‘Employers normally give staff at least six weeks to decide whether they want to volunteer for redundancy,’ says Vanda Cox, director of EQ Workplace. ‘Use this time to really understand your options.
Can you take voluntary redundancy at any time?
If you want volunteer for redundancy because you have received another job offer, you should know that you can not receive voluntary redundancy pay if you move on to a new job straight away. You need to wait a period of time after leaving your old job, before starting a new job if you do take redundancy money.
Is voluntary redundancy immediate?
In fact, under the Employment Rights Act 1996, voluntary redundancy is not considered as a resignation, and is therefore still classed as dismissal. As a result, you will not lose any right you have to redundancy pay, and employers must go through exactly the same protocol as any other redundancy.
What happens when you take voluntary redundancy?
Sometimes employers offer incentives for taking voluntary redundancy, like extra redundancy pay or not having to work your notice period. You’ll also still get any other redundancy rights you’re entitled to, like time off to look for a new job.
Ask your employer what the redundancy package will be. Sometimes employers offer incentives for taking voluntary redundancy, like extra redundancy pay or not having to work your notice period. You’ll also still get any other redundancy rights you’re entitled to, like time off to look for a new job.
Is it better to take voluntary redundancy or compulsory?
Voluntary redundancy packages typically offer more in terms of financial compensation to employees than compulsory redundancy. A voluntary redundancy package will typically go over and above these limits to incentivise staff and increase interest in your offer.
How long does it take to find new job after voluntary redundancy?
If 100 or more people are being made redundant this needs to start at least 45 days in advance. Of course, even with voluntary redundancies people still need time to find new jobs and retrain if necessary.
What to do with the money you get from voluntary redundancy?
Use any money you don’t need for the next six months to pay off as much of your home loan as possible so you can afford to live on a lower salary if necessary. If you have decided to retire and are over 60, set aside enough income for the next two months and put the rest into your superfund.
What does a consultation mean for voluntary redundancy?
Consultation involves an employer speaking to staff about why they’re being offered voluntary redundancy and any alternatives which may be on the table. What are collective redundancies? If an employer is making 20 or more employees redundant at the same time, the consultation should take place between the employer and a representative (rep).
Is the University of Manchester doing voluntary redundancy?
Couple of months ago, I told you that my employer – the University of Manchester – has a round of voluntary severance that, failing to make the numbers, will change to compulsory redundancy. More importantly, I shared 7 ways to transform the threat of redundancy into a glorious opportunity.
