Severance Pay Release Of Claims

Severance Pay Release Of Claims Template for Singapore

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Key Requirements PROMPT example:

"I need a Severance Pay Release Of Claims agreement for a senior software engineer in Singapore who is being let go due to restructuring, with a severance package of 6 months' salary and extended health benefits for 3 months after the termination date of March 15, 2025."

Document background

The Severance Pay Release of Claims agreement is a critical document used in Singapore when terminating employment relationships, particularly in scenarios involving redundancy, restructuring, or mutual separation. This document serves dual purposes: it clearly outlines the severance package and benefits being offered to the employee while protecting the employer by obtaining a release of potential legal claims. The agreement must comply with Singapore's Employment Act, CPF regulations, and MOM guidelines, making it essential for proper workforce management and risk mitigation in employment separations.

Suggested Sections

1. Parties: Identification of employer and employee

2. Background: Context of employment and termination

3. Definitions: Key terms used in the agreement

4. Severance Payment: Amount and payment terms of severance

5. Release of Claims: Scope of claims being released by the employee against the employer

6. Confidentiality: Ongoing confidentiality obligations post-termination

7. Return of Property: Requirements for returning company property

8. Governing Law: Jurisdiction and applicable law (Singapore)

Optional Sections

1. Non-Competition: Restrictions on future employment - use for senior employees or those with access to sensitive information

2. Non-Solicitation: Restrictions on soliciting employees or customers - use for client-facing or management roles

3. Reference Letter: Terms of employment reference - include when agreed as part of separation package

4. Continuation of Benefits: Extended benefits post-termination - include when offering extended medical or other benefits

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of severance payment and timing

2. Schedule 2 - Company Property List: Inventory of items to be returned to the company

3. Schedule 3 - Benefits Summary: Summary of any continuing benefits post-termination

4. Schedule 4 - Acknowledgment Form: Employee acknowledgment of receiving and understanding the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Authors

Alex Denne

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