Redundancy

[the trooper]

Can anyone tell me what Royal Mails redundancy package consists of?

[TeeferTiger]

And the IHR based on 3.5 years service on p/t contract...

[easter bunny]

IHR is basicially the same for everybody with 12 months service or more. 34 weeks pay, 9-12 weeks notice depending on service , outstanding leave and Colleague shares if you qualified for them.

Tax and NI is paid on your leave and shares , nothing else.

[jockstrapp]

Royal Mail redundancy consists of HAPPINESS no more shyte from retarded managers no more walking in the piss1ng rain no more greetin faced householders no more lies from incompetent senior management
and your life back

GO FOR IT

[bobbla7896]

Royal Mail redundancy consists of HAPPINESS no more shyte from retarded managers no more walking in the piss1ng rain no more greetin faced householders no more lies from incompetent senior management
and your life back

GO FOR IT

so, so, so, so, so, true, well said i totally totally agree...........

[easter bunny]

and IHR....

[post_bitch]

34 weeks pay if u been workign over a year? ill take that!

[NWpostie]

I think voluntary pays out more.

[north london driver]

redundancy terms in this country are a joke.

in europe redundancy pay-offs are worth taking due to european laws

yet this country wont except european redundancy terms, anyway its quicker nowdays to sack staff

who have been in royal mail for a good few years.

the longer you have been in the job,royal mail are more likley to get rid of you.

[baldrick]

Can anyone tell me what Royal Mails redundancy package consists of?

This is from the VR Compensation Ready Reckoner sent to everyone in my MC a couple of years ago.
I think the terms are still the same. You need to have at least 2 years service to qualify.

Formula for calculating compensation
0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each full year of service from age 22 to age 40; plus
1.5 weeks assessable pay for each full year of service over the age of 41.

Added together, the total from the above is then multiplied by 3.75 to give the total No. of weeks' entitlement.
Minimum entitlement = 26 weeks compensation.
Maximum entitlement = 104 weeks compensation.

MtSF2a Ready Reckoner V2.0
PILON (Pay in lieu of notice) Will NOT be offered.

[Indy]

Can anyone tell me what Royal Mails redundancy package consists of?

This is from the VR Compensation Ready Reckoner sent to everyone in my MC a couple of years ago.
I think the terms are still the same. You need to have at least 2 years service to qualify.

Formula for calculating compensation
0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each full year of service from age 22 to age 40; plus
1.5 weeks assessable pay for each full year of service over the age of 41.

Added together, the total from the above is then multiplied by 3.75 to give the total No. of weeks' entitlement.
Minimum entitlement = 26 weeks compensation.
Maximum entitlement = 104 weeks compensation.

MtSF2a Ready Reckoner V2.0
PILON (Pay in lieu of notice) Will NOT be offered.

Thanks for that.... APPEARS to be very generous compared to Statuary redundancy pay.

One thing I would point out though is that this is for VOLUNTARY redundancy.... what happens if its not voluntary?

Don't know if you know or not but is the weeks pay based on basic or average pay?

[wiganpostie]

Do you pay tax or NI on redundancy money?

[baldrick]

Do you pay tax or NI on redundancy money?

You don't pay tax on up to £30k. Not sure about NI but I think NI is only paid on wages.

[baldrick]

Can anyone tell me what Royal Mails redundancy package consists of?

This is from the VR Compensation Ready Reckoner sent to everyone in my MC a couple of years ago.
I think the terms are still the same. You need to have at least 2 years service to qualify.

Formula for calculating compensation
0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each full year of service from age 22 to age 40; plus
1.5 weeks assessable pay for each full year of service over the age of 41.

Added together, the total from the above is then multiplied by 3.75 to give the total No. of weeks' entitlement.
Minimum entitlement = 26 weeks compensation.
Maximum entitlement = 104 weeks compensation.

MtSF2a Ready Reckoner V2.0
PILON (Pay in lieu of notice) Will NOT be offered.

Thanks for that.... APPEARS to be very generous compared to Statuary redundancy pay.

One thing I would point out though is that this is for VOLUNTARY redundancy.... what happens if its not voluntary?
RM doesn't have compulsory redundancies - yet.

Don't know if you know or not but is the weeks pay based on basic or average pay?

VR payments are based on the average pensionable pay for the 26 weeks prior to taking the VR.
So it includes any pensionable payments like shift allowances, but not overtime or SA.

[Indy]

Can anyone tell me what Royal Mails redundancy package consists of?

This is from the VR Compensation Ready Reckoner sent to everyone in my MC a couple of years ago.
I think the terms are still the same. You need to have at least 2 years service to qualify.

Formula for calculating compensation
0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each full year of service from age 22 to age 40; plus
1.5 weeks assessable pay for each full year of service over the age of 41.

Added together, the total from the above is then multiplied by 3.75 to give the total No. of weeks' entitlement.
Minimum entitlement = 26 weeks compensation.
Maximum entitlement = 104 weeks compensation.

MtSF2a Ready Reckoner V2.0
PILON (Pay in lieu of notice) Will NOT be offered.

Thanks for that.... APPEARS to be very generous compared to Statuary redundancy pay.

One thing I would point out though is that this is for VOLUNTARY redundancy.... what happens if its not voluntary?
RM doesn't have compulsory redundancies - yet.

Don't know if you know or not but is the weeks pay based on basic or average pay?

VR payments are based on the average pensionable pay for the 26 weeks prior to taking the VR.
So it includes any pensionable payments like shift allowances, but not overtime or SA.

Cheers Baldrick, For some people the difference if you took SA and overtime into consideration would be a considerable hike in the overall payment.

For me I'm not worried about VOLUNTARY redundancy as in the current jobs market hell would freeze over before I chose to leave RM..... its the COMPULSORY redundancy that scares the shite out of me. You sum it up perfectly with the "yet"!