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Staff cuts are necessary but should be done with dignity.(Viewpoint)
It is no secret that what is driving the majors' restructuring plans is their desire to cut costs in a market currently producing lower revenues. Already, Warner Music's new owners-to-be have announced planned annual savings of $150m. But what is the largest cost any business faces? Paying its workforce. Sadly, that is likely to mean the spectre of redundancy.
Often employers act first and think afterwards, laying off staff only to recruit again (at a cost) when things look better.
It is an employer's duty to consult its workforce at an early stage to discuss possible redundancies, and consider suitable alternatives including job shares, career breaks or even relocations. If there really is no alternative, this should be explained properly, with a fun breakdown of entitlements.
Myths about those entitlements include the widely-held belief that for every year worked, you get a month's pay. Not so. There may be a company scheme offering this but, if not, your redundancy payment at law is calculated at around a week's pay for every full year of service. That week's pay is capped at 260 [pounds ...
- What will my minimum redundancy payment be? the JOB CLINIC.(Features)
- Newspaper article from: The Mail on Sunday (London, England) July 5, 2009 700+ words
...when they are under financial pressure. The statutory redundancy payment is the minimum an employer must pay to staff who are made...the purposes of statutory redundancy pay. The maximum redundancy payment is 30 weeks' pay (20 years multiplied by 1.5 weeks...
- [904] Dismissal settlement ETP a redundancy payment (in part).
- News wire article from: Australasian Business Intelligence June 6, 2005 700+ words
Jun 06, 2005 (Weekly Tax Bulletin - ABIX via COMTEX) The Administrative Appeals Tribunal has issued its ruling in the case of Dibb v Commissioner of Taxation. The tribunal rejected the taxpayer's claim that the Australian Taxation Office exceeded its authority when it made a finding of fact in a
- Threshold thinking. (Tax Planning).(redundancy payment taxation)
- Magazine article from: Money Marketing Wickenden, Tony January 30, 2003 700+ words
Last week, I promised I would continue my review of the taxation of redundancy payments. You will recall (I hope) that my premise for discussing these was that, in times such as these, when business is hard to generate based on investment performance and investor confidence, the value of minimising
- Legal & Finance: New rules on tax for redundancy payment.(Business)
- Newspaper article from: The Birmingham Post (England) April 4, 2003 700+ words
New guidance on redundancy payments has been issued by the Inland Revenue to clear up confusion among employers. Many businesses have made tax-free payments of up to pounds 30,000 to employees and then been challenged by the Inland Revenue. According to tax experts at PricewaterhouseCoopers in
- Staff cuts grow as firms feel price drop's impact. (petroleum prices and...
- Newspaper article from: The Oil Daily Sostack, Lisa March 19, 1986 700+ words
Staff Cuts Grow as Firms Feel Price Drop's Impact The full effect of oil company staff cuts won't be felt here until mid-April or...oil prices are prompting the latest round of staff cuts, and the extent of unemployment along the...
- Computers hit hard as staff cuts rise more than 60 percent.
- Press release article from: PR Newswire November 1, 1989 700+ words
COMPUTERS HIT HARD AS STAFF CUTS RISE MORE THAN 60 PERCENT NEW YORK...than 23,000 permanent corporate staff cuts were announced in October, continuing...developments world-wide. September's staff cuts totaled 13,900, and the total...
- Correction: Alcatel staff-cuts in Asia Pacific.
- Newspaper article from: China Business News October 24, 2002 700+ words
Correction: Alcatel staff-cuts in Asia Pacific Correction: Alcatel confirmed its staff-cuts in the Asia Pacific Region to Interfax...venture of Alcatel in China, is planning staff cuts. The company promised preferential compensation...
- Alcatel Shanghai Bell mulls staff cuts due to low telecom infrastructure...
- Newspaper article from: China Business News October 21, 2002 700+ words
Alcatel Shanghai Bell mulls staff cuts due to low telecom infrastructure investments...venture of Alcatel in China, is planning staff cuts, due to the lower-than-expected...person working team to execute the staff-cuts, and the whole plan will be finished...