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Vr
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woody38
- EX ROYAL MAIL
- Posts: 273
- Joined: 19 Apr 2016, 08:38
- Gender: Male
Vr
Is there a difference between VR & EVR, my manager says u pay tax on everything now, has that changed I thought it was tax free up to £30,000. I also had a by down last year going from 39 hrs to 19.5 does anybody have an idea if u have to pay anything back if u leave after 1 year of having a by down.
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RobertT
- EX ROYAL MAIL
- Posts: 6694
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Vr
VR – Voluntary Redundancy. A payment up to a max of 104 weeks pay, done on seniority, the first £30k is tax free.
EVR – Early Voluntary Retirement. Enhanced pension and a lump sum of 26 weeks pay. Only available to the over 55’s and only if the cost to the business is less than 104 weeks pay.
Buy down is a form of redundancy, so it’s likely you won’t be offered it again, especially as the company want rid of full timers.
I think the time limit is 2 years afterwards, but not too sure on that.
EVR – Early Voluntary Retirement. Enhanced pension and a lump sum of 26 weeks pay. Only available to the over 55’s and only if the cost to the business is less than 104 weeks pay.
Buy down is a form of redundancy, so it’s likely you won’t be offered it again, especially as the company want rid of full timers.
I think the time limit is 2 years afterwards, but not too sure on that.
Links to all RM pension related websites are here
