It is a sad fact of life, at the present time, that many jobs are at risk of redundancy.
Many firms ask those whose role has been made redundant to sign a Settlement Agreement. This is very common.
The purpose of such an agreement is to set out clearly, in one document, the terms of agreement. That way both the employer and employee will know exactly where they stand after a role has ended.
The agreement should be clear on which payments are subject to deductions for Income Tax and National Insurance and should state which payments are payable on a ‘tax free’ basis. By signing an agreement the employee usually agrees not to make any future claim against the employer, with very few exceptions.
In order for the agreement to be binding an employee is obliged (and entitled) to receive independent legal advice.
At Silks we have a great deal of experience in advising on such agreements. We can provide that advice over the phone or by other media and there is no need to even leave your own home.
For a fast, free (to you) and supportive service please call us on 0121 511 2233 and ask for Martin Thomas. We aim to complete the matter very quickly if that is what you would like. Same day completion can be achieved in many cases and it will almost always be at no cost to you as your employer will pay our fees. Alternatively send us your contact details and we will call you as soon as we are free.