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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 ...
Research on downsizing in the US, [6] UK, [7] [8] [9] and Japan [10] [11] suggests that downsizing is being regarded by management as one of the preferred routes to help declining organizations, cutting unnecessary costs, and improve organizational performance. [12] Usually a layoff occurs as a cost-cutting measure. A study of 391 downsizing ...
The Redundancy Payments Act 1965 (c. 62) was an act of the Parliament of the United Kingdom that introduced into UK labour law the principle that after a qualifying period of work, people would have a right to a severance payment in the event of their jobs becoming economically unnecessary to the employer.
In 2002, the Court of Appeal ruled in a case brought by staff employed at Albion's Farington site in Lancashire, Albion Automotive Ltd w. Walker and others, [1] that a contractual term entitling employees to an enhanced redundancy payment could be implied into the employees' contracts of employment based on the employer's custom and practice.
The Redundant Mineworkers and Concessionary Coal (Payments Schemes) Order 1973 provided for three new types of benefits, including "lump sums based on length of service for men redundant between age 35 and 55, and for men over 55 who due to lack of service in the industry do not qualify for basic benefit; a new benefit equivalent to the current ...
In 1999, plans were announced to dismantle all of the United Kingdom's gasholders due to being made largely redundant due to improvements in gas storage. [13] This was intended to include the Oval Gas Holders. [14] In March 2012 Lambeth Council locally listed the three gas holders of 1874, 1876 and 1892 (No.4, No.5 and No.1).
After being made redundant, he worked in the foreign currency trading rooms of various banks, including the Bank of Iran and Marine Midland. [1] [15] [16] In 1982-89, he was Chief Dealer at SCF Equity Services. [19] By 1989, Cruddas had become the head foreign exchange dealer at the London branch of the Jordanian-based Petra Bank. [20]
He also worked for Reuters, BBC News, Channel 4 News, European Business Channel, Asia Business News, European Business News and CNBC Europe in the 1990s until he was made redundant from CNBC in 2000. In 2007, newspapers revealed that he had become homeless and was sleeping rough on Hove seafront. [2] [3] On 20 November 2007, he filed for ...