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What Exactly Is Voluntary Redundancy Or Compulsory Redundancy
Voluntary Redundancy or Compulsory Redundancy is regrettably more a way of life today than it was even as recently as 25 years ago. When you joined an organisation you are expected to remain there right through your career, possibly starting at the bottom and working your way up when you had learnt the trade.
These days the job market is a changing market whereby companies consolidate their positions by making redundancies only to employ staff again when the economy picks up. You may look at this in two ways, possibly a disaster or an opportunity. Several however, think of this as a disaster and an insult on their character but this is not the case. It is the job that has been made redundant not you, but, being able to distance yourself can be challenging. What's more is that it could be frustrating if you notice your job re-advertised nine months down the line as the firm is beginning to grow again often as a result of its survival through redundancies.
Transparency is essential when selections are made for redundancy. Basically the selection procedure has to be fair and without discrimination. Decisions will be made on your eligibility considering such things as your disciplinary record, your qualification, knowledge and capability to name a few.
If you are offered voluntary redundancy the redundancy package you might be offered is usually an enhanced redundancy payment, and perhaps the extended use of a company car or health benefits. These initial redundancy offers are usually one of the most generous a company will make, as consequent rounds of redundancies signifies the offers are less liberal.
You might find that if your redundancy is mandatory that you will be asked to leave the premises immediately. You might think that this is humiliating but there have been instances when a few people have got angry and decided to cause lots of problems by implementing computer viruses, damaging machinery or stealing therefore by asking you to leave this can be considered as a means of removing the possibility of this happening. You will find that the redundancy payment will be fixed at this point.
One of several questions frequently raised is whether redundancy pay is taxable. Your redundancy payment will not be taxed up to Thirty thousand pounds. You will be entitled to redundancy payment if you have worked continuously for the company for at least two years regardless of how many hours you work. Your wages and any bonus which you have accrued in those times will be taxable.
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