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What is the meaning of \"retrenchment\"?

The termination of the service of a workman for any reason whatsoever is called retrenchment?
Retrenchment however does not include:
(1) termination as a punishment, or
(2) voluntary retirement, or
(3) retirement on reaching the age of superannuation, or of employment
(4) termination as a result of non-renewal of contract, or
(5) termination on the ground of continued ill-health. S.2(00)

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