Redundancy payments and notice period?
27 October 2005, 08:46 AM
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Redundancy payments and notice period?
Just been told my job is in consultation for redundancy !
Do they have to give you your notice period and then if you are entitled to anyting on top for teh actual redundancy payment ?
My contract states 1 months notice? do they still have to pay me this ? Hope so or i am knackered !!!!!!!!
cheers
Do they have to give you your notice period and then if you are entitled to anyting on top for teh actual redundancy payment ?
My contract states 1 months notice? do they still have to pay me this ? Hope so or i am knackered !!!!!!!!
cheers
27 October 2005, 08:52 AM
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Yes, you will get 1 months notice - you will either have to work it, or you will get put on "gardening leave".
On top of this, you will receive the statuory state minimum payment for redundancy which is 1 weeks pay for every year of service up to a maximum of £280 per week with a limit of £8400. If it's a large company, they may offer better redundancy payments - my last company offered 1 months pay for every year of service for example. Whichever, redundancy payments are tax free up to £30k.
PS These figures are meant as a rough guide....it can be slightly different if you are very young, or approaching retirement. Ask an HR specialist for advice.
On top of this, you will receive the statuory state minimum payment for redundancy which is 1 weeks pay for every year of service up to a maximum of £280 per week with a limit of £8400. If it's a large company, they may offer better redundancy payments - my last company offered 1 months pay for every year of service for example. Whichever, redundancy payments are tax free up to £30k.
PS These figures are meant as a rough guide....it can be slightly different if you are very young, or approaching retirement. Ask an HR specialist for advice.
Last edited by imlach; 27 October 2005 at 08:58 AM.
27 October 2005, 09:12 AM
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http://www.dti.gov.uk/er/redundancy/payments-pl808.htm
If you don't know someone who is an HR specialist, I would advise starting at the DTI website.
Lots of information, but better than hearsay (and anyother crap TV manufactured band!
)
Payments can be subject to, what you signed in your contract, your age, years of employment, number of people being made redundant at your site, number of people being made redundant at your company (over multple sites), number of holiday days taken, etc, etc, etc!!
Remember your HR team should help you through this, and deal with any question you have.
I was made redundant nearly 3 months ago, and I've been working for the last 2-ish months. It was the best thing that could happen to me, as I treated it as they were paying me to find a better job!
If you are in IT the market is pretty good at the moment. Good luck with the job hunt!
If you don't know someone who is an HR specialist, I would advise starting at the DTI website.
Lots of information, but better than hearsay (and anyother crap TV manufactured band!
)Payments can be subject to, what you signed in your contract, your age, years of employment, number of people being made redundant at your site, number of people being made redundant at your company (over multple sites), number of holiday days taken, etc, etc, etc!!
Remember your HR team should help you through this, and deal with any question you have.
I was made redundant nearly 3 months ago, and I've been working for the last 2-ish months. It was the best thing that could happen to me, as I treated it as they were paying me to find a better job!
If you are in IT the market is pretty good at the moment. Good luck with the job hunt!
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