Settlement Agreement: A Smart Alternative to Termination
A settlement agreement (VSO) terminates the employment contract without court involvement. Parties negotiate the end date, compensation, and a neutrality declaration themselves.
Essential Elements
- Transition compensation or more.
- Neutrality clause: no unemployment benefit (WW) block.
- Non-compete clause waiver.
- Employer indemnification.
Advantages
Fast (no legal proceedings), confidential, tailored. Avoids the risk of refusal to terminate. Entitlement to unemployment benefits after one month of WW payments.
Risks and Tips
Employee: negotiate a higher salary. Employer: have the agreement approved by a legal professional. If coercion is involved: not legally valid. Use the AWVN model settlement agreement. Notarisation is not required, but a written agreement is.
When to Choose?
In case of impending termination or retirement age. A popular exit strategy: 80% of dismissals are handled via a settlement agreement. Always seek professional advice to ensure balance. (201 words)
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