Our Company complies with the provisions of current Labor Law (currently Law Number 4857) when it determines its indemnity policy for its personnel.
Within this scope;
Seniority Indemnity is paid to an employee who has seniority for the periods stated in Labor Law based on his/her working period and salary in the event of his/her contract of employment ends with the reasons stated in the Law...
"Seniority Indemnity is paid to employee, or to employee’s inheritors if the employee deceases, based on the employee’s working period and salary according to Articles 14, 24, and 25 of Law if the employee’s contract of employment has ended with the reasons state in Law Number 4857 and aforementioned employee has a seniority for the given period."
According to Article 17 of Labor Law, the termination of employee’s contract of employment of indefinite period is valid at the end of periods determined according to the seniority of the employee, and the employee’s fee is paid during this period and also employer grants the employee the right to seek a new job within a certain period of time during this determined period according to Labor Law. In addition to that, Our Company has the right to terminate the contract of employment of its employee by paying the fee regarding to this notice period (notice pay) in cash according to the authorization granted to it by Labor Law.
"Notice Pay can be paid to employee in cash or by granting the employee a leave to seek a new job after notifying him/her that his/her contract of employment shall be terminated within the periods determined based on the seniority of the employee according to Article 17 of Law Number 4857”