My question is how should an employer calculate a buy-out of existing terms & conditions of employment: Is it usually calculated on difference of annual salary between existing T&Cs and new T&Cs x number of years' service or is this calculation at the discretion of the company?Posted in : First Tuesday Q&A NI on 2 August 2011
Unfortunately, there is no one-size-fits-all formula in such circumstances as much depends on the terms being changed, the reason for the proposed change(s) (for example if the proposals are to avoid redundancies, the changes may be seen by staff as the lesser of two evils), the bargaining position of the parties, whether unions are involved etc. We have found that many employers often prefer to offer non-financial benefits as an incentive for employees to agree to any proposed changes e.g. an extra day’s holiday entitlement.
I have to say if you are considering offering the financial
Already a subscriber?
Click here to login and access the full article.Log in now to read the full article
Don't miss out, start your free trial today!
Are you fully aware of the benefits of Legal-Island's Employment Law Update Service? We help hundreds of people like you understand how the latest changes in employment law impact on your business.
Help understand the ramifications of each important case from NI, GB and Europe
24/7 access to all the content in the Legal Island Vault for research case law and HR issues
Ensure your organisation’s policies and procedures are fully compliant with NI law
Receive free preliminary advice on workplace issues from the employment team at Worthingtons Solicitors
Back to Q&A's This article is correct at 02/09/2015
The information in this article is provided as part of Legal-Island's Employment Law Hub. We regret we are not able to respond to requests for specific legal or HR queries and recommend that professional advice is obtained before relying on information supplied anywhere within this article.