Questions on company law

I received word this morning that the criminal trial for former CMKM insiders has been moved to November 15, It appears that defendant Jeff Turino has been offered a plea agreement that calls for 72 months of prison time. It is not clear if he will receive any credit for time already served in detention overseas or here in the USA.

Questions on company law

Distinguished separation pay from retirement pay?

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Separation Pay Meaning Separation pay, as generally understood, refers to the amount due to the employee who has been terminated from service for causes authorized by law not due to employees fault or wrong-doing such as installation of labor-saving devicesredundancyretrenchment to prevent losses or the closing or cessation of operation of the establishment or undertaking.

Separation pay is intended to provide the employee with the wherewithal during the period he is looking for another employment.

Oversea Paper Supply, G. Five Instances when Separation Pay is due to Employee There are at least five instances in which an employee is entitled to payment of separation pay upon severance of employment: When the termination of employment is due to causes authorized by law, such as installation of labor-saving devices, redundancy, retrenchment to prevent losses or the closing or cessation of operation of the establishment or undertaking.

This is provided under Art.

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The provision states, viz.: Closure of establishment and reduction of personnel. The employer may also terminate the employment of any employee due to the installation of labor-saving devices, redundancy, retrenchment to prevent losses or the closing or cessation of operation of the establishment or undertaking unless the closing is for the purpose of circumventing the provisions of this title, by serving a written notice on the workers and the Department of Labor and Employment at least one 1 month before the intended date thereof.

In case of termination due to the installation of labor-saving devices or redundancy, the worker affected thereby shall be entitled to a separation pay equivalent to at least one 1 month pay or to at least one 1 month pay for every year of service, whichever is higher.

A fraction of at least six 6 months shall be considered one 1 whole year. When the severance of employment is cause by a disease, particularly when the employee is found to be suffering from any disease and whose continued employment is prohibited by law or is prejudicial to his health as well as the health of his co-employees.

This is found in Art. Disease as ground for termination. An employer may terminate the services of an employee who has been found to be suffering from any disease and whose continued employment is prohibited by law or is prejudicial to his health as well as the health of his co-employees: Provided, That he is paid separation pay equivalent to at least one month salary or to one-half month salary for every year of service, whichever is greater, a fraction of at least six months being considered as one whole year.

(Federal Acquisition Regulation Site)

When the termination from service of the employee has been declared illegal, but his reinstatement to his former position is no longer feasible for some valid reason, e. In case of pre-termination of employment contract in job-contracting arrangement. In exceptional cases, where separation pay is awarded as a measure of social or compassionate justice.

Here, payment of separation pay may be ordered by the court even if the dismissal from service is found to have been for valid or just cause, i. L, August 23, Distinguished from Retirement Pay Separation pay should not be confused with retirement pay.

Separation pay is the amount due to the employee where the cessation of employment is due to causes authorized by law or for any of the other causes stated above.

Retirement pay, on the other hand, is the amount to be paid to the employee who has reached the compulsory retirement age or who availed of voluntary retirement.Business law governs the process of forming and running a new business.

Questions on company law

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FARSite (Federal Acquisition Regulation Site)