In our effort to help the future generation, we have to also accept the fact that the current working professionals are going through challenges and uncertainty from day to day. The most feared amongst all is being retrenched. With this 1Thinking hopes that we can share our knowledge on retrenchment also rights of employee if you get retrenched.
Reaching out to everyone that needs any assistance and willing to give a hand, I am inviting all professionals that knows any open vacancy in their organization to email us at together@1thinking.com and listing all open positions with the subject (Open Position) and those who are interested to deposit your CV to any of these organization to also email us at together@1thinking.com with the subject (Interested in Open Position). We look forward to lend a hand.
*Between 1 to 2 years, you should get minimum of 10 days salary for each year of your employment under a continuous contract of service with the employer.
*Between 2 to 5 years, you should get minimum of 15 days salary for each year of your your employment under a continuous contract of service with the employer.
*Above 5 years, you should get minimum of 20 days salary for each year of your your employment under a continuous contract of service with the employer.
How about if you work for 1.5 years, 2.2 years, 2.5 years, 3.4 year? Let say, if you work for 1.5 years, then the retrenchment compensation will be calculated like this:
Labor law in Malaysia is not so strong, the retrenchment compensation is not that much if the company decides to pay you the minimum. For those employees who do not know about their rights and are not aware of such things then they may get retrenched without anything.
There are many factors of retrenchment and it can be happened with all in the sudden. If company is doing very well, doesn’t mean that there will not be any layoff. It could due to many reasons, for example, company restructuring, cost cutting and so on. So, it’s better to know more about Malaysia Labor Law so that you will know what to do if bad luck fallen on you.
Quick facts:
Between 2008 and 2009 there was 21,665 employees which was retrenched and the highest number of retrenchment was in the month of December 2008 with 7,608
4 comments:
Retrenchment is terminating employees in the private sector where corporates relieve employees who fail to fulfill the performance standards of the company, do not follow the company’s moral and ethical code of conduct or fail to work with their team. https://www.peoplehum.com/glossary/retrenchment
When choosing a performance management system, it is critical to understand your company's long-term goals. Here is a 9 step checklist to choosing a system to better align, develop, engage & retain a world-class workforce https://www.peoplehum.com/blog/9-factors-to-consider-before-choosing-a-performance-management-system
As an effort to aid organisations in selecting a well-suited HR software, here's our handpicked version of the top HR softwares in Nigeria you should be considering. https://www.peoplehum.com/blog/top-hr-software-solutions-in-nigeria
The rise of remote workers with employee productivity tracking is growing greatly common. As to preserve the transition and structure of remote employment, employee management software has become the current need of the hour. https://s.peoplehum.com/e1s9y
Post a Comment