Dear all Respected Members,
i am working in hr department based on software company.my query is that, yesterday my director told me that he wants to close down company due to his health issue and said to issue notice to all employees. now what is the procedure or format to issue the notice.
Note: Employees strength is 8.
From India, Delhi
i am working in hr department based on software company.my query is that, yesterday my director told me that he wants to close down company due to his health issue and said to issue notice to all employees. now what is the procedure or format to issue the notice.
Note: Employees strength is 8.
From India, Delhi
Dear Ashish,
Since the no of employees in the Company is 8 only, no need to obtain prior permission, if any for closing down an industry from any statutory authorities under the Labor Laws.
However, the employer is required u/s 25-F of the Industrial Disputes Act, 1947 to serve one month's notice of retrenchment or has to pay one month salary at the time of retrenchment. In addition he has to pay retrenchment compensation @ 15 days average wages last drawn for every year of service rendered to all those employees who have completed one year of continuous service in the establishment on the date of retrenchment. A copy of such notice shall also be served on the appropriate Govt. Other terminal benefits like gratuity, cash value of EL at credit, proportionate bonus etc., are also payable depending on the application of the respective provisions as applicable to the employees or respective law to the establishment.
For the exact format of the notice, please see your State Industrial Disputes Rules.
From India, Salem
6018Since the no of employees in the Company is 8 only, no need to obtain prior permission, if any for closing down an industry from any statutory authorities under the Labor Laws.
However, the employer is required u/s 25-F of the Industrial Disputes Act, 1947 to serve one month's notice of retrenchment or has to pay one month salary at the time of retrenchment. In addition he has to pay retrenchment compensation @ 15 days average wages last drawn for every year of service rendered to all those employees who have completed one year of continuous service in the establishment on the date of retrenchment. A copy of such notice shall also be served on the appropriate Govt. Other terminal benefits like gratuity, cash value of EL at credit, proportionate bonus etc., are also payable depending on the application of the respective provisions as applicable to the employees or respective law to the establishment.
For the exact format of the notice, please see your State Industrial Disputes Rules.
From India, Salem
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