pitamber singh (incharge) 31 March 2014

Employer closing organisation

today on 31/03/2014 employer issued letters to employes that from today onwards their services are no more required because of cloing of manufacture and service units.only giving details that employer will pay one month notice salary along with the salary of the month march 2014.

now querry is whether employee should accept above conditons, all are very old employees in service for more then10 years.what are the other benifits to claim from employer.

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4 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 01 April 2014

A retirement plan or a pension is an arrangement by an employer to provide their employees with an income when they are no longer earning a regular income from working. Retirement plans may be set up by in a variety of ways but typically will have a form of a guaranteed payment. Often retirement plans require both the employer and employee to contribute money into a fund while employed so that they will receive benefits upon retirement. Other statutory benefits like Gratuity,Bonus, Compensation at lumsum can demand from relieving services.

T. Kalaiselvan, Advocate (Advocate) 02 April 2014

I agree with the expert opinion of learned Mr. Ramachary on the subject,hope the querist has become aware of his entitlements from the employer under such situations (?).