How to secure the best redundancy package possible?

Hockney

I've been offered voluntary redundancy, and have an interview coming up with HR regarding my redundancy package, I want to secure the best package possible.

They're offering 6 weeks pay per year worked. A few questions:

I have accrued 6 days holidays to date this year, out of a 27 day annual allowance (I've taken 5 days off in Feb). Am I entitled to be paid for these 6 days which I won't have an opportunity to take, or even all my remaining 22?

I would have to give one month notice period if I were to leave. If I'm asked to leave in one or two weeks, could I be entitled to be paid for whatever is left of the one month notice period (two/three weeks)?

Has anyone here been involved in similar interview? What exactly should I expect?

Thanks for reading.

bbam

Hi..
You should be entitled to be paid for holidays accrued but not taken. If you are asked to finish before the end of your agreed notice period you should also be paid for this..
Is the six weeks they are offering on top of your statutary entitlement??

Hockney

bbam wrote: »

Hi..
You should be entitled to be paid for holidays accrued but not taken. If you are asked to finish before the end of your agreed notice period you should also be paid for this..
Is the six weeks they are offering on top of your statutary entitlement??

Thanks bbam, I'm pretty sure that the 6 weeks is inclusive of the statutory payment. The tax implications seem to be fairly long and drawn out:

http://www.revenue.ie/en/tax/it/leaflets/it21.html

Have you been through something similar yourself?

Also, do you know if there's typically any restriction on coming back to work for the same company in future, if you've previously gotten redundancy from them? I still have the option of not taking it, so I want to have all angles covered before I sign for it.

bbam

My understanding is that you cannot come back to the SAME job. It would need to be different in some way, slight changes would be fine..

If you are worried about the tax stuff you'd be advised to get a tax accountant to help you out..

rockblu

A bit off the point but does anyone know the website to check your redundancy latest processing times,im sure i checked it before sumwhere on line but am unable to find it again,i know i could just ring nera but you could be waiting half hr to speak to someone,cheers.

magic roundabou

http://www.deti.ie/employment/redundancy/processingdates.htm

here is the current processing dates - its really only a guideline as i have got some back quicker and some slower

Hockney

Hey all,

Said I'd up date this with how it turned out for me, for the benefit of people in the same scenario in future.

I ended up getting paid for 5 days holidays I carried in, aswell as the 6 days I had accrued in the year.

I wasn't paid my notice period, nor was anyone who took the voluntary redundancy in my company. We were told the reason it wasn't paid was that the redundancy was taken on a voluntary basis, if it was statutory I would have been paid it.

I started employment with the company on a one year contract, and was made permanent 6 months into it. I had assumed that my package would only have been calculated from the date I was made permanent, but got the welcome surprise it was paid from the date I had joined the company.

On the tax end of things, I qualified for the increased exemption because I had been paying into a pension scheme, which was reduced by about 2k because the tax-free sum NPV of my pension was only about 2k. This was also a pleasant surprise, because the value of the entire fund was about 20k, so the tax-free sum NPV turned out to be about 10% of the entire fund, resulting in me paying less tax on my payout.

I ended up with almost 30k of my payout tax-free, with the remainder taxed at 42% (including my holiday payment).

Overall, delighted!