Constitution and execution of our employee compensation policy is governed by Labor Law No.4857 and Article No.14 of Labor Law No.1475.
Severance pay is offered to employees individually or if they pass away, to their legal inheritors, in case their labor contract is terminated after working over one year in our company, due to a reason within the scope of the relevant Laws. Payment resulting from such termination is predicated on employee’s 30-day gross wage and total working period, and on the condition that it will not exceed the upper limit approved by the Law.
Pursuant to Collective Labor Agreement, statutory provisions are applied regarding severance pay. When calculating severance pay, ongoing social reliefs that are measurable in monetary terms are taken into account.
Pursuant to Article 17 of Labor Law No.4857, the party that disobeys notification period shall be obliged to offer a notice pay that covers the wage during the notification period. Employer may terminate the labor contract, on the condition that the employer pays the wage that covers the notification period, in cash. Thus, the employer, in accordance with the 27th Article of the governing Law, either grants the employee a leave of absence to search for jobs or pays employee’s wage for that period.
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