Redundancy Payments

[nocka]

Hi can anyone tell me how the redundacy package works i know that you recieve x amount over 1yr then 3yrs then 6 and so on,but does that only include your salary that goes into the local bank or does that include a large percentage which i recieve in my off shore account?

[pkrv]

Hi can anyone tell me how the redundacy package works i know that you recieve x amount over 1yr then 3yrs then 6 and so on,but does that only include your salary that goes into the local bank or does that include a large percentage which i recieve in my off shore account?

What country? In the UK it is fairly typical to recieve 1 months BASIC salary (excludes commision/bonuses etc) for every year of service up to some maximum like 12 years service (I think this depends on company). The 'lump sum' up to £30,000 is tax free after that tax at usual rate.

Edited August 22, 2008 by pkrv

[think_too_mut]

In Oz, 1 month per year, base salary. Taxed at 17%.