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Retirment

vervin
vervin Posts: 185 Forumite
in Employment, jobseeking & training
The lease on my buisness finishes in 2013 the same time as i retire ,i have 2 part -timers . If i retire, there will be no jobs for them will i need to give redundancy.
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Comments

  • Uncertain
    Uncertain Posts: 3,901 Forumite
    vervin wrote: »
    The lease on my buisness finishes in 2013 the same time as i retire ,i have 2 part -timers . If i retire, there will be no jobs for them will i need to give redundancy.

    Yes you will.
  • anamenottaken
    anamenottaken Posts: 4,198 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Uncertain wrote: »
    Yes you will.

    That's on the basis that they will have worked for you for at least two years by the time you retire.

    Include the payments in your retirement planning.
  • Takeaway_Addict
    Takeaway_Addict Posts: 6,538 Forumite
    Part of the Furniture 1,000 Posts
    edited 29 September 2012 at 12:29PM
    Get some proper legal advice on how to end your business whilst reducing your liabilities legally and properly as redundancy will most likely not be your only liability come the end.

    For everyone else, I have deleted my other comments so if you quoted me if you would be kind enough to delete them as well.
    Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked
  • Uncertain
    Uncertain Posts: 3,901 Forumite
    Takeaway_Addict wrote: »
    Get some proper legal advice

    Well the OP could do but this could not be more clear cut.

    If they have worked for the OP for more than two years then they are entitled to redundancy pay according to a standard formula.
  • Uncertain
    Uncertain Posts: 3,901 Forumite
    Takeaway_Addict wrote: »
    Also, I would have thought legally he would be able to engineer it that come that time of his retirement there is simply no money left to pay the employees and the state would have to pay.

    Well to do that deliberately would be illegal and no lawyer will advise you on how to commit a crime!
  • bluenoseam
    bluenoseam Posts: 4,612 Forumite
    Takeaway_Addict wrote: »
    No but an accountant might tell you how to legally take your money out of the business beforehand...

    Not a good accountant as it would undoubtedly be linked to them professionally, ending their work in accountancy!
    Retired member - fed up with the general tone of the place.
  • MissSarah1972
    MissSarah1972 Posts: 1,648 Forumite
    vervin wrote: »
    The lease on my buisness finishes in 2013 the same time as i retire ,i have 2 part -timers . If i retire, there will be no jobs for them will i need to give redundancy.

    How long would they have been with you by then?

    Make sure you give them notice or you will end up paying for that too!

    Would you just be paying just statutory redundancy payment?
  • getzls
    getzls Posts: 761 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Takeaway_Addict wrote: »
    I would have thought with two years left he could do plenty of things legally to get around paying the redundancy of two employees.

    Also, I would have thought legally he would be able to engineer it that come that time of his retirement there is simply no money left to pay the employees and the state would have to pay.

    Hence getting proper advice on how to do this if he so wishes

    You sound like a nice person.

    Not!
  • paddedjohn
    paddedjohn Posts: 7,512 Forumite
    Part of the Furniture
    OP, rather than wind the business up when you retire, could you pass it onto your staff to carry on with? this may stop the need for redundancy payouts.
    Be Alert..........Britain needs lerts.
  • Barneysmom
    Barneysmom Posts: 10,154 Ambassador
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Takeaway_Addict wrote: »
    I would have thought with two years left he could do plenty of things legally to get around paying the redundancy of two employees.

    Also, I would have thought legally he would be able to engineer it that come that time of his retirement there is simply no money left to pay the employees and the state would have to pay.

    Hence getting proper advice on how to do this if he so wishes


    Disgusted..............
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