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When it becomes the time for the boss and a member of staff to part company and there is an employment settlement or a redundancy payment, both sides may want to have the severance deal recorded in an employment Compromise Agreement.
A compromise agreement is an agreement which sets out the terms of the deal between employer and employee. The important matter is that if it is counter signed by an employment lawyer on behalf of the member of staff then the employer is protected against being taken to an Employment Tribunal. For that reason many employers will contribute to the employment adviser's bill. If you are an employee make sure they make that offer!
The agreement is also vital to the potentially redundant employee to ensure that he gets proper severance pay and pays as little tax on it as possible. We can draw such agreements for employers and advise and approve them for employees.
If you would like us to look at your Compromise Agreement, please email it to us as an attachment by clicking [ HERE ]. In your email, please let us know contact details, your age, your start and proposed finish dates with your employer and your current salary.
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