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Vr advice

edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
3 replies 596 views
dannyhoydannyhoy Forumite
22 posts
edited 30 November -1 at 1:00AM in Redundancy & Redundancy Planning
Hi all I have recently been told my job is at risk and we are in a consultancy period. today I was given my VR figure however its all very vague and the sheet actually says things like
"this is for illustrative purposes and does not constitute a final offer" I take it the figure ive been given is not guaranteed in any way? it also says proposed last day of employment and that's how the figure has been worked out. so my question is would that mean I could take the VR and wait till august to leave? or would they push me to take VR earlier?


they are saying they are trying to find alternative suitable roles but they are likely to be a fair way away from me with a lot of travel and with small kids it would be near impossible. I wonder if they find me a role and I refuse or say I cant they can remove my VR offer....our union has advised as its a business decision we would qualify for compulsory also but as a business I have no idea why they would carry on paying our wages and then pay us off. has anyone been through something similar? finally can I ask does your VR go onto your wage slip or your P60/p45 ? I have heard its taxed different so wasn't sure. any help is appreciated

Replies

  • lincroft1710lincroft1710 Forumite
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    Your union is the best place to go to for advice on this, especially regarding "suitable alternative roles".
  • edited 31 October 2019 at 5:12PM
    oscarwardoscarward Forumite
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    edited 31 October 2019 at 5:12PM
    Vr (And compulsory) is paid on your payslip along with any pay in lieu holiday etc. But the vr Portion is not taxed up to a certain level. Think the p45/60 only shows taxable payments and tax deducted as redundancy and vr enhancement is tax exempt (up to a certain level) , so normal pay , pilon, and holiday is taxed as normal that was what happened with my vr anyway.
  • General_GrantGeneral_Grant Forumite
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    oscarward wrote: »
    Vr (And compulsory) is paid on your payslip along with any pay in lieu holiday etc. But the vr Portion is not taxed up to a certain level. Think the p45/60 only shows taxable payments and tax deducted as redundancy and vr enhancement is tax exempt (up to a certain level) , so normal pay , pilon, and holiday is taxed as normal that was what happened with my vr anyway.


    £30,000 (cash and value of non-cash benefits) is the tax-free ceiling.
    That includes the statutory redundancy amount.
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