What happens if you get a termination letter due to company closed down?

Since by closure of the company the employees will become jobless they will have to be given notice in advance (at least one month) or paid notice pay in lieu of notice and they should also be paid retrenchment compensation at the rate of 15 days pay for every completed year of service.

What happens in the case of an office closing?

So that, they could find alternate opportunities for them because in the case of closure of an office the workforce is granted with no extra packs and packages since the business is already in danger. What are employers supposed to do as the least favorable to their employees is not to keep them unaware of any such decision that they take?

When to tell employees about a business closing?

Employees have their living dependent on the business of the employers for whom they work. It is, therefore, important that if a business finds its financial conditions declining and plans to close its branches or a company as a whole, the employees are informed about it well before time.

What does closure or cessation of business mean?

Closure or cessation of business is the complete or partial cessation of the operations and/or shutdown of the establishment of the employer.

What do you mean by termination of business?

Termination of business is one of the prerogatives which business owner may exercise in the pursuit of his business.

What do employees need to know about closing a business?

Employees need to know when the last day for business will be and how they should be planning their last few weeks or months on the job. Understanding the timeline for going out of business, helps employees mentally process the news.

Closure or cessation of business is the complete or partial cessation of the operations and/or shutdown of the establishment of the employer.