Compensation Policy
Compensation for employees was effected on 01.01.2014 and was described in the currently prevailing Aksa Personnel Regulation.
TERMINATION OF A LABOR CONTRACT FOR A DEFINITE PERIOD OF TIME
1- Termination for Valid Cause
The Company may terminate labor contracts based on the incompetency or acts of a laborer or any other valid cause based on the requirements of the workplace or the job according to Article 18 of the Labor Law no. 4857 by complying with notice periods specified in Article 17 of the Labor Law, provided that the notice of termination is submitted in writing and the cause of termination is clearly and definitely specified. The employee may terminate the labor contract for a definite period of time by abiding with the notice periods specified in Article 17.
Notice periods;
-2 weeks for employees attending less than six months;
-4 weeks for employees attending from six months to eighteen months;
-6 weeks for employees attending from one and a half year to three years;
-8 weeks for employees attending for more than three years.
In the event of existence of valid cause arising from the behavior or incompetency of the laborer, the employee will be asked to give his/her defense in writing and the labor contract will be terminated in compliance with the procedure in Article 19 of the Labor Law.
The Company or the employee may terminate the labor contract for an indefinite period of time by paying in advance, the wage for the aforementioned notice periods. The notice period will not be joined with the annual paid leave of the employee or the period during which the employee does not attend at work under a medical report and such periods cannot be included in the notice period.
2- Termination Based on Justified Cause
The Company or the employee may terminate the labor contract immediately based on justified causes specified in Articles 24 and 25 of the Labor law 4857. No severance or notice pay shall be granted to the employee if the labor contract is terminated due to causes specified in Article 25/II of the Labor Law.
Resignation Procedures
Procedures specified in the Labor Law and the legislation as related to resigning employees will be fully performed. The amounts which the employee is entitled will be paid pursuant to the Law and the relation of the employee with the Company is terminated upon discharge and resignation.
Notwithstanding how an employee leaves the Company, the resigning employee will sign the letter of discharge depending on how he/she leaves the Company. A “Termination of Relation and Delivery of Assets in Possession” form will be filled with respect to the resigning employee. The related department will complete the necessary procedures based on this form.
2- Termination Based on Justified Cause (Continued)
Severance Pay
If the labor contract is terminated:
-by the employer due to any cause other than “acts of the employee not complying with the rules of ethics and goodwill” specified in subparagraph II of Article 25 of Law No. 4857,
-by the employee pursuant to Article 24 of the Law, where the labor contract is terminated by the employee without granting a notice period and by claiming severance pay,
-by the employee due to military service,
-due to resignation of the employee on his/her own will with the intention to be paid pension for old age, retirement or disability,
-by the employee on his/her own will upon satisfaction of the conditions other than the ages specified in sub-subparagraphs (a) and (b) of subparagraph A of the first paragraph under Article 60 of the Social Security and General Health Insurance Law 5510 or upon completion of the social insurance period or the number premium payment days necessary for an old age pension according to Temporary Article 81 of the same Law,
-by a female employee on her own will, within one year following her marriage,
-due to death of the employee,
Severance pay shall be paid based on Article 14 of the Labor Law no. 1475.
The employee will be paid severance pay amounting to 30 days wage for each full year of seniority, provided that the legal cap of severance pay is not exceeded. Payment will be made on the same ratio for periods in excess of one year.