They know nobody would have wanted this change so the £750 is a sweetner, yes.
Basically... the old scheme had a whole load of steps in it, triggered by age and service. This meant that, for a certain amount of money, you could pay very little at the bottom and step it up many times so the guys in the top bracket got a wheelbarrow full.
Under new legislation you are only permitted 1 step up and this must be at age 41 and it must be a maximum ratio of 1.5:1
The result is that, if you wanted a scheme that gave the same payment at the top end, then the terms at the bottom end would be massively increased and the overall cost of a redundancy deal would go through the roof. That aint going to happen.
Last edited by Me Me Me Me; 31st May 2007 at 09:37.