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.
"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.
Almost one in six staff at the Birmingham office of insurance giant Aviva are opting for voluntary redundancy, it was revealed today.
I think the statistics I would like to see is how many people accepted voluntary redundancy, after being told that their job was going anyway, so they had no other option than accept voluntary redundancy.
The health service is obligated to inform excess staff members of their options in writing, in line with Policy Directive PD2012_021 Managing Excess Staff of the NSW Health Service, which is available online at www.health.nsw.gov.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.
Nokia said it would support the impacted employees with possible new positions within the company and could offer voluntary redundancy packages for them.
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