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Severance Pay Agreement

Severance Pay Agreement Template for New Zealand

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Key Requirements PROMPT example:

Severance Pay Agreement

"I need a Severance Pay Agreement for a senior software engineer being made redundant effective March 15, 2025, including a 3-month non-compete clause and continued health benefits for 6 months."

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Document background
The Severance Pay Agreement is a crucial document in New Zealand employment law, typically used when an employment relationship is terminated by mutual agreement or due to redundancy, restructuring, or other organizational changes. This document serves as a legally binding contract that protects both employer and employee interests by clearly documenting the financial terms, conditions, and obligations associated with the employment termination. It must comply with New Zealand's Employment Relations Act 2000, Income Tax Act 2007, and other relevant legislation. The agreement typically includes detailed provisions for severance payments, statutory entitlements, ongoing obligations, and mutual releases, while ensuring all terms align with New Zealand employment law requirements and best practices.
Suggested Sections

1. Parties: Identification of the employer and employee, including their legal names and addresses

2. Background: Context of the agreement, including employment history and reason for termination

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date when employment will terminate and final working day if different

5. Severance Payment: Details of the severance amount, calculation method, and payment timing

6. Statutory Entitlements: Outstanding salary, holiday pay, and other statutory payments

7. Tax Treatment: Tax implications and treatment of the severance payment

8. Release and Waiver: Mutual release of claims and obligations post-termination

9. Confidentiality: Ongoing confidentiality obligations regarding company information

10. Return of Property: Requirements for returning company property and documents

11. Execution: Signing requirements and acknowledgment of legal advice

Optional Sections

1. Garden Leave: Include when employee will be paid but not required to work during notice period

2. Reference: Include when agreed reference letter or reference provisions are part of the package

3. Outplacement Support: Include when career transition services are being provided

4. Non-Disparagement: Include when mutual non-disparagement provisions are required

5. Ongoing Benefits: Include when certain employment benefits will continue post-termination

6. Post-Employment Restrictions: Include when non-compete or non-solicitation provisions are part of the agreement

7. Legal Costs: Include when employer is contributing to employee's legal costs

8. Medical Insurance: Include when continued medical insurance coverage is part of the package

Suggested Schedules

1. Schedule 1 - Payment Calculation: Detailed breakdown of severance payment calculation

2. Schedule 2 - Company Property: List of company property to be returned

3. Schedule 3 - Continuing Obligations: Reference to relevant clauses from employment agreement that survive termination

4. Appendix A - Reference Letter: Agreed form of reference letter if applicable

5. Appendix B - Final Payslip Summary: Breakdown of final payment including all entitlements

Authors

Alex Denne

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

alex.den.21@genieai.co
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