Loss of employment

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asked on Sep 23, 2013 at 21:40
I am 50 years old this year & currently the Chief Operating Officer of a public listed company in Malaysia.  I earn a monthly salary of RM11,000 & provided with a company driver.  The driver's salary is around RM3,000 inclusive overtime which is paid by the company.  As the company is not doing well, I have been asked to voluntary leave with a compensation package of RM95,000.  I have been with the company since 2005, however, it changed management & another public listed company has bought over the company & has since changed name in mid 2012.
What should my compensation figure be? I am 5 years away from retirement. Can I include loss of income for the next 5 years? What about in terms of benefits?
Appreciate urgent advise.
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1 Answers

answered on Sep 26, 2013 at 13:55
Hi there

Well since your negotiating for compensation you can state that you want your income for the next 5 years but bear in mind the retirement age is now 60.

The formulae to calculate compensation would be how much would you be entitled if you go to Industrial Court if you were dismissed. In Industrial Court you would be entitled to 24 months of your last drawn salary and one month for each year of service which means since you worked about 8 years you would be entitled to additional 8 months. That would work out about 32 months. I believe this would be a good basis to start your negotiation because this way you can justify what your seeking. As I said earlier, you could also start with asking for the loss of income for the next 5 years on the basis of your retirement but the Company could turn around and say retirement age now is 60 and surely your not expecting to be jobless for the next 10 years.
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