That's not specific to IBs. Senior management in many industries have a 3 month (or even 6 month) notice period.
I think you will find it is pretty standard for senior position, not only in IB's, to have a 3 month gardening leave.
This link should help the OP.
Employment Disputes - Mandatory Provident Fund (MPF) , Personal Injuries | Compensation , Labour Tribunal
Cheers
This raises an interesting question - is it the law in HK that all and every company in HK must give an employee 3 official written notices before they can ask her/him to leave? Or can company policy overwrite this?
No contract can override the law. Dismissal without cause requires notice (unless within a maximum of one months probation period agreed in the contract). The notice can be agreed in the contract with a legal minimum of 7 days. Termination payments may also be due.
For disciplinary offences (dismissal with cause and without notice) then the guidance from the Labour Department says:If a dismissed employee feels these conditions are not met then he can go to a Labour Tribunal where the employer would need to demonstrate the "repeated warnings" and hence most companies have a policy of at least two written warnings before dismissal for cause.Termination of Employment Contract Without Notice or Wages in lieu of Notice
An employer may summarily dismiss an employee without notice or
payment in lieu of notice if the employee, in relation to his employment:
1. willfully disobeys a lawful and reasonable order;
2. misconducts himself;
3. is guilty of fraud or dishonesty; or
4. is habitually neglectful in his duties.
Taking part by an employee in a strike is not a lawful ground for an
employer to terminate the employee's contract of employment without
notice or payment in lieu.
NOTE : Summary dismissal is a serious disciplinary action. It only
applies to cases where an employee has committed very
serious misconduct or fails to improve himself after the
employer's repeated warnings.
Last edited by PDLM; 24-06-2009 at 06:05 PM.