Those employees falling under the category of workmen and covered under ID Act shall be entitle for payment of compesation, as if he has been retrenched, at the rate of 15 days salary for every year for the completed year of services.
prior permission shall be required to close down any industrial establishment as per section 25O ( applicable wherein more than 300 employees) and 25FFF only intimation notice for closer ( applicable wherein less than 300 employee).
if any employer cloing any establishment as per section 25 FFF, a prior notice of 60 days should be given to the appropriate govt, if having less than 50 employees than no notice is required.
in case having more than 300 employees, prior permission is must, and employer need to apply for permission for closing down of establishment to the appropriate govt before 60 days. if closed without permission than the closer shall be illegal and the employee shall be continue to get all benefit as if they are employee of the establishment.
it further depends on the nature of business and reasaon for closer of establishment.
regards