Staff at GKN Aerospace in East Cowes have been given the opportunity to voluntarily resign from the company and walk away with a lump sum payout, it has been confirmed today (Thursday).
The firm has opened a voluntary resignation scheme which encourages members of staff to say farewell to the company with the added incentive of a £20,000 tax-free payout.
Resignation of staff on a voluntary basis now could help GKN Aerospace in the coming months, with the future of the industry unclear.
It’s understood that the offer is being made available to all of the Island’s GKN workforce in the hope of avoiding compulsory redundancies further down the line.
The news comes at a time when the aviation industry finds itself in turmoil due to the worldwide coronavirus crisis. Dutch airline KLM is opening a similar scheme to help the company ride the wave.
Staff on the Isle of Wight have this week received letters detailing the package on offer.
GKN Aerospace has stressed that this scheme is completely voluntary and is legally different from voluntary or compulsory redundancy. A similar scheme has also been used in Bristol in the past.
I wish my firm would offer such, I would be off like the handle on our Po.
Get a letter drawn up NOW, before you accept it, from a family member saying you owe them around £14k otherwise the social security won’t pay you a bean now the Tories have introduced U.C.
Then say you are going to pay the loan back with the cash.
On this subject I totally agree with you Martin w,well said.!
Do you mean the taxpayer’s in the UK won’t pay you a bean?
No, getting back some of the tax money you have paid in for 40 years!
Openly admitting fraud on a public forum.
Not very bright, are you?
Though I would have agreed with you before this grab for power and control, now it doent really matter. Because after the controls the liars ( government) bing in, you wont be able to cough without them knowing, so let’s just pretend that we could do this .
Bring
Martin .If you have 20 grand in the bank .why should tax payers pay you anything .
The country is heading towards bankruptcy because of CV, your comment isn’t helpful..
Money doesn’t grow on trees, it has to be earned.
@ Martin W You are Everything that is wrong with today’s something for nothing culture, You are not just entitled to tax payers money because you think you are. How about taking redundancy then going to look for another job. ?
Of course martin ryde that’s the best option
£20.000.! What an insult .less than a years pay .
Depending on how long you’d been with the company it couid be a lot more than redundancy pay in the future. Worth a google comparison.
Done it for you. …
You’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more.
You’ll get:
half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years.
If you were made redundant on or after 6 April 2020, your weekly pay is capped at £538 and the maximum statutory redundancy pay you can get is £16,140. If you were made redundant before 6 April 2020, these amounts will be lower.
That is not an insult as you put it.It as rightly said above what redundancy would pay, and to most people £20,000 tax free would enable them to buy a few luxurys,start a business, pay off debts, the list would go on.I am on furlough at moment on 80% pay which even when able {hopefully} go back to work will more than likely be my future income with reduced hours planned , so as someone in my late 40s on £9 per hour,my takehome pay is less than £250 per week.If employer cannot afford to employ me , which is looking likely, would get 1 weeks pay in lou of notice.
Come on echo wants happened to the 11 posts, I can only see 2
Whats
Beginning of the end they (Melrose) should never have been allowed to purchase GKN they are just asset strippers. People with no morals and couldn’t care less about workers as long as they make mega bucks. Glad I retired ages ago but feel so sad for the younger workers that are being screwed left, right and centre
Think carefully before taking this. £20000 is not a lot of money if you cannot find another job on the Island. It would soon go if you have a family. Not so bad if you are nearing retirement tbough.
Or think just as carefully about not taking it, because if they force the redundancy you will probably get less then half the offered amount right now and still struggle to get another job on the Island.
One of the best comments on here.
bootneck1
they are only offering 10k in bristol WHY ?