Thinking of Voluntrary Redundancy...

Mustbeananswer??

Had enough of work...have a couple of other incomes anyway....



Want to wind down slowly tho.Possibly going part-time for 6 months or a year.


My redundancy would be based on my annual earnings so would I get less if I went part-time.Is the amount I get inspired by Government law or locally with my employer (DWP)...


Can you help please??

getmore4less

Statutory redndancy is 1 weeks pay(adjusted for age) capped at £400 for each years service.

You own company can pay what they like as lng as its mre than statury.

Most companies base it on the same basis of weeks of pay per years service, so go part time redundacy goes down

what terms does you company use?

Jarndyce

How do you know there are likely to be any voluntary redundancy schemes available in six months or a year? You don't.
How do you know that even if there are schemes available that you will be selected? You don't.
How do you know what the terms of the schemes will be even if they are available and even if you are selected. You don't.

And neither does anyone else.

Voluntary schemes are purely at the behest of the employer as long as they are at least as good as statutory terms, and are based on actual weekly earnings, up to a maximum of £400 pw.

Mustbeananswer??

Thanks for that....both of you....


Just trying to think ahead!!

EconomicsGirl

There are statutory minimum's for redundancy by law but your employer may well offer more than this. It depends on your contract and what your employer wants to offer. It is a big assumption there'll be VR in a year though. Generally central government are paying 1 month per year, local govt 1 week per year - varies with age a bit but certainly in our contracts we only had 1 week a year so when VR came up at one month per year there was a stampede. It was so popular I don't think they'll need to do it again - infact its more likely they'll recruit. Part-time under our contracts made the payout pro rata reduced but some contracts are different and its average hours over your employment which benefits say women who started full-time then went part-time.