Redundancy package from large German bank

[abc_xyz]

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?

 

[DeeKie]

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

 

[RETIRED2017]

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

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 ?,

 

[Steven Barrett]

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
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Bronte]

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

 

[Thirsty]

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

To head off employees from pursuing unfair dismissal claims.

 

[odyssey06]

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.

 

[Jim2007]

I'd expect more from a major bank.

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

 

[Jim2007]

To head off employees from pursuing unfair dismissal claims.

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

 

[Thirsty]

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

 

[RETIRED2017]

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

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

 

[misemoi]

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.

 

[Bronte]

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.

 

[gar32]

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.