Can employees of Xingang Company buy out at the age of 55?

Legal analysis: Buying out the length of service is a way for some state-owned enterprises in China to arrange surplus staff in the early stage of reform and opening up, that is, referring to the conditions of employees' working years, salary levels and jobs in the enterprise, combined with the actual situation of the enterprise, after consultation between the enterprise and employees, it is reported to the relevant departments for approval, and the enterprise will pay employees a certain amount of money at one time, thus dissolving the labor relationship between the enterprise and surplus employees and pushing employees to the society. It is illegal to buy out the length of service.

Legal basis: Article 17 of the Labor Law of People's Republic of China (PRC) stipulates that the conclusion and modification of labor contracts shall follow the principles of equality, voluntariness and consensus through consultation, and shall not violate the provisions of laws and administrative regulations.

According to Article 24 of the Labor Law of People's Republic of China (PRC), the parties to a labor contract can terminate the labor contract through consultation.

According to the provisions of Article 27 of the Labor Law of People's Republic of China (PRC), if the employing unit is on the verge of bankruptcy for legal rectification or has serious difficulties in production and operation, it should explain the situation to the trade union or all employees 30 days in advance, listen to the opinions of the trade union or employees, and report to the labor administrative department before it can reduce the number of employees.