If you`re planning to retire soon, one of the things you`ll need to consider is your employment status. In Malaysia, there are laws and regulations that govern employment after retirement, and it`s important that you understand your rights and obligations before signing any employment contract. In this article, we`ll take a closer look at some of the key features of a sample employment contract after retirement in Malaysia.
First and foremost, it`s important to note that Malaysian law allows retired individuals to continue working on a part-time or full-time basis. However, there are certain restrictions and conditions that apply, such as age limits and health requirements. It`s important that you discuss these matters with your employer and seek legal advice if necessary.
Here are some of the key terms and provisions that you can expect to see in a sample employment contract after retirement in Malaysia:
1. Basic Information – This section will include the details of both parties involved in the contract, including the name and address of the employer and the retiree.
2. Job Description – This section will outline the specific duties and responsibilities of the retiree in their new position, along with the expected work schedule and performance metrics.
3. Salary and Benefits – This section will specify the retiree`s compensation package, including details about their base salary, bonuses, and any other perks or benefits they may be entitled to.
4. Termination and Renewal – This section will outline the terms of the contract`s expiration and renewal, including any notice periods or termination clauses that may apply.
5. Confidentiality and Non-Disclosure – This section will require the retiree to maintain the confidentiality of any sensitive information they may have access to while working for the employer.
6. Intellectual Property – This section will specify the ownership of any intellectual property created by the retiree while working for the employer, and any royalties or compensation that may be due as a result.
7. Dispute Resolution – This section will outline the process for resolving any disputes that may arise between the retiree and the employer, including the use of mediation or arbitration.
In addition to these key provisions, it`s important to review any other terms and conditions that may be included in the contract, such as non-compete clauses or restrictive covenants.
As a retiree, it`s important to ensure that any new employment contract you sign is fair and in compliance with Malaysian law. By working with a qualified legal advisor and carefully reviewing the terms of the contract, you can protect your rights and interests while continuing to enjoy the rewards of gainful employment.