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General => General discussion => Topic started by: bobbarley on 17 January 2012, 19:42
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Redundancy pay. Someone told me it's a weeks pay for every full year you've worked, tax free. Is that correct?
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That is the legal minimum, IF you've worked there for two years on a permanent contract. IIRC.
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And the pay is gross, not taxed?
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Hi bud,try this site.http://www.direct.gov.uk/en/Employment/RedundancyAndLeavingYourJob/Redundancy/DG_174330
Rob
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they don't have to give you redundancy at your current salary. they can give you statutory redundancy if they want to which is feck all
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Statutory is what I got a few years ago when I got made redundant and yes it was 1 week for every year, I think I got about £1300 for 5 years service :angry:
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Statutory is £400 a week maximum. That's pretty much what I earn a week anyway.
your weekly pay, up to a certain limit (£400 current maximum, £430 from 1 February 2012)
Long as it's gross and not net that makes a pretty big difference I guess.
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That is the legal minimum, IF you've worked there for two years on a permanent contract. IIRC.
It is and I believe it is capped to £300 or £350 per week for under 50's or 55's
And its £350 or £400 for over 50's or 55's
Other words f**king sh!t
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You will get:
0.5 week’s pay for each full year of service where your age was under 22
1 week’s pay for each full year of service where your age was 22 or above, but under 41
1.5 week’s pay for each full year of service where your age was 41 or above
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They've increased it from a couple years ago then. Still sh!t if you earn more than that.
Blokes I work with if they get made redundant they will walk away with 90 weeks pay plus a full pension.
Thats a contract from the days when companies looked after you and valued the work you done for them. . .
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It's £400 for every year you have worked there minimum. Got made redundant in November and managed to get £550 per year from them.
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Imagine that these days, a company that looks after it's employees :undecided:
Heard it's likely the entire department I work for will be shipped off to either Ireland or India by the end of the year :sad:
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You will get:
0.5 week’s pay for each full year of service where your age was under 22
1 week’s pay for each full year of service where your age was 22 or above, but under 41
1.5 week’s pay for each full year of service where your age was 41 or above
I earn more than £400 a week but I wouldn't get what I earn a week if I was made redundant now. Pretty sure the blokes in work when they got made redundant 2 years ago they where capped and they where all over 50
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Gawd... I'd end up going to court if I got the boot and couldn't get another job. Too many out goings and debts I'm trying to clear. On the up side, it'd all get written off :grin:
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Imagine that these days, a company that looks after it's employees :undecided:
Heard it's likely the entire department I work for will be shipped off to either Ireland or India by the end of the year :sad:
Hopefully they don't :sad: how many years you got in? Might be worth looking for another job now
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I've been there for 5 years, so if I hang around I'd walk away with just over £2000.
Rough plan would be for us to move in with my parents, her working full time, and I try to use the money to re-train so I can do something else.
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damn, hope it's not true Nige :sad:
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damn, hope it's not true Nige :sad:
I hope not mate, couldn't be worse timing with the little one here.
They've made 5 of the Vice Presidents redundant already. Some of it is just rumours, but there's also some tell tale signs as well. Some of our work is being done in Pune at the moment. The official line they're spinning is "We're trying to take some of the strain off you guys". Unofficially, it sounds like they're seeing whether they can do the work before they move everything over :undecided:
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And the pay is gross, not taxed?
Up to £30k it's tax free.
Above that, should anyone be so lucky, it becomes either 40%, 25% or less, depending on when you get it in the financial year and if you work in the next financial year etc...in other words, time for an accountant!
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Good Luck mate with the direction you decide to take if you do get made redundant.It happened to me 6 years ago and i havent looked back.It is hard initially but there is money to be made out there.
Rob
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Maybe time to brush up ye olde CV and look around? :undecided:
Any of the other banks have similar departments that you know of? See what training you can get out them them?
A friend who works at the Didcot power station is rinsing them for all the training he can get and also paying for a few courses himself for when it gets shutdown and made redundant in a few years. He's doing a health and safety course in a few months, costing around £400 he said, which means he can then go and audit companies H&S policies and do consulting etc for a tidy sum.
Just a thought that you might want to change career paths and get some training done now, could work out for the best?
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Was thinking I'd be likely to try to go to college and learn a trade. Would like to be qualified as a mechanic. Possibly plastering, something a bit more manual. With the aim of eventually going it alone when I've enough experience.
Just have to wait and see I suppose :undecided:
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Was thinking I'd be likely to try to go to college and learn a trade. Would like to be qualified as a mechanic. Possibly plastering, something a bit more manual. With the aim of eventually going it alone when I've enough experience.
