Is there a specific timespan (duration of not being employed) that arises when an employee should seek redundancy and does it have a financial bearing if redundancy is not sought within a set period of time?Posted in : First Tuesday Q&A ROI on 4 November 2014
The Redundancy Payments Acts 1967 - 2012 (the “Acts”) state that employees with at least 104 weeks’ reckonable service with the employer will be entitled to a lump sum payment of 2 weeks’ pay per year of service, plus one additional weeks' pay, e.g. an employee with three years’ service shall be entitled to 7 weeks' pay - 2 weeks' pay per year x 3 plus 1 week. For the purposes of calculating redundancy payments, a week's pay is capped at €600. These payments shall not be subject to tax. The employer should pay the redundancy payment on following the cessation of employment.
If the employer
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