# Redundancy Queries



## Sangster (10 Apr 2008)

I was wondering if anyone could help me out here.  I may be about to get an offer of redundancy for about £70k.  I have no idea how to work out how much I will get after tax.  Can someone explain how I work it out.

Thanks


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## Guest120 (10 Apr 2008)

Where are you based, given that your mentioning £.


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## Mpsox (11 Apr 2008)

Redundancy is usually based on a number of weeks salary per year of employment, therefore if you worked for a company for 10 years and they were paying 4 weeks per year of employment you would get 40 years salary. There may also be an additional lump sum payment given as well

Are your employers not giving you a breakdown of it?


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## Don_08 (11 Apr 2008)

In Ireland you would get the following amount tax free on a redundancy payement:

Statutory Redundancy  ( calculated as 2 weeks for each year of service plus one week x your weekly salary capped at €600p.w.)

Plus greater of:

Basic Exemption    €10,160 plus €765 for each year of service

Increased Exemption :  Basic Exemption plus €10,000 less present value of tax free cash amount from pension scheme

SCSB:  1/15th for each year of service x 12 month average of last 36 month gross earnings  less present value of tax free amount from pension scheme.

There are other tax issues, so advisable to seek advice.


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