Redundancy..

[nekrum]

Hi

I'm currently contracting for a company in the financial services sector and there is an opportunity for a full time job which I'm considering. Question is if I take the job and then they go bust in a few months what are my redundancy options, I assume nothing due to time employed etc. They seem to be a financially stable company which would be good to work for but then so was Lehman Bros?!..

Any thoughts or advise would be great.. Thanks..

[M400 NBL]

I don't think you'd get anything for the 1st 2 years of service, and then possibly not much thereafter .Depends on how generous the company is (Gov min is not a lot, but some companies double this and mpre) ,your salary and length of service.

If it's a decent salary and you are confident you'd walk into another easily, there shouldn't be a problem.

[BBR]

Best thing to do is negotiate yourself a long notice period in your contract of employment.

[V8mate]

M400 NBL said:

I don't think you'd get anything for the 1st 2 years of service, and then possibly not much thereafter .Depends on how generous the company is (Gov min is not a lot, but some companies double this and mpre) ,your salary and length of service.

If it's a decent salary and you are confident you'd walk into another easily, there shouldn't be a problem.

There's no such thing as generosity if the firm goes bust! You're lucky if you get paid for work done.

[M400 NBL]

V8mate said:

M400 NBL said:

I don't think you'd get anything for the 1st 2 years of service, and then possibly not much thereafter .Depends on how generous the company is (Gov min is not a lot, but some companies double this and mpre) ,your salary and length of service.

If it's a decent salary and you are confident you'd walk into another easily, there shouldn't be a problem.

There's no such thing as generosity if the firm goes bust! You're lucky if you get paid for work done.

Yeah I was assuming that by bust, the OP meant in the event of the company being taken over/relocated.

[BigAlinEmbra]

Never realised the redundancy pay in contracting was better!

[pgilc1]

BigAlinEmbra said:

Never realised the redundancy pay in contracting was better!

Was thinking that. If the o/p is currently in a (presumably well paying) contract but effectively temp staff, then i'm surprised that getting a redundancy package if the business were to close would be that high on the priority list?

[BigAlinEmbra]

pgilc1 said:

BigAlinEmbra said:

Never realised the redundancy pay in contracting was better!

Was thinking that. If the o/p is currently in a (presumably well paying) contract but effectively temp staff, then i'm surprised that getting a redundancy package if the business were to close would be that high on the priority list?

My point was a bit different. The OP is considering moving from contracting to being an employee.
If you're a contractor then it'll just be "Cheerio old chap" and no redundancy to speak of.

However, being an NHS employee probably means I'm entirely the wrong person to be in this thread!
In the present economic climate though, I can think of a whole host of reasons for being an employee over being a contractor.