Posts from the ‘Compensation’ Category
Redundancies & compromise agreements…
As a result of the current economic climate, the last few years have seen a sharp rise in redundancies. Only last week Ulster Bank Limited announced that they will be making a further 350 redundancies in Northern Ireland – see here for the story.
The rise in redundancies has in turn seen an increase in the number of people who need advice on a compromise agreement. Employers are increasingly using compromise agreements, especially in a redundancy situation, to avoid any potential future litigation as a result of bringing the employment to an end by offering some sort of financial settlement in return for the employee agreeing not to sue. It can be daunting when handed a legal document by an employer that looks complicated and full of legal jargon. Plus, if you’re being asked to enter into a compromise agreement, you’ll need to get advice from an independent solicitor to explain what the document means if it is to become legally binding. So what is a compromise agreement? Read more