Labor law authorizes the company to terminate the employee’s employment relationship upon reaching the retirement age according to labor law accordingly, the employee who have spent a minimum of 5 years of service shall receive an end of service bonus which is calculated on the last basic salary:
The 1st 5 years of service, the employee is entitled for one month basic for each year.
The 2nd 5 years of service, the employee is entitled for one and half month basic for each year.
After the 10th year of service, the employee is entitled for two months basic for each year.
HR shall carry out the normal exit procedures outlined in the “Resignation” part.
