Redundancy package from large German bank

Discussion in 'Redundancy, unemployment & jobseekers entitlements' started by abc_xyz, 16 Jul 2018.

  1. abc_xyz

    abc_xyz Registered User

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    Question for someone else who is getting involuntary redundancy.

    The package looks fairly minimal to me. Statutory plus a small lump sum payment (which seems independent of service and is about two weeks pay) for five years service. Notice period to be paid in lieu. I'd expect more from a major bank.

    Couple of questions:
    - Is there anything the person can do to get a better (reasonable!) package?
    - With notice period being paid in lieu of service where does the person stand with regards to the company's normal monthly pension contribution. If the period was worked I would assume the pension contribution would be paid as normal.

    Any other advice or ideas on things to be considered?
     
  2. DeeKie

    DeeKie Frequent Poster

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    I never quite understood why companies paid more than they had to in redundancy, tbh.
     
  3. RETIRED2017

    RETIRED2017 Frequent Poster

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    I would agree with you seeing we are near full employment ,I would make allowances for dead end jobs where finding work again may be a problem ,Should we be giving tax Breaks on Redundancy above Statutory ?,
     
  4. SBarrett

    SBarrett Frequent Poster

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    The statutory is the minimum that they have to give. Anything over that is at the discretion of the bank. You could look at what others have got and if higher, try to negotiate a similar package. This is an area where unions are a help but membership of unions has declined greatly over the years.

    Pension contributions should be made for your notice period.

    Steven
    www.bluewaterfp.ie
     
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  5. Bronte

    Bronte Frequent Poster

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    Who will do your current workload if you are forced to leave?
     
  6. Thirsty

    Thirsty Frequent Poster

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    To head off employees from pursuing unfair dismissal claims.
     
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  7. odyssey06

    odyssey06 Frequent Poster

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    How long is the wind down period to the actual redundancy? If you have skills \ knowledge that are essential to the company during the redundancy period, there is nothing to stop you saying I want a better package or here's my notice and you are gone in 30 days. But there's a chance there you leave with nothing.
     
  8. Jim2007

    Jim2007 Frequent Poster

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    For heavens sake, the whole point is to reduce costs, so why would they go paying you more than they have to.
     
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  9. Jim2007

    Jim2007 Frequent Poster

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    This is a major bank, they have an army of lawyers working for them to make sure that does not happen.
     
  10. Thirsty

    Thirsty Frequent Poster

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    Lump sum to an employee is still cheaper than legal fees.
     
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  11. RETIRED2017

    RETIRED2017 Frequent Poster

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    It may be the Culture mindset for Irish business I suspect it is not the culture/ mindset of German business owners,
     
  12. misemoi

    misemoi Frequent Poster

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    My role has been made redundant twice, both at US MNCs. The Irish severance packages were far superior to the US ones, and far inferior to the mainland European ones. Like any benefits, they seem to base them on local market norms rather than business decisions.
     
  13. Bronte

    Bronte Frequent Poster

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    My husband's company is severe to US employes on redundancy, very good to Irish employees, (6 weeks more or thereabouts) and even better on the continent because of strict labour laws. Irish redundancy is pretty bad, one's rights that is.
     
  14. gar32

    gar32 Frequent Poster

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    I live on the continent (Germany) and people are only been offered 4 weeks per year with 2k top up per child up to 2 children.

    Not close to the 8 weeks I got in 2011 from a US firm in Ireland.

    Best you can do is ask for more money. Legally not much you can do as they are sticking to the law. 2 weeks per year (Which they get back from tax office.)

    At least they should allow you time off for looking for a new job which you are still there.

    It could be worse as the job pages have been very full lately :)


    Good luck.