Voluntary Redundancy

[Nova]

This doesn't apply to me, not yet anyway, but does anyone know what constitutes a decent payout for voluntary redundancy?  The general guide figure being bandied about is 50 days pay for each year worked, which in my opinion seems an awfully low offer for somebody to give up their job in the current economic climate where it could be years before they find another one 

[NAH]

No doubt there will be a legal minimum but the definition of 'decent payout' surely depends on the circumstances of the individual 

[Briz]

This doesn't apply to me, not yet anyway, but does anyone know what constitutes a decent payout for voluntary redundancy?  The general guide figure being bandied about is 50 days pay for each year worked, which in my opinion seems an awfully low offer for somebody to give up their job in the current economic climate where it could be years before they find another one 

Having been made redundant a number of times that seems a very good offer. In the UK you are looking at a minimum of one week for every year.

Anyone who has worked for five years will get a years money.

[Nova]

No doubt there will be a legal minimum but the definition of 'decent payout' surely depends on the circumstances of the individual 

Good point. I imagine it could be a tempting offer for anybody who already has other plans or who has a partner with a reliable income and wants to start / spend more time with their family.  But for anybody else I think it's a good job it's voluntary... 

Briz is that for voluntary redundancy?  I was given compulsory redundancy once and all I got was pay to the end of the month, but surely voluntary redundancy is supposed to offer enough incentive for employees to offer to leave?

And whatever the payout am I correct in assuming it is a multiple of gross salary which will itself then be subject to the normal deductions?

[NAH]

In the UK, redundancy pay is tax free. Other payments which maybe made in the same 'wage packet' such as payment in lieu of notice worked or holiday pay is subject to the normal deductions.

[NAH]

In the UK:

You only qualify for statutory redundancy pay if you've worked for your employer for at least 2 years.

You'll get:

   half a week's pay for each full year you were under 22
1 week's pay for each full year you were 22 or older, but under 41
1 and half week's pay for each full year you were 41 or older


Source

[Nova]

Wow, that does make 50 days per year worked sound good.....  That link also suggests I may be mistaken in assuming that voluntary redundancy payouts would be substantially higher than those for compulsory redundancy 

[NAH]

My initial thoughts were that 50 days per year worked sounded quite good. Glad the link was useful.

[El Profesor]

Wow, that does make 50 days per year worked sound good.....  That link also suggests I may be mistaken in assuming that voluntary redundancy payouts would be substantially higher than those for compulsory redundancy 

That link is for UK. I thought this was about Spain.
Anyway, in Spain I think they have to give you 33 days if they sack you. And that has just gone down from 45.

[Nova]

I have now had confirmation that the offer is 50 days pay per year worked, subject to the normal deductions for tax and social security, plus two years of paro.  I don't know at what rate the paro would be paid for two years but that could make all the difference to some.  There are changes afoot...

Anyway, in Spain I think they have to give you 33 days if they sack you. And that has just gone down from 45.

I can't find the link now, but I read somewhere the other evening that the entitlement is now 45 days per year worked before the reforma laboral and 33 days per year worked since the reforma laboral, which kinda makes sense.