Calculation of statutory payments under relevant Pakistani labor laws
6. Appendix 2 - Tax Summary: Summary of tax implications and withholdings on severance payments
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Information Technology
Manufacturing
Telecommunications
Professional Services
Healthcare
Education
Real Estate
Retail
Energy
Construction
Logistics and Transportation
Pharmaceuticals
Textiles
Agriculture
Mining
Relevant Teams
Human Resources
Legal
Finance
Operations
Information Technology
Sales
Marketing
Research and Development
Administration
Production
Quality Assurance
Customer Service
Corporate Affairs
Procurement
Strategy
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Department Manager
Senior Executive
Project Manager
Software Engineer
Sales Manager
Operations Director
HR Manager
Marketing Manager
Account Manager
Production Supervisor
Research Scientist
Business Analyst
Administrative Officer
Regional Manager
General Manager
Technical Lead
Financial Analyst
Department Head
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