So you are thinking of dismissing an employee or you are an employee facing termination of your employment. You want to know more about severance pay and how a severance package, compromise agreement or termination agreements works. In certain circumstances, employers may need to reduce costs by dismissing employees - which is when a severance package or compromise agreement can facilitate this process for both the employer and employee provided that the level of severance pay is correct. A severance package need not be seen as daunting or confusing - and we aim to try and help you understand them.
This website has been designed to provide you (whether you are an employee or employer) with a general understanding of the issues surrounding severance pay. Severance pay tries to answer the most common questions and concerns that arise in relation to severance packages ranging from explaining the common terms in a severance package to why a severance package should be offered.
Severance pay has been designed by Stone Joseph solicitors, who are a boutique employment law firm with extensive experience in all aspects of employment law especially severance packages. Stone Joseph solicitors are based in Chelsea, London.
Severance packages are, by definition, the financial and other benefits an employer will offer an employee when they leave employment. However, it is becoming increasingly common for severance packages to now contain the terms and conditions governing the termination of the employment contract in addition to the financial package. In short, they define the relationship after employment ends.
The most important effect of a severance package is that by signing the document the employee is agreeing to waive their right to bring certain claims in relation to their employment. As compensation for this loss, the employer will offer the employee a financial package. To determine whether the severance pay offered as compensation is correct, you need to understand what rights the employee is losing by signing the agreement. For a comprehensive and practical overview of employment law visit our other sites
and http://www.employmentsolicitors.co.uk/ .
These websites are designed to provide a general understanding of employment law and we hope you find them of use. Employment law is though a complex area of law and there is not substitute for specific detailed advice from an employment solicitor. At Stone Joseph the initial telephone consultation is free. You will be able to discuss your employment issues with an experienced employment partner who will assess the issues of your case and advice you on how best to proceed.
Please call Andre Pungerl or Ruth Neil at Stone Joseph (020 7854 9098) for high-quality, specific advice.