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Redundancy Payment

viper006 · 2013-07-28 16:07:22

Hi all, i would appreciate some information on this if anyone could help.Il try to explain this as best i can. Last year after my company sought applications from staff for people to take early retirement/severance pay.A lump sum payment of x weeks' pay per year of service inclusive of statutory entitlements but also A…

28-07-2013 4:07pm

#1

viper006

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Join Date: March 2008

Posts: 607

Hi all, i would appreciate some information on this if anyone could help.Il try to explain this as best i can.

Last year after my company sought applications from staff for people to take early retirement/severance pay.A lump sum payment of x weeks' pay per year of service inclusive of statutory entitlements but also A minimum payment of €x for staff.Basically when i leave il have less than 2 years service but il still getting this x amount.

Can anyone tell me the tax implications of this amount. Will it be taxable or does it fall under the basic tax exemption of anything under 10,160 as below
http://www.citizensinformation.ie/en/employment/retirement/income_tax_in_retirement/retirement_lump_sum_taxation.html

Any feedback greatly appreciated

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