161. Severance payments include additional payments on top of the regular remuneration in the …

Severance payments include additional payments on top of the regular remuneration in the following specific situations:

a. redundancy remuneration for loss of office in case of an early termination of the contract by the investment firm or its subsidiary;
b. remuneration awarded for a limited time period that is agreed to introduce a cooling-off period after the termination of the contract and is subject to a non-competition clause in the contract;
c. the investment firm terminates the contracts of staff because of a failure of the investment firm or early intervention measures;
d. the investment firm wants to terminate the contract following a material reduction of the investment firm’s activities in which the staff member was active or where business areas are acquired by other investment firms without the option for staff to stay employed in the acquiring investment firm;
e. the investment firm and a staff member agree on a settlement in case of an actual labour dispute that could otherwise realistically lead to an action in front of a court.

1. Overview

Summary	Regulation

Requirements
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Standards
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