Sir, I am working with a private company as an accountant from past 30 years now company wants to shut down its branch and asking me to resign which is not possible for me to resign at this stage due to medical challenges as i am 55years old and also financial issues. i have two children who are still studying and not yet settled am so depressed that what can be done next ... because they gave me only 3 months of time and informed to search new job... am not getting any job at this age... can anyone guide what can be done further .... what should i request my company...?? What is the vrs and its rules and how they are applicable to me... please some one guide...
From India, Hyderabad
From India, Hyderabad
Dear Srinivas,
Certainly it is a harsh blow to an employee who's served an organization diligently for a continuous period of 30 years when he is suddenly asked to resign by the employer. At the same time you have to evaluate certain aspects of the situation dispassionately.
First, when the company shuts down its branch and not in a position to offer you employment elsewhere ( which should also be acceptable to you ), it can retrench you for which it has to pay retrenchment compensation @ 15 days wages for every completed year of service. Either out of difficulty or to avoid such an additional payment, your employer might have asked you to resign on your own. Since you had been an accountant in the organization, you might be well aware of the actual position. In order to circumvent the legal provision relating to retrenchment compensation, knowing well that you can not comply with due to your personal difficulties, they may transfer you to some other branch. Then you would be compelled to resign.
Second, assuming that the age of superannuation is 58 years, you have got only three years more. If continued in service, after retirement you are going to get gratuity only as terminal benefit. Therefore, your employer would not be prepared for your voluntary separation under any scheme which normally would apply to employees above the age of 40 years with a minimum of 10 years of remaining service.
Under the above circumstances, you may choose not to resign and ask them to transfer you elsewhere or retrench you with retrenchment compensation. Alternatively, you can request the management some extra amount as additional terminal benefit in view of your service and family situation.
From India, Salem
5967Certainly it is a harsh blow to an employee who's served an organization diligently for a continuous period of 30 years when he is suddenly asked to resign by the employer. At the same time you have to evaluate certain aspects of the situation dispassionately.
First, when the company shuts down its branch and not in a position to offer you employment elsewhere ( which should also be acceptable to you ), it can retrench you for which it has to pay retrenchment compensation @ 15 days wages for every completed year of service. Either out of difficulty or to avoid such an additional payment, your employer might have asked you to resign on your own. Since you had been an accountant in the organization, you might be well aware of the actual position. In order to circumvent the legal provision relating to retrenchment compensation, knowing well that you can not comply with due to your personal difficulties, they may transfer you to some other branch. Then you would be compelled to resign.
Second, assuming that the age of superannuation is 58 years, you have got only three years more. If continued in service, after retirement you are going to get gratuity only as terminal benefit. Therefore, your employer would not be prepared for your voluntary separation under any scheme which normally would apply to employees above the age of 40 years with a minimum of 10 years of remaining service.
Under the above circumstances, you may choose not to resign and ask them to transfer you elsewhere or retrench you with retrenchment compensation. Alternatively, you can request the management some extra amount as additional terminal benefit in view of your service and family situation.
From India, Salem
Dear Friend,
I am not harsh, accept the truth as conveyed to you by Shri Umakanthan. M, the privilege of getting pension and other benefits certainly go to Govt. Servants. Rest have to suffer is an written fact, that is why every one prefer for a Govt. Post. Let we keep these things aside, and know about you...
1) What are the qualifications you have learnt and earned on all these days?
2) Have you ever have understanding outside your company? who can help you?
3) As an Accountant you must certainly get friendship outside your organisation, ask them any position that you can handle independently, help them overcome difficulties.
4) The experience you have gained, find out a job that you can survive with the family.
5) Weather is never comfortable, we have to make it comfortable.
6) When your company is directing you/requesting you to resign, certainly they are in no way going to keep you, yet, others who are engaged with your company may like your way of functioning, your accountability and trust certainly help them, find out such companies.
7) Always ready to put work beyond the hours, never complain, as to live as to serve are essential in life.
8) In Malls they are plenty of work, go find out you will certainly get one good job, always, think yourself you are a new born every day, medical complications certainly arise due to age wear and tear of physical body, yet, cope up and live for you.
Convey the family the harsh truth... Life is the way you take it .... This is not an advice, do face the truth as it is ....
From India, Arcot
I am not harsh, accept the truth as conveyed to you by Shri Umakanthan. M, the privilege of getting pension and other benefits certainly go to Govt. Servants. Rest have to suffer is an written fact, that is why every one prefer for a Govt. Post. Let we keep these things aside, and know about you...
1) What are the qualifications you have learnt and earned on all these days?
2) Have you ever have understanding outside your company? who can help you?
3) As an Accountant you must certainly get friendship outside your organisation, ask them any position that you can handle independently, help them overcome difficulties.
4) The experience you have gained, find out a job that you can survive with the family.
5) Weather is never comfortable, we have to make it comfortable.
6) When your company is directing you/requesting you to resign, certainly they are in no way going to keep you, yet, others who are engaged with your company may like your way of functioning, your accountability and trust certainly help them, find out such companies.
7) Always ready to put work beyond the hours, never complain, as to live as to serve are essential in life.
8) In Malls they are plenty of work, go find out you will certainly get one good job, always, think yourself you are a new born every day, medical complications certainly arise due to age wear and tear of physical body, yet, cope up and live for you.
Convey the family the harsh truth... Life is the way you take it .... This is not an advice, do face the truth as it is ....
From India, Arcot
Dear sir,
Thanks for your valuable information,
As informed above i went for final discussion with the company but they refused to pay any benefit apart from my pf and gratuity which am already eligible for.. they denied paying any extra benefit. the major concern for me at this stage is my daughters education .. she is merit student and achieved good rank in recent NEET exam held in the month of may and got her ( medical seat) MBBS in KAMINENI RESEARCH CENTER HYDERABAD. Now the challenge is, i paid her first year tuition fees by taking private finances for which am paying an interest of 3000 PM. Now in this situation if my company takes harsh decision like closing its branch and asking me to resign without any benefits ultimately i will not be able to pay for my daughters education .. i am into depression from past 2 months am so confused .. i cant stop my child's dream of becoming doctor. can you please suggest is there any law which states private company has to pay benefits to its employes in the event that company decides to close the company.
From India, Hyderabad
Thanks for your valuable information,
As informed above i went for final discussion with the company but they refused to pay any benefit apart from my pf and gratuity which am already eligible for.. they denied paying any extra benefit. the major concern for me at this stage is my daughters education .. she is merit student and achieved good rank in recent NEET exam held in the month of may and got her ( medical seat) MBBS in KAMINENI RESEARCH CENTER HYDERABAD. Now the challenge is, i paid her first year tuition fees by taking private finances for which am paying an interest of 3000 PM. Now in this situation if my company takes harsh decision like closing its branch and asking me to resign without any benefits ultimately i will not be able to pay for my daughters education .. i am into depression from past 2 months am so confused .. i cant stop my child's dream of becoming doctor. can you please suggest is there any law which states private company has to pay benefits to its employes in the event that company decides to close the company.
From India, Hyderabad
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