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Are there any compensations for the employees when the store closes down

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Are there any compensations for the employees when the store closes down


        

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  • 2024-06-13 10:00:59

    When the company's stores close down, workers can get the following compensation:
    1. Wages, medical treatment, disability allowance and pension expenses owed by the company to workers. Generally, wages should include hourly wages, piece rate wages, funds, allowances and subsidies, but non remunerative income and labor protection costs do not fall within the scope of wages.
    2. The basic pension and medical insurance expenses owed by the company to employees shall be transferred to the employee's personal account.
    If the company's asset liability ratio is high, it can also get other parts that should be transferred to the social pooling account. However, from the perspective of bankruptcy practice, the costs transferred to the social pooling account are generally not available (because the social pooling insurance is the second highest in the liquidation order of the bankruptcy law).
    3. Compensation that should be paid to workers according to laws and administrative regulations.
    Compensation payable due to termination of labor contract; Other compensations required by laws and regulations. The above compensation shall be limited to the provisions of laws and administrative regulations, and the compensation paid to workers as prescribed by local regulations and rules shall not enjoy the priority of compensation. After bankruptcy, the Company shall pay off its debts in the following order:
    1. Wages and labor insurance premiums owed by bankrupt enterprises to employees. The rights of employees of enterprises should be protected first, and the wages and labor insurance premiums owed by bankrupt enterprises to employees should be paid in priority to ensure the basic living needs of employees before they are re employed.
    2. Taxes owed by bankrupt enterprises. Tax revenue is the revenue of the national treasury. The amount of tax revenue directly affects the national fiscal revenue and relates to the interests of the country. Therefore, the tax owed by bankrupt enterprises should also be paid off in priority.
    3. Bankruptcy claims. Mainly refers to the amount owed by the bankrupt debt paying enterprise to citizens, legal persons or other organizations.
    It can be seen that the first thing to pay off the debts of the company after bankruptcy must be the wages of workers. After all, everyone has worked hard to get back what they should have, and at the same time, within the provisions of the law, get their own compensation.

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