hi , do you have knowledge as what is retrenchment.look at this and please post your comments.i would appreciate if anybody can send me good retrenchment letter Raj
From India, Bangalore
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4From India, Bangalore
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Dear Raj,
Retrenchment is an extension of the root word 'retrench'.
By definition, 'retrench' means:
- to cut down, reduce, or diminish; curtail (expenses)
- to economize; reduce expenses.
For example, they retrenched by eliminating half of the workers.
From the above, we understand that by retrenchment, we mean to say that we are reducing our workforce to enable the company/organization to be financially viable and healthy. In other words, to function as an entity, it is inevitable that the company/organization reduces its workforce by 'retrenching' (terminating) some of its employees.
We cannot use the word 'terminate' here because 'terminate' connotes 'bringing to an end' or 'to dismiss from a job; fire an employee', which is not the same as 'retrenchment'.
Hope this clarifies your query.
Warm Regards,
Samba Siva.
From India, Hyderabad
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Retrenchment is an extension of the root word 'retrench'.
By definition, 'retrench' means:
- to cut down, reduce, or diminish; curtail (expenses)
- to economize; reduce expenses.
For example, they retrenched by eliminating half of the workers.
From the above, we understand that by retrenchment, we mean to say that we are reducing our workforce to enable the company/organization to be financially viable and healthy. In other words, to function as an entity, it is inevitable that the company/organization reduces its workforce by 'retrenching' (terminating) some of its employees.
We cannot use the word 'terminate' here because 'terminate' connotes 'bringing to an end' or 'to dismiss from a job; fire an employee', which is not the same as 'retrenchment'.
Hope this clarifies your query.
Warm Regards,
Samba Siva.
From India, Hyderabad
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Hi,
Retrenchment is nothing but downsizing the excess manpower of the company. Retrenchment takes place due to the following reasons:
1. Reduction in the volume of business
2. Company running on excess manpower
Results of retrenchment:
1. Cost cutting
2. Downsizing the strength so that equal responsibility is shared between the current employees.
From India, Bangalore
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Retrenchment is nothing but downsizing the excess manpower of the company. Retrenchment takes place due to the following reasons:
1. Reduction in the volume of business
2. Company running on excess manpower
Results of retrenchment:
1. Cost cutting
2. Downsizing the strength so that equal responsibility is shared between the current employees.
From India, Bangalore
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Hi,
Please let me know, what is the retrenchment compensation the employer has to pay? Our notice period is currently 2 months, so do we have to pay them 2 months' salary, or can we waive it off, or can we pay something less? Please suggest.
From India, Mumbai
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Please let me know, what is the retrenchment compensation the employer has to pay? Our notice period is currently 2 months, so do we have to pay them 2 months' salary, or can we waive it off, or can we pay something less? Please suggest.
From India, Mumbai
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Hi,
Retrenchment compensation is based on your appointment letter. For example, if you give a notice period, you must follow that and pay the full salary for the notice period, as well as any bonuses, PL/EL encashment, etc. It's based on company policy only.
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Retrenchment compensation is based on your appointment letter. For example, if you give a notice period, you must follow that and pay the full salary for the notice period, as well as any bonuses, PL/EL encashment, etc. It's based on company policy only.
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retrenchment is the termination of the services of employee by the employer for any reason other than punishment. ID Act, 1947 have clear definition and procedures of retrenchment......
From India, Kochi
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From India, Kochi
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The workman has to be paid, at the time of retrenchment, compensation which shall be equivalent to fifteen days' average pay for every completed year of continuous service or any part thereof in excess of six months.
From India, Kochi
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From India, Kochi
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Hi,
Please let me know that we have employed employees on a 2-year contract basis. Now the contract of 2 years is over. Therefore, there is compulsory retrenchment of employees. Since we have employed employees on a contract basis, do we have to pay retrenchment compensation or not?
From India
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Please let me know that we have employed employees on a 2-year contract basis. Now the contract of 2 years is over. Therefore, there is compulsory retrenchment of employees. Since we have employed employees on a contract basis, do we have to pay retrenchment compensation or not?
From India
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