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Singapore
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Retention Bonus And Severance Agreement

Retention Bonus And Severance Agreement Template for Singapore

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Key Requirements PROMPT example:

Retention Bonus And Severance Agreement

"I need a Retention Bonus And Severance Agreement for our Singapore-based Chief Technology Officer to ensure they stay until our major system migration is completed in March 2025, with a retention bonus of SGD 150,000 and standard severance terms."

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What is a Retention Bonus And Severance Agreement?

The Retention Bonus And Severance Agreement is commonly used in Singapore when organizations need to retain critical employees during periods of transition, such as mergers, acquisitions, or restructuring. This document, governed by Singapore employment law, serves dual purposes: incentivizing key personnel to remain with the organization through a specified period while providing clarity on separation terms. It includes specific performance metrics, payment schedules, and conditions for both the retention bonus and severance package, ensuring compliance with local regulations including the Employment Act and CPF requirements.

What sections should be included in a Retention Bonus And Severance Agreement?

1. Parties: Identification of employer and employee with full legal names and addresses

2. Background: Context of the agreement, including employment status and reason for retention bonus

3. Definitions: Key terms used throughout the agreement including 'Retention Period', 'Retention Bonus', 'Severance Payment'

4. Retention Bonus Terms: Amount, payment schedule, and conditions for receiving the bonus

5. Severance Terms: Calculation method, payment terms, and conditions for severance

6. Conditions and Requirements: Performance metrics and obligations for bonus qualification

7. Termination Provisions: Circumstances affecting bonus and severance payments

8. Tax Treatment: Provisions regarding tax implications and CPF contributions

9. Governing Law: Specification of Singapore law as governing law and jurisdiction

What sections are optional to include in a Retention Bonus And Severance Agreement?

1. Non-Compete Provisions: Restrictions on future employment, typically used for senior employees or those with access to sensitive information

2. Intellectual Property Rights: Ownership of work created during employment, relevant for technical or creative roles

3. Confidentiality Obligations: Protection of company information, used when employee has access to sensitive information

4. Return of Company Property: Provisions regarding the return of company assets and materials

5. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration provisions

What schedules should be included in a Retention Bonus And Severance Agreement?

1. Schedule A - Bonus Calculation: Detailed formula and examples for bonus calculation

2. Schedule B - Performance Metrics: Specific KPIs or targets for bonus qualification

3. Schedule C - Severance Calculation: Detailed formula for severance payment

4. Appendix 1 - Release of Claims: Standard form for release of claims against employer

5. Appendix 2 - Confidential Information: List of specific confidential information and trade secrets to be protected

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























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Industries

Employment Act (Chapter 91): Core employment legislation that covers basic terms and conditions of employment, including salary payments, termination procedures, and notice periods. 2019 amendments extend coverage to all employees except domestic workers, seafarers, and public servants.

Central Provident Fund Act (Chapter 36): Mandatory social security savings scheme that affects how bonuses and severance payments are treated for CPF contributions.

Income Tax Act (Chapter 134): Governs the tax treatment of retention bonuses and severance payments, including reporting requirements.

Retirement and Re-employment Act: Relevant for employees approaching retirement age, affecting severance terms and re-employment obligations.

MOM Guidelines: Ministry of Manpower guidelines covering responsible retrenchment practices and fair employment practices.

Personal Data Protection Act 2012: Regulates the handling of employee's personal information and consent requirements for data usage in employment contracts.

Employment Claims Act 2016: Establishes dispute resolution mechanisms and procedures for salary-related claims.

Key Contract Components: Essential elements including performance metrics for retention bonus, payment terms, non-compete clauses, confidentiality provisions, severance calculation formula, tax implications, release of claims, return of company property, and continuing obligations post-employment.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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