EVR, Done by seniority or Age?

[POSTMAN]

is this true anyone,was told evr now is 2 years wages only when reached certain years.

True. Maximum payout is 104 weeks wages.

Isn't that just for managers only though,i don't think we get that do we.

[2old4this]

is this true anyone,was told evr now is 2 years wages only when reached certain years.

True. Maximum payout is 104 weeks wages.

Isn't that just for managers only though,i don't think we get that do we.

Yep it is a max of 2 years wages, but only if you have 20 or more years,

[fishtank]

Yep it is a max of 2 years wages, but only if you have 20 or more years,

It's quite complicated...

Phase 1: Voluntary Redundancy with last day of service 1 April 2010 – 30 September 2010
Existing MtSF arrangements will remain in place for all employees, except for 50-54 year old RMPP qualifying members where the statutory change in the Minimum Pension Age means that they will only receive compensation based on aggregate service subject to a minimum of 6 months and a maximum of two years’ pay, calculated as follows:

0.5 weeks’ Pay for each full year of service where age during year less than 22
1.0 weeks’ Pay for each full year of service where age during year is 22 or above, but less than 41
1.5 weeks’ Pay for each full year of service where age during year is 41+

and multiplied by 3.75.

This interim arrangement applies to redundancies, applying the criteria in Appendix 5 in MtSF, where the employee has a last day of service of 30th September 2010 or earlier. Exceptionally these terms will also be available for employees offered Voluntary Redundancy in a site closure where most of the redundancies in relation to that site closure take effect before 30th September 2010.

Now that should be complete so it's on to Phase 2...

Phase 2: Voluntary Redundancy with last date of service from 1 October 2010
The following provisions will apply from 1 October 2010.
As for Phase 1, except that...

Qualifying members aged 55 – 64 will receive a pension enhancement by way of service credit of 37.5% of their prospective service up to NRA (65), subject to the RMPP Trust Deed & Rules, and cash compensation of 26 weeks’ pay or a statutory redundancy payment, whichever is the greater.

The current age based selection criterion for voluntary redundancy will cease from 1 October 2010, but the other current selection criteria, including seniority, will remain unchanged.

Total cost of compensation (including pensions) will be limited to two times annual pay (as per the definition in MtSF) for all employees. If the total cost of compensation including pensions exceeds the above limit, cash compensation equivalent to two years’ annual pay will be paid. This limit on total cost of compensation will be suspended for the life of this agreement and will be deployed from 1 April 2013.

If a redundancy exercise at a site means that employees offered voluntary redundancy are released on dates straddling a change in terms, all such employees will receive terms applicable at the beginning of the exercise.

The parts in red and green appear to contradict each other.

[Big Daz]

I don't see it as contradictory its simply telling us what policy will be from April 2013 until then a OPG may get more than 2 years.