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How Voluntary Redundancy Has Become A Lifestyle
Voluntary Redundancy or Compulsory Redundancy is regrettably more a lifestyle these days than it was even as lately as 25 years ago. When you joined an organisation you are expected to be there throughout your career, possibly beginning 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 just to employ staff again once the economy picks up. You may look at this in two ways, either a disaster or an opportunity. Several however, think of this as a disaster and also an insult on their character but this is not the situation. It is a task that has been made redundant not you, but, being able to distance yourself could be challenging. What's more is that it can be frustrating if you notice your job re-advertised nine months later as the company is starting to grow again often because of its survival through redundancies.
Transparency is essential when selections are made for redundancy. In other words the selection procedure has to be fair and without discrimination. Decisions will be taken on your eligibility considering such things as your disciplinary record, your qualification, knowledge and ability to name a few.
If you are provided voluntary redundancy the redundancy package you might be offered can be an enhanced redundancy payment, and perhaps the extended use of a company car or health benefits. These initial redundancy offers are generally probably the most generous a company will make, as consequent rounds of redundancies signifies the offers are less generous.
You might discover that if your redundancy is mandatory that you will be asked to leave the premises straight away. It may seem that this is humiliating but there have been times when a few individuals have got upset and decided to cause many problems by implementing computer viruses, damaging machinery or stealing therefore by asking you to leave this is seen as a means of removing the possibility of this happening. You will find that the redundancy payment will be fixed at this time.
One of many questions often raised is whether or not redundancy pay is taxable. 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 at least two years regardless of the number of hours you work. Your wages and any bonus which you have accrued in those times are going to be taxable.
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