Just have to wait and see I suppose :undecided:
do a welding course mate i have just done mine and 10 quid an hour minimum they have a shortage of welders im trying to get on at camel laird shipbuilding in merseyside good luck with whatever you do
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Looks like I'm gonna be getting the boot again! :rolleyes: thought it was all rosy as I'd been selected for promotion. Told just yesterday that I will be going in front of a medical board of survey, and going by the assessors Q's, and my A's, I'm off on medical discharge some time around may. Promotion course was supposed to start on 28th May but has been cancelled today. :sad: need to really pull my finger out but I really don't know what I wanna do now. What's the next up and coming business/trade to get into fellas, anyone know??
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drug dealing lol i have never met a skint dealer yet
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Looks like I'm gonna be getting the boot again! :rolleyes: thought it was all rosy as I'd been selected for promotion. Told just yesterday that I will be going in front of a medical board of survey, and going by the assessors Q's, and my A's, I'm off on medical discharge some time around may. Promotion course was supposed to start on 28th May but has been cancelled today. :sad: need to really pull my finger out but I really don't know what I wanna do now. What's the next up and coming business/trade to get into fellas, anyone know??
Mobile developer, making iphone, android and Metro Apps or Mobile Adverts :wink: Find what could be a killer app, develop it and you'll be minted - look at Angry Birds! It's made the company a fortune in a short period of time :smiley:
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drug dealing lol i have never met a skint dealer yet
Not met any that haven't done some time in jail either lol
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Very true drugs are for mugs I say
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Lloyds changed our contracts and therefore our redundancy terms shortly before giving us out notice!! (Hbos were much more generous!)
b.t.w best thing I've done is getting out of banking (although whether I say that in a few years?? :undecided:)
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b.t.w best thing I've done is getting out of banking (although whether I say that in a few years?? :undecided:)
What do you do instead now mate?
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bobbarley Make sure you start writing down everything you do. Also ask for a copy of your training record. Many companies don’t follow the proper procedures when choosing employees for redundancy.
in one case we managed to get a lady 5k extra as the company( a big one ) did not carry out the correct method of selection.
company paid up out of court as they knew they had done wrong and did not want the bad press
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From what I can gather it would be the entire department. However, if any of us were singled out, I would go based on the fact I earn the most :undecided:
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u wanna hope they get rid of u for a reason like that. you could start filling out an ET1 form straight away
A redundancy dismissal may also be an unfair dismissal if the employer does not handle the redundancy procedure correctly. Guidance for employers for fair redundancies was given in Polkey v AE Dayton Services (1987).
• The employees should be warned of the impending redundancies and consulted prior to the dismissals taking effect
• The employer should adopt a fair selection procedure, such as based on
Skills/experience
Standard of work performance/aptitude for work
Attendance or disciplinary record, AND
Apply the procedure fairly to all those in the pool for selection
• They should take reasonable steps to avoid/reduce the number of redundancies
Considering alternative employment
• They should comply with the statutory DDP
Failure to do so leads to automatic unfair dismissal
Once the employees who have been selected for redundancy are known then the employer should begin the statutory procedure.
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What you earn shouldn't come into it mate, but they would probably be sneaky about it and lay everyone off, change the job titles and make everyone reapply
hope it works out OK though, I know how you feel with a baby and losing your job, not a nice feeling :sad:
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I got £3000 for a year and a half work. :smiley:
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I thought there was a ceiling on the amount a company has to pay out by law?
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No, minimum a company pays out, maximum is up to them.
Where I work 5 years ago most people left with 120k+ for 25 years service plus a 20k a year pension and they weren't even 50 when they left.
But if you sign a contract with the company now you'll be lucky to get above the government minimum :sad:
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Reading that website it's £400 a week for Statutory redundancy, going up to £430 a week in Feb this year :undecided: Guess it would help and be better than nothing, but I'd need a job straight away to keep me going. I hope it never comes to that for anyone I know :sad:
your weekly pay, up to a certain limit (£400 current maximum, £430 from 1 February 2012)
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No, minimum a company pays out, maximum is up to them.
Where I work 5 years ago most people left with 120k+ for 25 years service plus a 20k a year pension and they weren't even 50 when they left.
But if you sign a contract with the company now you'll be lucky to get above the government minimum :sad:
My uncle was made redundant from Sellafield last year...he'd been there since he was 15 and worked his was up to a managerial role, he left with a £100k+ payout and full pension. A couple of weeks later he landed a job with another company doing practically the same job.
Nige - It may seem like the future is pretty bleak but it'll all work out in the end....it's just unfortunate timing :sad:
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What do you do instead now mate?
I work in insurance underwriting (I did my qualifications in investments & pensions, so I'm unskilled in this job and need to sit lots more exams to be a qualified underwriter!)
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drug dealing lol i have never met a skint dealer yet
Not met any that haven't done some time in jail either lol
Know plenty.... :lipsrsealed: