By Peter Landau
As little as 25 years ago, when you joined a company you often thought you had a job for life possibly working your way up as you learnt your trade. Unfortunately Voluntary Redundancy or Compulsory Redundancy has changed all of that.
Nowadays the job market is a changing market whereby companies consolidate their positions by making redundancies only to employ staff again when the economy picks up. You can look at this in two ways, either a disaster or an opportunity. Many however, think of this as a disaster and a slur on their character but this is not the case. It is the job that has been made redundant not you, but, being able to distance yourself can be difficult. What’s more is that it can be frustrating when you see your job re-advertised nine months down the line because the firm is beginning to grow again often as a result of its survival through redundancies.
When you are selected for redundancy the selection process has to be seen to be fair and without discrimination in other words it has to be seen to be transparent. Your eligibility for redundancy or even early retirement will be decided based on such things as your qualification, experience and your disciplinary record etc.
If you are offered voluntary redundancy the redundancy package you may be offered can be an enhanced redundancy payment, and possibly the extended use of a company car or health benefits. These initial redundancy offers are usually the most generous a company will make, as consequent rounds of redundancies means the offers are less liberal.
You might be surprised to learn that you may be asked to leave your work premises straight after you have been informed that you are being made redundant. This can be very humiliating but the reason for this is that some employees have been known to get angry and cause the company a lot of problems in the form of computer viruses, stealing, damaging machinery and so by asking to leave immediately this removes the potential of this happening. Your redundancy payment will not be negotiable at this point.
One of the questions frequently raised is whether redundancy pay is taxable. Your redundancy payment will not be taxable up to Thirty thousand pounds. You will be eligible for a redundancy payment if you have worked continuously for the company for a minimum of two years regardless of how many hours you work. Your wages and any bonus that you have accrued during this period will be taxable.
categories: Volutary Redundancy,Redundancy Package,Redundancy Packages,Redundancy Pay,Redundancy Payment
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MLA Style Citation:
Landau, Peter "Discover How Voluntary Redundancy Has Become An Every Day Event." Discover How Voluntary Redundancy Has Become An Every Day Event. 2 Jul. 2010. uberarticles.com. 6 Aug 2014 <http://uberarticles.com/legal/will-voluntary-redundancy-affect-you/>.
APA Style Citation:
Landau, P (2010, July 2). Discover How Voluntary Redundancy Has Become An Every Day Event. Retrieved August 6, 2014, from http://uberarticles.com/legal/will-voluntary-redundancy-affect-you/
Chicago Style Citation:
Landau, Peter "Discover How Voluntary Redundancy Has Become An Every Day Event" uberarticles.com. http://uberarticles.com/legal/will-voluntary-redundancy-affect-you/
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