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 spokeswoman said: "As a responsible employer we hope to achieve these with voluntary redundancies and the re-deployment of staff elsewhere in the business, that is the ideal scenario for any business.
The company insisted the voluntary redundancies were not about cutting costs.
CADBURY is creating 80 new jobs producing Easter eggs at its flagship Bournville factory - in the middle of a programme of 200 voluntary redundancies.
As this will be an entirely voluntary offering, it is not possible to predict the exact number of voluntary redundancies, but we have identified a provisional requirement for around 90 volunteers.
Last term there were ten voluntary redundancies among support staff including teaching assistants.
IN A VIDEO on the Liverpool ECHO website, council leader Phil Davies wrings his metaphorical hands and hints at voluntary redundancies ahead of making 500 staff compulsorily redundant.
Steve Pantak, regional officer for Unite, said it is trying to secure as many voluntary redundancies as possible but warned they are "not out of the woods yet".
The new bank that emerged from the breakup of Greece's troubled Hellenic Postbank will initially hire all of the old lender's staff but offer voluntary redundancies as it tries to cut payroll costs by 30%, its management said on Saturday.
It is important to note that specific time limits now apply to voluntary redundancies.
The University and College Union (UCU) said the UCU and UNISON have negotiated an extension to the time limit for applications for voluntary redundancies and redeployment.
Remploy is seeking voluntary redundancies at its 57 sites across the UK in a bid to cut costs and improve efficiency.
Voluntary redundancies have already been invited at One North East, following the new Liberal Conservative Government's June budget announcement that all nine RDA's across the country will be wound down and abolished by March 31 2012.
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