hi , do you have knowledge as what is retrenchment.look at this and please post your comments.i would appreciate if anybody can send me good retrenchment letter Raj
From India, Bangalore
4From India, Bangalore
Dear Raj,
Retrenchment is an extension of the root word 'retrench'.
By definition, 'Retrench' means
- to cut down, reduce, or diminish; curtail (expenses)
- to economize; reduce expenses.
For example, they retrenched by eliminating half of the workers.
Going from the above, we get to understand that by retrenchment, we mean to say that we are reducing our workforce to enable the company / organisation to be financially viable and healthy. In other words, to be able to function as an entity, it is inevitable that the company / organisation reduce its workforce by 'retrenching' (terminating) some of its employees.
We cannot use the word 'terminate' here because 'terminate' connotes 'bringing to an end' or 'to dismiss from a job; fire an employee', which is not the same as 'retrenchment'.
Hope to have clarified your query.
Warm Regards,
Samba Siva.
From India, Hyderabad
Retrenchment is an extension of the root word 'retrench'.
By definition, 'Retrench' means
- to cut down, reduce, or diminish; curtail (expenses)
- to economize; reduce expenses.
For example, they retrenched by eliminating half of the workers.
Going from the above, we get to understand that by retrenchment, we mean to say that we are reducing our workforce to enable the company / organisation to be financially viable and healthy. In other words, to be able to function as an entity, it is inevitable that the company / organisation reduce its workforce by 'retrenching' (terminating) some of its employees.
We cannot use the word 'terminate' here because 'terminate' connotes 'bringing to an end' or 'to dismiss from a job; fire an employee', which is not the same as 'retrenchment'.
Hope to have clarified your query.
Warm Regards,
Samba Siva.
From India, Hyderabad
Hi,
Retrenchment is nothing but Downsizing the Excess Manpower of the Company.
Retrenchment takes place due to the foll reasons:
1. Reduction in the Volume of Business
2. Company running on Excess Manpower
Results of Retrenchment:
1. cost cutting
2. Downsizing the Strength so that equal responsibility is shared betn the current employees.
From India, Bangalore
Retrenchment is nothing but Downsizing the Excess Manpower of the Company.
Retrenchment takes place due to the foll reasons:
1. Reduction in the Volume of Business
2. Company running on Excess Manpower
Results of Retrenchment:
1. cost cutting
2. Downsizing the Strength so that equal responsibility is shared betn the current employees.
From India, Bangalore
hi:
Please let me know, what is the retrenchment compensation the employer has to pay?
Our notice period is currently 2 months, so do we have to pay them 2 months salary, or can we waive it off...or can we pay something less?
Please suggest
From India, Mumbai
Please let me know, what is the retrenchment compensation the employer has to pay?
Our notice period is currently 2 months, so do we have to pay them 2 months salary, or can we waive it off...or can we pay something less?
Please suggest
From India, Mumbai
Hi, retrenchment compensation is based on your appoinment letter. for example if you give notice period means you have follow that and you have pay the salary full salary for the notice period and bonus, PL/EL encashment, etc. its based on company policy only.
retrenchment is the termination of the services of employee by the employer for any reason other than punishment. ID Act, 1947 have clear definition and procedures of retrenchment......
From India, Kochi
From India, Kochi
the workman has to be paid, at the time of retrenchment, compensation which shall be equivalent to fifteen days' average pay for every completed year of continuous service or any part thereof in excess of six months
From India, Kochi
From India, Kochi
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