Is your employment at risk due to staff cutsPepperells
Unfortunately, through no fault of your own, you may have found yourself in a position of being offered a sum of money to leave your employment, irrespective of your length of service of love for your career.
Our first piece of advice is that this sum is negotiable, plus you should also receive notice pay on top.
You may also have been provided with a lengthy document for signing, called a Settlement Agreement.
A Settlement Agreement (previously known as a compromise agreement), in short, is a legally binding contract made between an employer and employee setting out the terms of agreement between you and your employer and once signed, prohibits you from bringing legal action against your employer in respect of your employment and/or its termination. This is usually in exchange for a termination payment, and other benefits which are also set out in the agreement. The main benefit of entering into a settlement agreement is to provide certainty between the parties, and a clean amicable break with your employer.
You will invariably receive a tax-efficient payment under the agreement, together with a job reference and clauses ensuring that your employer does not bad mouth you. In turn, your employer will be able to safeguard that you do not make any future legal claim against them.
In order to be deemed a valid settlement agreement, you must obtain legal advice on the specific terms within it and obtain the signature of a solicitor on the agreement.
If you are not sure about your position or have received a settlement agreement upon which you need advice, please contact one of our Solicitors at one of our offices located in Scunthorpe (01724 871999), Hull (01482 228008), Grimsby (01472 245555) and Lincoln (01522 717410).