[BankingGuy]

I got the bad news last Friday, totally unexpectedly, my bank asked me to resign or will terminate my employment immediately. They gave me no notice, there was no prior performance review, they gave me no cause or reason. Under my employment contract, they can let me go with only one month severance pkg, on ground of misconduct of gross negligence. They have been trying to get me to close a large deal on the bank's behalf up thru the last Friday, so clearly I have not been negligent else they would not leave such a responsibility to me. I am seeking advice from anyone who has had a similar situation in HK. My contract is under HK law with a HK based office of a regional bank. I heard rumors that the HK employment law not friendly to employee, and they pretty much follow what is in the contract. I have been working for this bank for over 2.5 years. Anyone know the likelihood of success if I attempt to sue for termination without just cause?

Thanks in advance for anyone with advice.

[PDLM]

Details of the law here.

You're entitled to pay in lieu of notice, and in lieu of untaken leave.

I don't think you have any chance of any other redress.

How is it that the greedy capitalist banking types suddenly come over all socialist when they are the ones on the receiving end?

[freeier]

well, even if they write it nicely and say u have been terminated due to cost cutting retrenchment, u wld not have receive anything extra as well right

[BankingGuy]

Thanks for the link and the advice...

I checked with a lawyer yesterday and they are checking to see if there is any possibility of a legal action based on the Equal Employment Ordinance...not sure where that may lead to....

I guess if that the EEO doesn't apply, then it may appears I am out of luck and out of a job at the same time....and without much time/money to find the next job....

Thanks again for your assistance...

[jimbo]

If you want to stay in HK and work then don't rock the boat and go down the legal route as it could mean you won't get a job in this town again as your cards will be marked.

You mention you don't have much time/money to find a new job, You don't have savings to tide you over for a few months at least?

[BankingGuy]

Funds for a rainy-day I do have to tie me over for a few months, but the severance pay of one month is just ridiculous given this market environment...

I learned from this experience, the banking world is a cold and heartless one....they don't care if you have young kids or if your parents are sick and dying...they only look at their bottom line...

[PDLM]

2.5 years as an expat banker and no money? Don't think you'll get much sympathy round here.

There is, by the way, no such thing as an "Equal Employment Ordinance" in Hong Kong.

But under the Employment Ordinance, since you have been employed for more than 24 months you are entitled to Severance Pay (Cap.57, s.31 at Bilingual Laws Information System ) if you are made redundant. On a quick reading you would be entitled to $37500 ($15000 * 2.5 years) of severance pay.

This is in addition to whatever your contract specifies for the notice period or pay in lieu of notice.

[PDLM]

Originally Posted by BankingGuy

I learned from this experience, the banking world is a cold and heartless one....they don't care if you have young kids or if your parents are sick and dying...they only look at their bottom line...

Er, I don't see how it could really be otherwise - it is not the function of commercial companies to provide social services. If they are to come from anywhere then it should be a Government welfare service funded by taxes.

I have no doubt that next time the banking world is on the up all the Gordon Geckos will be back telling us how they all deserve their $500K bonuses.

[BankingGuy]

I wished I got a bonus as big as you mentioned....my bonuses during my first two years were nothing like what you mentioned...plus I was more on a local hire...without those generous housing package like other bankers....

anyways...so I can get a small severance of 37500 in addition to my one month notice pay?.....

[hullexile]

Not sure on HK law, but under UK law redundancy is carefully defined. If you resign or are terminated for reasons other than redundancy I don't think this payment applies.

P.S. Must admit I have had to go out and buy a box of tissues I have been crying so much at the thought of a banker losing their job.