Voluntary Redundancy or Compulsory Redundancy is regrettably more a way of life these days than it was even as recently as 25 years ago. When you joined a company you are expected to remain there for the duration of your career, probably beginning 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 can look at this in two ways, possibly a disaster or an opportunity. Many however, think of this as being a disaster and also 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 tough. What's more is that it could be frustrating when you see your work re-advertised nine months later as the firm is beginning to grow again often as a result of its survival through redundancies.
Transparency is needed when selections are made for redundancy. Basically the selection process must be fair and without discrimination. Decisions will be taken on your eligibility considering such things as your disciplinary record, your qualification, experience and capability to name a few.
If you are offered voluntary redundancy the redundancy package you may be offered is usually an enhanced redundancy payment, and possibly the extended use of a company car or health benefits. These initial redundancy deals are generally one of the most generous a company will make, as consequent rounds of redundancies means the offers are less liberal.
You might find that if your redundancy is compulsory that you will be asked to leave the premises immediately. You may think that this is embarrassing but there have been times when a few people have got angry and decided to cause a lot of problems by implementing computer viruses, damaging machinery or stealing and thus by asking you to leave this can be considered as a way of removing the possibility of this happening. You will discover that the redundancy payment will be fixed at this time.
One of several questions frequently raised is whether or not redundancy pay is taxable. Your redundancy payment will not be taxable up to Thirty thousand pounds. You will be entitled to redundancy payment if you have worked continuously for the company for a minimum of two years irrespective of the number of hours you work. Your wages and any bonus which you have accrued during this period will be taxable.
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