redundancy: where to begin?

indigospooky

I am about to be made redundant from my company, which is closing down altogether. It is part of a much larger company which has chosen not to keep us going but to wind us up by the end of the year. The formal announcement will be made next week, at which point consultation will begin and the union will start to become involved. Each of us is to be granted a 10-minute meeting with HR and I want to get as much out of this meeting as possible and make sure I come out with as enhanced a redundancy package as I can.

Because the products we create (sorry, have to be quite cryptic here) are to be taken over by our parent company, this means we are to continue working until the end of the year to get things ready for handover. However, I have no idea what this will actually mean in practice. I assume that as most people are on one month's notice, they will be obliged to work for that one month and then will go. However, what if the parent company decides they need us (or some of us) until the end of the year? Is it likely they will offer us some sort of retention package to stay on beyond our notice period? I still have around 14 days' holiday left - where does that come into it? Also, I have a very senior position within the company and am thinking about what I should be doing to make my redundancy package as good as possible. It is already pretty good (I have been with the company for almost 14 years and will get one month's salary per year) but I'm just not sure what to negotiate to make sure I come out of this as well as possible.

Although I am an expert in my field, it is a very niche field and so job prospects locally are not great. Any initial thoughts? I have never been in this position before and am not sure where to begin with trying to get as good as deal for myself as I can.

jazzyman01

Okay - irrespective of the notice period (you would be entitled to 12 weeks as you have been there nearly 14 years), the Company can decide when you go. You have, as you say, a generous redundancy package so to leave before the agreed date could result in you losing your redundancy payment.

Holiday - you could try and book your holiday as normal or, alternatively, agree to sell back the holiday entitlement that you have accrued. You would not lose it.

getmore4less

If there is no job in the restructured company.

Redundancy and PILON are a good starting deal.

Do the handover and start with redundancy and 12 weeks notice.

They could just set the termnation date at any time in the future with notice included the trick is to get PILON rather than work notice.
retention fees are a bonus if they want to shutdown early and keep people to handover.

Where will the work get done?
This can lead to opportunities to get involved in transition/offshoring

1 month per year is on the good side these days.

over 30k?

Look at the tax situation and getting it paid over multiple tax years or pension options.

I have a very senior position within the company

no training with employment law?

Is this a UK company with good UK HR emplyment legals?

katfishh

Hi Indigospooky,

Presumably you know for sure that you will get one weeks salary per year worked? As far as I'm aware this is no longer a statutory right as it was capped to three months salry max (I think) some while back?
If true, wow - good luck to you.

Katfishh

indigospooky wrote: »

I am about to be made redundant from my company, which is closing down altogether. It is part of a much larger company which has chosen not to keep us going but to wind us up by the end of the year. The formal announcement will be made next week, at which point consultation will begin and the union will start to become involved. Each of us is to be granted a 10-minute meeting with HR and I want to get as much out of this meeting as possible and make sure I come out with as enhanced a redundancy package as I can.

Because the products we create (sorry, have to be quite cryptic here) are to be taken over by our parent company, this means we are to continue working until the end of the year to get things ready for handover. However, I have no idea what this will actually mean in practice. I assume that as most people are on one month's notice, they will be obliged to work for that one month and then will go. However, what if the parent company decides they need us (or some of us) until the end of the year? Is it likely they will offer us some sort of retention package to stay on beyond our notice period? I still have around 14 days' holiday left - where does that come into it? Also, I have a very senior position within the company and am thinking about what I should be doing to make my redundancy package as good as possible. It is already pretty good (I have been with the company for almost 14 years and will get one month's salary per year) but I'm just not sure what to negotiate to make sure I come out of this as well as possible.

Although I am an expert in my field, it is a very niche field and so job prospects locally are not great. Any initial thoughts? I have never been in this position before and am not sure where to begin with trying to get as good as deal for myself as I can.

katfishh

Sadly I am likely to be made redundant by March or sooner . I've been told by others that sufferd the same fate at my organisation that they wee forced to take their holiday in the notice period. Due to operational reasons that meant it was taken at a time suitable for the organisation - not them.

jazzyman01 wrote: »

Okay - irrespective of the notice period (you would be entitled to 12 weeks as you have been there nearly 14 years), the Company can decide when you go. You have, as you say, a generous redundancy package so to leave before the agreed date could result in you losing your redundancy payment.

Holiday - you could try and book your holiday as normal or, alternatively, agree to sell back the holiday entitlement that you have accrued. You would not lose it.