ENTREPRENEURSHIP

Detailed explanation-1: -"retrenchments” means the termination by the employer of the service of a workman for any reason whatsoever, otherwise than as a punishment inflicted by way of disciplinary action but does not include-(a) voluntary retirement of the workman; or.

Detailed explanation-2: -Definition of Retrenchment of employees is terminating an employee due to the surplus of labor or incapacity of employees to match the performance standards of the company.

Detailed explanation-3: -Retrenchment is the termination of employment initiated by the employer through no fault of and without prejudice to the employees. It is an act of the employer of dismissing employees because of losses in the operation of a business, lack of work, and considerable reduction on the volume of his business.

Detailed explanation-4: -A layoff is when an employer temporarily or permanently terminates the employment of a worker, usually due to financial reasons or a lack of work. Retrenchment is a form of layoffs, typically used in the context of a company downsizing or restructuring its operations.

Detailed explanation-5: -A layoff is temporary in nature because it shows that an employer can’t keep hiring the workers for a limited time. Retrenchment describes a scenario in which an employer fires staff in an effort to boost profits and cut costs. Even when an employee is laid off, the loss of their employment is not their responsibility.