It may be the case that, after a company, or part of a company, is transferred to a new owner, some transferred employees might not want to work for the new employer.

In that case, they can terminate their employment contract in an exceptional manner – giving just seven days’ notice.

The right to terminate the employment contract in this way is only available for two months after the company or its part is transferred to a new owner.

Employees who decide to terminate their employment often expect severance pay as provided in the Act on Special Rules for Terminating Employment Relationships with Employees for Reasons Not Related to the Employees.

However, in most cases, severance pay is not granted unless there has been a significant deterioration in the terms of employment.