Voluntary redundancy australia
Is redundancy voluntary? Can voluntary redundancy save you the hassle? What is compulsory redundancy? If you choose voluntary redundancy , you are typically entitled to redundancy pay. An employer calculates the amount based on your years of service to the company. However, in some instances, the law does not require an employer to pay redundancy pay. This may be when you have been working for a company for under a year. In most cases of voluntary redundancy , the employer offers a financial incentive to an employee to voluntarily resign subject to a formal Deed of Release (which prevents the employee from bringing a successful claim). In effect, the business benefits as they do not have to undergo the trauma and turmoil associated with downsizing. Find out more on Coronavirus and Australian workplace laws. This limit is a dollar amount plus an amount for each additional year of completed service in your period of employment. More information, and a notification template,...