At one point or the other, businesses may undergo financial strain caused other by the market factors or many other instances. At this point in time, a business may end up being bankrupt which basically means that they may not be in a position to make any payments. According to the experts, in case of insolvency or if an employer is declared bankrupt, the issue on how to calculate transition compensation (transitievergoeding berekenen) may not be applicable meaning that it is not payable. There are however instances where both parties can come to an agreement allowing the payment to be done in instalment form.
- Age matters
The
law clearly stipulates that an employee should be strictly eighteen years and
above in order to qualify for the transition payments. This basically means that
those under the stipulated age and are working for less than twelve hours,
should not be entitled to the transition amount. You therefore do not need to learn
how to calculate transition compensation (transitievergoeding berekenen) because
it does not apply to you.
- Pension matters
As
a way of ensuring that all employees receive fair payment, the law stipulates
clearly that there is a retirement age allowing those who have reached that particular
age to pave way for those who are joining in. If the contract is terminated in
relation to this, then the employee is not liable to transition costs. This is
given that according to law, they are entitled to pension payment which ideally
takes care of the matter.
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