free small business advice & information
Main Menu
Hot Links
Page 6 of 10
Redundancy
5. Voluntary Redundancy
Voluntary redundancy programmes can only be launched in genuine redundancy situations.
5.1 Set out the terms of the package.
5.2 Specify who can apply for voluntary redundancy payments. For example, people at a certain level.
5.3 State that you may be unable to accept all volunteers for redundancy.
5.4 Consider offering early retirement, if your pension scheme allows it.
- This is usually more acceptable to the workforce than compulsory redundancies.
- Unlike enhanced lump-sum payoffs, it can create costly long-term commitments.
Labels: Employment Regulations
Monthly Prize Draw!
Win £375 worth of advertising for your business.
Enter our competition by either:
- Signing up to the is4profit Small Business Newsletter or
- Entering your firm's details into the Small Business Directory