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Thread: NSL/NERL split
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Old 31st May 2007, 09:22
  #27 (permalink)  
Me Me Me Me
 
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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.
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