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Voluntary redundancy. Voluntary redundancy (VR) is a financial incentive offered by an organisation to encourage employees to voluntarily resign, [1] typically in downsizing or restructuring situations. The purpose is to avoid compulsory redundancies or layoffs.
Definition of redundancy. 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 ...
Termination of employment. Termination of employment or separation of employment is an employee's departure from a job and the end of an employee's duration with an employer. Termination may be voluntary on the employee's part (resignation), or it may be at the hands of the employer, often in the form of dismissal (firing) or a layoff.
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwilfully. In addition to their remaining regular pay, it may include some of the following: Any additional payment based on months of service. Payment for unused accrued PTO vacation time, holiday pay or sick leave unless ...
The BBC has announced a programme for voluntary redundancies in the company’s public service department.
The Superannuation Act 2010 (c. 37) is an Act of the Parliament of the United Kingdom. It caps the redundancy payouts to civil servants at 15 months' salary. Initially the proposal was for a maximum of 12 months' salary. This was raised during the passage of the Bill to 15 months in the case of voluntary redundancy.
Voluntary redundancy is when an employer asks an employee to agree to terminate their contract, in return for a financial incentive.
Layoff. Not to be confused with Degrowth or Shrinkage. A layoff[ 1 ] or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees (collective layoff) [ 2 ] for business reasons, such as personnel management or downsizing (reducing the size of) an organization.