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 ?
Voluntary redundancy will achieve three key objectives: controlling the wage bill, boosting private investment and vitalising the economy, he said, adding that 69% of people who want to leave their jobs plan to start projects.
We and Lloyds Banking Group have a good record of managing these issues through turnover and voluntary redundancy but it gets progressively more difficult.
But the college said it had rejected 11 staff members' requests for voluntary redundancy because of their key experience and expertise.
There is no target for the number of applications [to the voluntary redundancy scheme]," the spokesman said.
The employee voluntary redundancy scheme is part of the troika-mandated consolidation of co-ops.
Promises were made in relation to workers' grievances that were never fulfilled, not to mention that the staff who were made redundant were supposed to be reinstated as soon as the decision to reopen the voluntary redundancy scheme was taken.
In order to minimise redundancies, we offered staff in these centres the opportunity to apply for voluntary redundancy.
Their only option was to take voluntary redundancy or face compulsory.
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.
ATWO-WEEK trawl for voluntary redundancy applications was launched yesterday, after employees were told of plans to shave pounds 40m off a North council's coffers.
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