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Related to Redundancy pay: severance pay

Lay Off

To terminate employees because the company is not making sufficient profits to pay them or to sustainably keep them on staff. While a lay off could affect one employee, the term usually refers to a group of employees that are let go because of budget cuts, restructuring, or other, similar situations. If and when the company returns to its previous profitability, it may hire back those employees who were laid off. Often, the company offers a severance or other final compensation to laid off employees.
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The allocation of unsold shares to syndicate members from a new issue rights offering by the managing underwriter.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
"To be told we're not getting any redundancy pay because we're being offered jobs in the Philippines.
"Ministers must increase minimum redundancy pay to at least pounds 500 a week and let people take up to pounds 50,000 of their redundancy pay tax free."
You'll need to check your contract for how this will be calculated, but if it's less than the statutory redundancy pay, which is based on your age, length of service and pay, up to a maximum of pounds 380 per week, the statutory amount applies.
"In some cases, we have processed claims for redundancy pay and holiday pay before we deal with the arrears of pay.
If this gives you less than the statutory redundancy pay, the statutory amount applies.
If you have worked continuously for the same employer for two years or more, you are likely to be entitled to statutory redundancy pay (SRP).
WORKERS in Dundee have locked themselves inside their factory for more than two weeks after being told they were losing their jobs without redundancy pay. The conditions there are appalling.
THE whistleblower sacked by Marks & Spencer after leaking details of cuts in redundancy pay will have to wait another fortnight to hear if his appeal against the dismissal has been accepted.
A WORKER at Marks & Spencer who "blew the whistle" on plans to cut redundancy pay will face a disciplinary hearing today.
YOU have the right to receive a letter confirming you are being dismissed for redundancy together with a financial statement identifying your entitlements to redundancy pay, notice and holiday pay (plus any other agreed compensation).
The GMB union claims women employees of Morrisons supermarket will receive only one third the redundancy pay of male colleagues when they lose their jobs in the New Year and has launched a sex discrimination claim against the firm.
'The Government must now enforce the payment of the National Minimum Wage and ensure that these most vulnerable of workers are also entitled to sick pay, redundancy pay and maternity pay.'

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