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.
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voluntary redundancy

see REDUNDANCY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
November 2018: Staff told there could be voluntary redundancies after Christmas.
However, the employee is concerned that if Ford offers more voluntary redundancies in the future, the redundancy package as it stands would not entice younger employees to accept.
Global Banking News-September 8, 2016--HSBC's French unit said to be planning voluntary redundancies
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.
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.
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. Once you receive any correspondence you should contact your Human Resources department to discuss the options being offered to you and to clarify any questions or concerns you may have.
However, the voluntary redundancies only affected a small proportion of its 1,400 staff across several campuses.
Remploy is seeking voluntary redundancies at its 57 sites across the UK in a bid to cut costs and improve efficiency.
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