I think that you are a "workman" under sec.2(s) of the Industrial Disputes Act,1947 irrespective of the quantum of your salary and catchy designation. If it is so, as per the definition of the term " retrenchment " u/s 2(oo) of the ID Act,1947, termination of the employment of a workman on the ground of his under/poor/unsatisfactory performance amounts to retrenchment which shall comply with the conditions precedent to retrenchment enumerated in sec.25-F of the Act. Therefore, it may not be possible for your management to be dare enough to openly resort to termination on the ground of under performance as per specific term,if any so mentioned in the contract of employment. To avoid such an irksome situation leading to possible legal tussle, well, you can initiate a negotiation on the terms you mentioned.
22nd July 2017 From India, Salem