Find Out About Voluntary Redundancy Or Compulsory Redundancy

Voluntary Redundancy or Compulsory Redundancy is unfortunately more a way of life these days than it was even as recently as 25 years ago. When you joined a company you are expected to remain there right through your career, possibly starting at the bottom and working your way up when you had learnt the trade.

Nowadays the job market is a changing market whereby companies consolidate their positions by making redundancies just to employ staff again when the economy picks up. You may look at this in two ways, possibly a disaster or an opportunity. Several however, think of this as a disaster and a slur on their character but this is not the case. It is a task that has been made redundant not you, but, being able to distance yourself can be tough. What's more is that it could be frustrating if you notice your job re-advertised nine months down the line because the firm is starting to grow again often as a result of its survival through redundancies.

Transparency is needed when selections are made for redundancy. To put it differently the selection procedure has to be fair and without discrimination. Decisions will be made on your eligibility taking in to account such things as your disciplinary record, your qualification, experience and ability to name a few.

If you are offered voluntary redundancy the redundancy package you might be offered is usually an enhanced redundancy payment, and perhaps the extended use of a company car or health benefits. These initial redundancy offers are often the most generous a company will make, as consequent rounds of redundancies means the offers are less generous.

You might find that if your redundancy is mandatory that you will be asked to leave the premises right away. You might think that this is humiliating but there have been instances when some people have got upset and decided to cause a lot of problems by implementing computer viruses, damaging machinery or stealing and thus by asking you to leave this can be considered as a means of removing the possibility of this happening. You will find that the redundancy payment will be fixed at this point.

One of the questions frequently raised is whether or not redundancy pay is taxable. Your redundancy payment will not be taxed up to Thirty thousand pounds. You will be entitled to redundancy payment if you have worked continuously for the company for at least two years regardless of how many hours you work. Your wages and any bonus that you have accrued during this period are going to be taxable.

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