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Downsizing as a Consequence of the Global Financial Crisis

Nazik Satkeyeva, Kalikova & Associates Law Firm
January 30, 2012

Today the global financial crisis is the most acute and discussed topic. In order to save finance, many companies are forced to decrease production volumes, reduce jobs or cut staff. Moreover, companies tend to turn out their employees literally in one day, first requesting them to submit a letter of resignation under the pretext that the company’s financial condition has worsened as a result of the financial crisis. There are even precedents when employers exert psychological pressure on employees (for example, they may limit access to the company’s documents or close e-mail accounts).

Such cases of unlawful dismissal are the subject matter of the court hearing in the lawsuits filed by employees. That is why every company needs to know how to properly terminate the employment in connection with job or staff reduction and how to settle all required benefits and compensations for dismissed....

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