What is severance payment in Hong Kong?

Severance payment is for an employee who has worked at least 24 months under a continuous contract and is dismissed because of redundancy, is laid off, or whose fixed term is not renewed for a redundancy reason. The employee serves a written notice on the employer within three months after the dismissal or lay-off takes effect, and the employer pays within two months of receiving that notice. It is not paid together with a long service payment, and the guide sets the formula and a maximum.

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