Our MD has announced that there may be redundancies in the company due to the loss of a large client. He has said that he is not open for voluntary redundancies and as yet does not know what package he will offer to those made redundant. Does anyone know if he HAS to offer voluntary redundancies and any rules he must follow on this?
2006-09-06 21:36:02 · 6 answers · asked by kat20_06 2 in Business & Finance ➔ Careers & Employment
Voluntary Redundancies: Many companies, when faced with a financial crisis will declare redundancies as means of reducing the company's overheads (wages bill).
Many companies also have a procedure for redundancies - asking for volunteers (voluntary redundancy) being but one.
Some companies utilise LIFO - Last in first out, meaning those with less service time in a particular department are likely to be those declared redundant.
Thus if you are a relatively new employee, your chances of being made redundant are correspondingly that much higher than an employee with many years service.
2006-09-06 21:59:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The statutory minimum is one week for each twelve months he has been there, besides the fact that, if he's being made redundant because of the organisation having financial issues, he won't get something, this got here approximately to my mom and she or he had to be conscious to the national coverage fund for some money and the payout became into nowhere close to what she might have had ahd the organisation funded the redundancy, even at criminal minimum. If he's being made redundant then the organisation shoud be offering the equipment on an identical time as asserting the redundancies
2016-10-14 10:07:29 · answer #2 · answered by hultman 4 · 0⤊ 0⤋
Are you in the UK? The company only has to offer the statutary minimum, which is a tiny proportion of sweet f a. And you'll only be eligible for this if you've been with the company for more than three years.
Check out the Citizens Advice website - it shows exactly what you're entitled to. Good luck x
2006-09-06 21:42:42 · answer #3 · answered by Away With The Fairies 7 · 0⤊ 0⤋
Redundancy is simply having a multiple of the same thing. It is a waste in my opinion for investing. I choose to have diversities. Some companies do not have much control over stock/investment packages so then perhaps you venturing out on your own and handling your own investments is an option. never to late to learn! : )
2006-09-06 21:47:02 · answer #4 · answered by Kitty 6 · 0⤊ 1⤋
In England you cannot be made redundant after age 50.You are entitled to stay till retirement.
2006-09-06 22:27:11 · answer #5 · answered by marzmargs12 6 · 0⤊ 2⤋
If your in the UK, check out ACAS.
They have a website and helpline - they are very good.
2006-09-06 21:54:22 · answer #6 · answered by Dee 3 · 0⤊ 0⤋