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UK Financial News From the latest UK financial news, and interesting articles about insurance, credit cards, and other useful tidbits, to special offers, and revealing finance tips from the experts, the stories and news items we display here will help to keep you informed.

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Articles   >>   Redundancy rights: what you need to know if the axe falls

Redundancy rights: what you need to know if the axe falls

Friday, July 9 , 2010
View the full story at: http://telegraph.co.uk ... /Redundancy-rights-what-you-need-to-know-if-the-axe-falls.html

Redundancy rights: what you need to know if the axe falls

Knowing your legal rights can help secure a better severance package, should the P45 land on your desk. But even before job cuts are announced, it pays to know what notice period you are on and the size of any redundancy payment due.

You are entitled to work out your notice period or be offered pay in lieu. In addition, you will be entitled to statutory redundancy pay, employees aged 22 to 41 are entitled to at least one week's pay for every full year of employment; older workers get 1.5 weeks' pay.

However, many employees get far better terms, for example one month's pay for every year worked; some public sector employees are even entitled to three months' pay per year. These should be in your contract and are known as your "contractual rights".


View the full story at: http://telegraph.co.uk ... /Redundancy-rights-what-you-need-to-know-if-the-axe-falls.html

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