What Exactly Is Voluntary Redundancy Or Compulsory Redundancy


Voluntary Redundancy or Compulsory Redundancy is regrettably more a lifestyle today than it had been as lately as 25 years ago. When you joined an organisation you are expected to be there for the duration of your career, probably starting at the bottom and working your way up when you had learnt the trade.

These days the career market is a changing market whereby companies consolidate their positions by making redundancies only to recruit staff again once the economy picks up. You may look at this in two ways, either a disaster or an opportunity. Many however, think of this as being a disaster and an insult on their character but this is not the situation. It is the job which has been made redundant not you, but, being able to distance yourself could be challenging. What's more is that it can be frustrating when you see your work re-advertised nine months down the line as the company is beginning to develop again often because of its survival through redundancies.

Transparency is essential when selections are made for redundancy. In other words the selection process needs 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 just a few.

If you are provided voluntary redundancy the redundancy package you might be offered can be an enhanced redundancy payment, and possibly the extended use of a company car or health benefits. These initial redundancy deals are usually one of the most generous a company will make, as consequent rounds of redundancies signifies the offers are less liberal.

You may discover that if your redundancy is mandatory that you will be asked to leave the premises straight away. You may think that this is embarrassing but there have been instances when a few individuals have got angry and chose to cause many problems by implementing computer viruses, damaging machinery or stealing therefore by asking you to leave this is seen as a way of removing the possibility of this happening. You will discover that the redundancy payment will be fixed at this point.

One of several questions often raised is whether redundancy pay is taxed. Your redundancy payment is not taxed up to Thirty thousand pounds. You will be eligible to redundancy payment if you have worked continuously for the company for a minimum of two years no matter how many hours you work. Your wages and any bonus which you have accrued in those times will be taxable.

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