voluntary redundancy


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Voluntary Redundancy

Early retirement from a position when one's employer has offered sufficiently attractive retirement benefits. Employers typically offer voluntary redundancy when they are considering layoffs. A voluntary redundancy package is less expensive than keeping an employee on staff. It is also less traumatic to the employee because he/she comes to an agreement with the employer for the terms of the redundancy. The term is more common in Britain than in the United States.

voluntary redundancy

see REDUNDANCY.
References in periodicals archive ?
A company document entitled High Performing Bournville told workers they had to 'fundamentally' change their behaviour - or apply for voluntary redundancy.
The college entered into a voluntary redundancy process with staff in January following news the Welsh Government was reducing the further education budget by PS26m across the sector.
The airline had said that six per cent of its workforce had been reduced in January and the figure increased to 15pc at the end of February under the voluntary redundancy scheme.
We have invited UK contracted employees based at our head office in Reading to express their interest in a voluntary redundancy package," a company spokesman said on Friday.
Hadjiyiannis said that the goal is for 10 per cent of the 3,000 co-op employees to exit through the voluntary redundancy scheme, particularly targeting those over 45.
EU) (LSE: BKIR_u) is looking to extend its voluntary redundancy scheme, eliminating 130 staff in its private banking division.
It then began compulsory redundancies in May, but was told to halt forced layoffs soon afterwards by the government - before beginning another voluntary redundancy programme last month.
Almost one in six staff at the Birmingham office of insurance giant Aviva are opting for voluntary redundancy, it was revealed today.
au This correspondence may outline an offer of voluntary redundancy or an option to be redeployed to another position.
Temporary Deputy Chief Constable Jim Campbell said it was a short-term measure due to the Voluntary Redundancy Scheme.
S4C has announced that 29 members of staff are to leave their jobs under a voluntary redundancy scheme.
A FIRM providing work for disabled people has received 36 applications for voluntary redundancy from staff at its factories in Yorkshire.
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