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A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
Losing your job can be one of the most difficult challenges you have to face in life, but negotiating a good severance package can help you get back on your feet.
The only time that a redundancy payment doesn't have to be paid is if an employee is casual, working for a small business or has worked for a business for less than twelve months. The redundancy compensation payment for employees depends on the length of time an employee has worked for an employer which excludes unpaid leave.
Voluntary redundancy is when an employer asks an employee to agree to terminate their contract, in return for a financial incentive.
Section 139 of the Employment Rights Act 1996 defines the two situations in which a redundancy may occur: (a) the fact that his employer has ceased or intends to cease— (i) to carry on the business for the purposes of which the employee was employed by him, or (ii) to carry on that business in the place where the employee was so employed, or
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Section 135 of the Act gives employees a right to redundancy payments. This means when their jobs have become obsolete and employer should compensate them, provided they have become an established employee. The qualifying period for redundancy is having worked for two years with the same employer (s.155).
A voluntary redundancy programme is not always driven by short term revenue goals. It can also be motivated by the strategic choice to change the age structure within the company. According to research, [ citation needed ] people who accept voluntary redundancy may at times return to the company after changes in the company's prospects ...