Alexandoy
VIP Contributor
In our labor law a resigning employee should be given a separation pay of ½ month of salary for every year of service. In private companies the big ones give a higher rate of separation pay like 1 month salary for every year of service that is more than 5 years. For employees with a tenure of at least 10 years what’s given is also 1 month but some companies give a higher rate. For 20 years of service employees working in big companies can receive 2 months of salary for every year of service.
My wife is retiring 2 years from now. She has a tenure of 34 years and she will be receiving 64 months of her monthly salary. It is actually a retirement pay and not separation pay anymore because my wife turns 60 in that year. The retirement pay is a good motivating factor for long time employees.
My wife is retiring 2 years from now. She has a tenure of 34 years and she will be receiving 64 months of her monthly salary. It is actually a retirement pay and not separation pay anymore because my wife turns 60 in that year. The retirement pay is a good motivating factor for long time employees.
