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What is your legal rights when a company declare bankruptcy and closure?



Who among us knows when a company will declare a bankruptcy? No one knows when will a company closes and declare bankruptcy but we must know our rights if that case happened.

Scenario:
1. My present company closes and declare bankruptcy and I have remaining 1 year and 3 months, what benefit will I received?
- If you have remaining 1 year and above in your contract, you have 2 choices it's either you receive the compensation and go home or look for another employer while in Taiwan.
- If you choose the compensation and decided to go home, your compensation will be computed according to your remaining months multiply by the monthly basic salary. And it will also be multiplied by a percentage only, you cannot receive the whole amount of basic salary. Why not exact amount? Because the company will pay the penalties for each and everyone to the Labor Ministry.
- what if I choose to stay? You must inform your employer ahead of time for documentation and processing. In this case, you will be given 3 months to find a new employer and the company will shoulder your broker's fee, food, and accommodation but good for 3 months only.And if no employer found then you will be obliged for repatriation.
- will I still receive a compensation If I choose to stay and find a new employer? Yes, you will receive but not as the same amount of those who go home early.
- Is my broker is obliged to help me find a new employer? Yes, they are mandated to help find a new job which is good for 3 months. Then after with no employer, you are obliged to go home.

2. I have less than 1 year in my contract what will be my case? So if you have less than 1 year,  you are not allowed to find a new employer, you will be required to go home and received the compensation according to your remaining month's same scenario at number  1 who go home early.

Know your rights Ka-Pinoy! Again this article serves as a guide but we do not assure the full accuracy. The complete details, terms, and condition are still in the hand of the authority.

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