Are you one of many redundancies in your bank?
Being made redundant by your bank could happen for a wide variety of reasons, from the introduction of new technology to your bank being merged or taken over by another bank or financial institution.
Any redundancies that are going to take place at your bank must be carried out with full compliance with current employment law. If you feel the redundancies at your bank have broken any employment laws, you could have a case for unfair dismissal.
If you work for a bank and are made redundant you have a number of rights you should be aware of. Firstly, if you have suffered redundancy from a bank (or another other business) you will be entitled to redundancy pay from your employer if:
- You worked for them for longer than two years under PAYE
- You have a fixed-term contract with your employer that lasts at least two years
Bank redundancy pay is calculated using a number of factors including:
- Your age
- Your weekly pay
- How long you have worked for your employer
When you are given redundancy you should also be issued with a written statement of redundancy pay. This sets out the amount of redundancy pay your employer has calculated is due to you.
Your employer should give you your redundancy pay automatically, as you should not have to make an application for this. However, if your employer does not give you any redundancy pay you are entitled to you can take them to an employment tribunal as they are breaking the law.
Also, if your employer goes out of business before they have paid you any redundancy money you are owed, you can make an application to the National Insurance Fund for the money you are expecting. In all bank redundancy cases if you are not sure of your legal standing regarding the pay you believe is due to you, take qualified legal advice as soon as you can.
Redundancies at your bank can be made either individually or collectively if your employer is making more than 20 people redundant at the same time. No matter what types of redundancies are happening at your bank, you have a number of employment rights that are protected.
In all cases your employer should ensure you are fully aware of the conditions of any redundancies they are making at your bank, and fully consult you and your representatives about the terms of the redundancies that will be taking place.
With individual redundancies at your bank:
- You have the right to be chosen fairly and without discrimination
- Your bank should look closely at the possibility of re-employing you elsewhere at your bank before making any redundancies
If any of the redundancies seem to break or compromise any employment laws, you should contact a Trade Union representative if you have one. If you do not have any Union representation and your employer has failed to respond to your concerns, engaging a solicitor who specialises in employment law is your next step.
Caven can put you in touch with an employment solicitor in your area who can assess your case and then represent you in negotiations with your employer, or support and advise you if your case goes before an employment tribunal.
If you are being made redundant in any industry, see our information page on employment redundancy.
Are you going through a redundancy process at your bank? Have you already been made redundant? Caven can put you in touch with a specialist employment solicitor who can advise if the process is fair or if you have a claim for unfair dismissal. Please call us on 08001 221 2299 or complete the web-form above.
- Last Updated on 11/09/2013