to pension benefits. An alternative method is ‘last-in-first-out’ (LIFO),i.e. those with shorter service are selected for redundancy. Whilst superficially fair the problem with this is that it potentially removes those young workers who have most to offer the organization in the long term....
Related to redundancy: Redundancy payre·dun·dan·cy (rē-dŭn'dăn-sē), Occurrence of linearly arranged, largely identical, repeated sequences of DNA. Farlex Partner Medical Dictionary © Farlex 2012 redundancy Medtalk The duplication of time-sensitive or failure-prone equipment–eg, comput...
preference is given to the following categories of workers: those having a family with two or more dependents, those whose families have no other working members with an independent income, those who have worked steadily at the enterprise for an extended period of time, and those suffering a wo...
Workers who were temporarily laid off or made redundant in the short term might also be eligible for statutory redundancy pay. This applies if they were made redundant for over six non-consecutive weeks in a 13-week period, or for more than four consecutive weeks. Who pays statutory redundancy...
“If an employee is made redundant they may be eligible for certain rights such as time off to look for work, redundancy pay, a notice period and consultation with the employer.” Redundancy and layoff The term ‘layoff’ (verb: to lay off) has the same meaning as redundancy in both ...
It’s understandable that, over time, companies need to ease employees out to optimize resources and balance skills. But badly managed lay-offs damage morale and harm departing workers. That’s why you need an employee redundancy plan. This guide will offer insights to ease the pain of letting...
erbyredundantworkersto takeawagecutisnotcredible,asitisnotexpostincentivecompatible.Thisimpliesthat, if"rmscannotcommitonfuture"ringexante,thenumberofredundanciesisine$ciently high,astheexternality,intheformofforegonerents,that"rmsimposeonworkerson severancecannotbetraded.Redundancypaymentsmake"rmsinternalizethe...
‘I approached RT Coopers because I had been offered a settlement package by my long-term employer and needed top quality legal advice. And that’s exactly what I got! As I had been working in more than one country, the issues involved were complex and although no fundamental negotiation ...
Whilst paying down borrowing may increase your outgoings in the short term, consolidating debts while you still have a regular income could save you stress later on. “Having debt and then being made unemployed makes it trickier for you to get good repayment deals in the future,” Gosling exp...
Fixed term employees If you are employed for a fixed term, you will normally receive the same compensation payment on voluntary redundancy as a permanent employee with the same pay and service, but this depends on the terms of your contract. Working part time If you work part time your ...