The company was acquired by another big enterprise and its employees were compensated. According to the provisions of the Labor Contract Law, if a company goes bankrupt, it shall compensate the employees for the termination of the contract in accordance with the regulations, and the economic compensation shall be paid according to the number of years the employees have worked in the unit and the standard of paying one month's salary every full year. For more than six months but less than one year, it shall be counted as one year; If it is less than six months, economic compensation of half a month's salary shall be paid to the workers. According to the Regulations on the Implementation of the Labor Contract Law of the People's Republic of China, the monthly salary of economic compensation stipulated in Article 47 of the Labor Contract Law shall be calculated according to the wages due to workers, including hourly wages or piece-rate wages and monetary income such as bonuses, allowances and subsidies. If the average wage of a worker in the twelve months before the dissolution or termination of the labor contract is lower than the local minimum wage standard, it shall be calculated according to the local minimum wage standard. If the laborer has worked for less than twelve months, the average wage shall be calculated according to the number of months actually worked. The compensation paid to bankrupt workers is linked to the length of service of employees. The higher the length of service, the more compensation they get.
Tips: The above explanations are for reference only, subject to national policies.
Reply time: 202 1-05-25. Please refer to the latest business changes announced by Ping An Bank in official website.
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