Voluntary Redundancy Scheme - example severance packages Gross FTE Gross Complete years Voluntary Salary weekly pay years served at ages Severance Grade & of payment & weekly service <22 22-40 41 + scale pay point 5.7 100% £563.48 pw 8 yrs 0 6 £10,863.89 2 pa 8.2 100% £779.28pw 15 yrs 0 5 10 £27,314.11 7.8 60% £440.57pw 9 yrs 0 9 0 £6,938.98 FTE 6.9 100% £672.23pw 26 yrs 0 10 16 £32,933.05 pa (£30,000 tax-free, option to waive (max 20) (use £2,933.05 to included 4) purchase additional pension, subject to the rules of the relevant pension scheme) Maximum no of service 20 years’ (use most recent 20 years for calculation) Maximum no of pay 52.6 weeks’
Voluntary Redundancy Scheme - example severance packages Grade & scale point Gross Salary & weekly pay FTE Gross weekly pay years of service Complete years served at ages Voluntary Severance payment <22 22-40 41 + 5.7 pa 100% £563.48 pw 8 yrs 0 2 6 £10,863.89 8.2 100% £779.28pw 15 yrs 0 5 10 £27,314.11 7.8 60% FTE £440.57pw 9 yrs 0 9 0 £6,938.98 6.9 pa 100% £672.23pw 26 yrs (max 20) included 0 10 (use 4) 16 £32,933.05 (£30,000 tax-free, option to waive £2,933.05 to purchase additional pension, subject to the rules of the relevant pension scheme) Maximum no of years’ service (use most recent 20 years for calculation) 20 Maximum no of weeks’ pay 52.6
Example_redundancy_packages.docx