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Meaning of redundancy

 

 

 

Redundancy

 

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Business glossary

 

Meaning of term redundancy :

 

Redundancy is the process of laying off staff where job cuts need to be made. It may be either compulsory where workers are given their notice because there is no longer work for them or voluntary where workers are asked if they are prepared to offer themselves for redundancy (maybe because they are close to retirement or looking for other opportunities). Staff are entitled to redundancy payments when they are made redundant and the level of these will depend on their wage level and how long they have been working for the firm.

 

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Redundancy

 

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Meaning of term redundancy

 

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