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Redundancy is the term used to describe a situation where an employee's services are terminated through no fault of their own, usually because their employer no longer desires or requires a particular job to be performed.
If this happened to you, and you or your partner had to give up work right now, how long could you survive with absolutely no income?
Redundancy is commonly a termination of employment by the employer because the employer is:
- Closing part or all of the business
- Restructuring
- Cutting staff to save costs
- Introducing new technology
- Does not need that job done by anyone
- Needs fewer people to do that type of job
There are some legal obligations regarding the process of redundancy. These obligations vary from case to case and may be contained in awards, agreements, employment contracts and unfair dismissal legislation.
Because of this complexity, it is important to find out your rights and obligations regarding issues such as:
- Notice periods
- Redundancy pay entitlements
- Additional termination pay
- Superannuation implications
Book your Free Consultation online today using our simple online Enquiry Form, for more information on Redundancy, or any of our financial services.
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