Redundancy - How Much Would Or Want?

Bnjracing

Although redundancy is not an option in OH section at moment he did get access to the company ready reckoner on how much he would get if they decided to expand the voluntary scheme.

I have seen on here that OR may not want all of a redundancy payout - something to do with wages - would want, redundancy compensation pay out - he may not want.

Company is classing the payout as follows:

2 weeks pay per year of service (21 years)
3 weeks pay
Statutory redundancy pay (24 1/2 weeks pay @ £350/week)
Pay in lieu of notice - 12 weeks
£3000 voluntary bonus

So does anyone know what OR would want and what he wouldn't if you are on IPA

skylight

Cor - thats some payout! Personally, I would check with HR on the quiet that it is all correct - you just want to know. Also, just because thats what OHs company is currently offering, it may not offer that if redundancy comes around to his section in the future.

If you are discharged, then I would argue the need to tell the OR anyway. You have to inform them of income changes - this is not an income change. Someone else may have an other opinion though.

Bnjracing

I was a bit skeptical on level of payout but OH and mate are adamant that is what the ready reckoner said (?????) That s a valid point cos it isn't income it is just a one off payment. Might try that with the helpline tomorrow. Course if we don't get the IPO set up that we are in debate about at present then there is n't aproblem.

tigerfeet2006

Give the Insolvency Service a ring tomorrow to ask about redundancy payments and let us know what is said.

Number in my sig.

peachyprice

:rotfl: :rotfl:
I thought it was multiple choice and you'd get one of those

Bnjracing

According to OH you get the lot (I think he's worked it out wrong too but there is no talking to him)

maxmycardagain

id bet next weeks giro that the company will look at only paying the minimum by the time any payments are due, look at what the minimum is (check the ACAS website)

times are lean and companies would rather call in the recievers then restart with half the workforce than pay £10K per man to lose em

the days of the £30K payouts are long gone
dont forget also, the DSS will not pay JSA when time in lieu, holidays, etc have been paid to you, you may have to wait 3 months or more for benefits.


http://www.berr.gov.uk/whatwedo/employment/employment-legislation/employment-guidance/page33157.html

startagain_2

I agree max,
A number of people were made redundant from my office with "enhanced" redundancy packages. They were given 2 weeks pay for each year of service rather than the Statutory 1 and also paid them until the end of their notice period as they were not required to work it.
It looks to me like the 2 weeks pay, 3 weeks pay and pay in lieu of notice are all duplicates of each other and I would suspect, as peachy has suggested, that it may be an either/or situation. It would cost them a fortune in this cash strapped climate to make one person redundant.
I think an urgent clarification from the HR office is called for!
SA

fermi

As far as I remember all of it is treated as an asset rather than income. As such they can claim the lot, rather than a percentage as is the case if it is regarded as income.

Definitely take advice.