Ulster Bank staff

Juniorhurler

As a soon to be affected family (We think. The branch that I work in is underperforming grossly) by the announcement yesterday we have been discussing redundancy a lot and as we always do when we are confused and bewildered we are turning to boards for advice.

I have looked at the redundancy link and can't make head or tail of the revenue speak. What rate is statutory redundancy? I understand the standard exemptions but not the rest.

I don't want to give out my pay details online so if anybody would like to help me understand my options better, at what is a seriously worrying time for my wife and I who have a large mortgage (negative equity) and two kids 2 and 4 years old, please pm me and I can furnish you with my pay and employment details.

Thanks in advance for any help.

CSF

Juniorhurler wrote: »

As a soon to be affected family (We think. The branch that I work in is underperforming grossly) by the announcement yesterday we have been discussing redundancy a lot and as we always do when we are confused and bewildered we are turning to boards for advice.

I have looked at the redundancy link and can't make head or tail of the revenue speak. What rate is statutory redundancy? I understand the standard exemptions but not the rest.

I don't want to give out my pay details online so if anybody would like to help me understand my options better, at what is a seriously worrying time for my wife and I who have a large mortgage (negative equity) and two kids 2 and 4 years old, please pm me and I can furnish you with my pay and employment details.

Thanks in advance for any help.

Just don't put yourself forward for the voluntary redundancy. The redundancy package last time out was oversubscribed so theres a decent enough chance you'll be ok. Wouldn't be panicing just yet even though it is natural to feel nervous.

Juniorhurler

CSF wrote: »

Just don't put yourself forward for the voluntary redundancy. The redundancy package last time out was oversubscribed so theres a decent enough chance you'll be ok. Wouldn't be panicing just yet even though it is natural to feel nervous.

Our business area is over staffed so if I stay on I will be shipped out of it and end up with a likely commute of about 90 miles which is not doable with a young family. If our branch closes the voluntary redundancy may be my only viable option unfortunately:(

CSF

Juniorhurler wrote: »

Our business area is over staffed so if I stay on I will be shipped out of it and end up with a likely commute of about 90 miles which is not doable with a young family. If our branch closes the voluntary redundancy may be my only viable option unfortunately:(

No mention of branch closures yet. If your closest branch is 90 miles away I can't see your branch closing either. Not if the helpful banking customer first stuff stays the focus anyway.

Juniorhurler

CSF wrote: »

No mention of branch closures yet. If your closest branch is 90 miles away I can't see your branch closing either. Not if the helpful banking customer first stuff stays the focus anyway.

No my nearest branch is not, the nearest one outside the business area is as I am in a business area that they say is way overstaffed and will probably be therefore moved on. My branch manager was at a meeting last week and they were mentioned by the regional manager in a hypothetical kind of way

Alan Shore

Juniorhurler wrote: »

I have looked at the redundancy link and can't make head or tail of the revenue speak. What rate is statutory redundancy? I understand the standard exemptions but not the rest.

Hi

In relation to redundancy. Statutory redundancy is 2 weeks per year worked + one week. This is exempt from Income Tax.

On your first redundancy or retirement payment, the higher of the following will be exempt from tax:

Basic Exemption
Increased Exemption
Standard Capital Superannuation Benefit (SCSB).
http://www.revenue.ie/en/tax/it/leaflets/it21.html#section3

Hope that helps

barneystinson

Alan Shore wrote: »

Hi
In relation to redundancy. Statutory redundancy is 2 weeks per year worked + one week. This is exempt from Income Tax.

Important to note that the limit for the purposes of calculating the statutory redundancy is €600 per week (equivalent of €31,200 p.a.). If you are earning more than that, your statutory redundancy (i.e. the tax exempt amount) will be capped accordingly.

1966

Juniorhurler wrote: »

As a soon to be affected family (We think. The branch that I work in is underperforming grossly) by the announcement yesterday we have been discussing redundancy a lot and as we always do when we are confused and bewildered we are turning to boards for advice.

I have looked at the redundancy link and can't make head or tail of the revenue speak. What rate is statutory redundancy? I understand the standard exemptions but not the rest.

I don't want to give out my pay details online so if anybody would like to help me understand my options better, at what is a seriously worrying time for my wife and I who have a large mortgage (negative equity) and two kids 2 and 4 years old, please pm me and I can furnish you with my pay and employment details.

Thanks in advance for any help.

easier said than done I know.................but dont start worrying until you know you are affected. God only knows how long the "consultation" process with Unions will take and the way the world is now things can change drastically in a month. A wise old owl said to me recently that he has lived through three recessions now and he feel, looking back, that in his younger days he put sooooo much on hold because of recession, job worries, money worries, the what if syndrome etc and feels that he basically stopped living for a number of years while this went on.......its not good out there for sure and people are heavily borrowed but we have to try to keep ourselves positive. Good Luck...

pale rider

I took the U.B. package in 2009, it is not that difficult to calculate so don't stress it for now.

Sit tight and don't put your hand up until you have to, last time it was oversubscribed but it also was a good package so we'll see, my personal view is that they will have to have some element of compulsory redundancy.

Good luck !

Ally Dick

Rumours I have heard is that they will only be offering 3.5 weeks per year redundancy package INCLUDING the statutory 2 weeks. I can't see it being a voluntary package on that basis. Nobody in their right mind would take it