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Business Chapter 3 - Coggle Diagram
Business Chapter 3
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Redundancies
Redundancies can be voluntary or compulsory. Some employees may choose to take voluntary redundancy if the pay package is attractive or if they view it as an opportunity (e.g. to become an entrepreneur).
However, if the employer requires employees to take compulsory redundancy, this can lead to an industrial dispute.
Under the Redundancy Payments Act 2003, an eligible employee who is declared redundant is entitled to two weeks’ statutory redundancy payment for each year of service, plus one bonus week. This is based on gross pay up to a maximum of €600.
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