We will likely have the next 'big' round at the end of Jan 2024; apart from the notice period, will any redundancy pay be given? I checked the handbook, and nothing is mentioned there.
Thank you, and best luck, everyone.
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@1miz+1pHuPErF this is entirely incorrect
Above is wrong, UK is 1 week maybe more over a certain age. Citi are offering enhanced which basically means sign this letter and you are effectively agreeing to leave and therefore no opportunity to sue (not that you would win anyway) so 3 months minimum versus 1 week per month and you would have to be in seat 2 years for stat
@qgh+1pHuPErF - thank you for the detailed answer. However, I didn't see any enhanced pay communicated. I wish it would be true through. Will it apply to all divisions or it will be selective like to the Markets only.
Thank you again.
Read the communication. Citi will offer enhanced package for the UK - indeed, that includes the 1 months for each full year, capped at 12 months, but also floored at 3 months. So even if you have been with Citi for less than 2 years you will still get 3 months pay. This is pretty standard for us companies in the UK, I have seen it before.
@iel+1pHuPErF You answered your own question. One case is in the US and one is in the UK 😂 If you want better employment rights then move to the EU / UK.
In some EU countries they get 2 hr lunch breaks, maximum weekly hours, guaranteed paid annual leave , free lunch, 1 year maternity pay...
In the UK it is 1 month for every full year you have worked as a minimum for UK Employment Law.
Emphasis on full year... if you worked here 3 years 11 months then you get 3 months full pay. There is no time frame on when it begins as probation ends and benefit entitlement begins after 6 months. So if you have been here for 1year then you will get 1 month pay.
Voluntary redundancy is not a guarantee to be offered either. It is only in cases where they have say 5 VPs and the new org needs 3 VPs... they will then offer voluntary to see if people volunteer. But even still, they don't have to accept and can choose to make someone else redundant instead but that is unlikely unless all 5 volunteer then they would choose to keep 3 of their choice. If you resign after you have been chosen then you do not get redundancy pay and normal resignation rules apply. They will likely choose the longer term employee as it is cheaper in the long run.
In the UK they cannot terminate same day. There is a 30 day consultation period where you need to apply and interview for a new role. This is your responsibility in line with UK Employment Law. You don't have to though. You can choose to wait it out.
In the UK if you receive a redundancy package you cannot come back to Citi for 1 year.
So in US it is 2 weeks for every year worked and UK it is 1 month for every year of service ? How is that equitable ?
How about for people have been there less than two years? Will one month every year still apply? Thank you.
I think it's a month for every year capped at 12