Redundancy Insurance

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Voluntary Redundancy

When an employer needs to shed part of the workforce non-compulsory selection of those to be dismissed could be by voluntary redundancy. This is a much more expensive method for the employer because employees with many years of service may be attracted to higher redundancy settlements. It is not uncommon for employers to offer higher redundancy payments for volunteers as an incentive for staff to leave.

The problem with this method, from the employer's perspective is that it may result in a disparity in the skills and experience of the remaining and in turn affect the productivity of the company. Because of this many redundancy agreements give the employer the right to decide upon who should be allowed to take voluntary redundancy and those who should not. Because of this it is not at all certain that an employee who applies for voluntary will be accepted for it.

The employee should also consider whether a failed application would affect future career prospects.

Despite the agreements and payments, redundancy can be financially crippling for those whom it affects. It is therefore wise to obtain Redundancy Protection in the form of Redundancy Insurance Cover now and not wait until it will be too late!

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