Just wondered if anyone could help me?
I've been given IHR with a lump sum, i've been with RM for 2 years and have been told i should be looking at 34 weeks plus 9 Weeks PILON but i'm wondering if either of those are taxable?
I know that if i'm due any outstanding leave that i can be taxed on that.
cheers
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Ill Health Retirement lump sum payment
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kungfusurg
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pokos27
- Posts: 657
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Re: Ill Health Retirement lump sum payment
its not taxible, you will get just over £16k
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kungfusurg
- Posts: 8
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Re: Ill Health Retirement lump sum payment
but my weekly wage is £333.24?
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Glenno
- Posts: 1491
- Joined: 05 Jun 2007, 13:12
Re: Ill Health Retirement lump sum payment
In my experience with dealing with IHR cases you will be sent a letter laying out exactly what you are due, it will bekungfusurg wrote:Just wondered if anyone could help me?
I've been given IHR with a lump sum, i've been with RM for 2 years and have been told i should be looking at 34 weeks plus 9 Weeks PILON but i'm wondering if either of those are taxable?
I know that if i'm due any outstanding leave that i can be taxed on that.
cheers
34wks x basic wage + delivery supplement/s = £???
9wks Pilon = £???, then any outstanding leave for the year(max 5 days roll-over from previous) which will be paid weekly until your end date, 1 week from your end date you should receive the 34wks+9wks monies
hope this helps
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POSTMAN
- SITE ADMINISTRATOR
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Re: Ill Health Retirement lump sum payment
PILON is taxable.
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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analogsynthman
- Posts: 31
- Joined: 12 Feb 2010, 14:13
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Re: Ill Health Retirement lump sum payment
mine wasn't.POSTMAN wrote:PILON is taxable.
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POSTMAN
- SITE ADMINISTRATOR
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Re: Ill Health Retirement lump sum payment
Tis strange as easterbunny who works at Sheffield says...
The Pay in Lieu of notice ( Pilon ) is not taxable or subject to NI deductions...
The Pay in Lieu of notice ( Pilon ) is not taxable or subject to NI deductions...
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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fishtank
- Posts: 19732
- Joined: 28 Sep 2007, 17:22
- Gender: Male
Re: Ill Health Retirement lump sum payment
Because,in most cases with IHR Royal Mail want you to leave immediately PILON is a compensatory payment and is tax free.Two different types of payment are often lumped together under the generic name "pay in lieu of notice" or "PILON", namely (i) payments specifically provided for in the employee's contract of employment - as a general rule these are fully taxable, - and (ii) payments not provided for in the contract to compensate the employee for not allowing him to work out the notice period to which he is entitled - as a general rule the first £30,000 of these is free of tax.
Outstanding annual leave is taxable.
good times, bad times you know I've had my share