Most people find it difficult to be made redundant. Even if employees suspected that something was wrong at work, it is usually a shock. For some people, being made redundant can be the best thing in this world.
It gives them the chance to reinvent themselves and/or travel the world. If you're not one of these people, and this has come as a surprise to you, here are some tips on redundancy agreement .
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Everybody's first question is "Am I going to get any cash?” and the answer is : Yes, if..
* You are being made redundant, being fired from the company, and not resigning. You are usually dismissed if you accept an invitation to leave the company through voluntary redundancy.
* At least 2 years of continuous service
* You are employed under a contract of employment. This can be written, verbal, or a combination of both.
The next question is, "How much am I going to get?"
This will vary greatly depending on the employer. The amount can vary from the minimum statutory requirement to the maximum contract payment. No matter how large the payment, you should know that the first PS30,000 of the amount is exempted from tax.
If you receive more than that, the tax man will ask for a share.