Redundancy package options

[Wonderbug1977]

What are the rules around redundancy package offers?

If a business offered say 5 times as much as statutory redundancy leave should be 'as a gesture of goodwill' for example, and an employees then tries hard negotiation with the company to increase it, could the business actually cut the amount on offer back to statutory pay if they got annoyed etc?

I'm assuming a redundancy offer isn't binding until both parties sign a formal document and therefore open to change right up until signing?

I think 5 weeks pay for every year that has been worked is pretty good tbh , I would try and find out if other recent redundancies have been at the same level - we have had some at work recently which were an enhanced voluntary scheme and that was a months pay per year

Yes. They are only obliged to pay statutory redundancy pay.

Thank you, the amount was an example to illustrate what I meant.

So basically, a company holds all the cards unless they have a very specific reason to keep an employee sweet in the meantime (such as work needing to be done before they leave or they're worried about legal action etc)?

And only negotiate if you think you have a real chance of getting them to agree to more?

They are only obliged to pay statutory redundancy pay.

In my experience or big companies, they offer above statutory which is generous and protects their reputation, but it's completely non-negotiable.

There may be some point of negotiation in consultations - but no major changes .

I have always worked in multinationals and they have always had enhanced redundancy pay but it isn’t something that people negotiate, it will be set out in a company policy. People might negotiate a settlement, but not redundancy generally.