They are usually used to terminate an employee’s employment, and if negotiated properly, are a very useful tool for employees and employers as they enable the employer to ensure that no future claims will be made by an employee, whilst allowing an employee to receive a financial payment (very often tax free) as compensation for giving up such rights. They save the need for employment tribunal proceedings which can be expensive and time-consuming, and may attract potentially damaging publicity.
In order to be binding, there are several requirements that must be fulfilled, however, the most important is that the employee must take independent legal advice on the contents and the effect of the agreement before agreeing to enter in to it.
Selling a Business - A Complete Guide
There are many factors to consider when selling a business and it isn’t something that should be entered into lightly. Our free guide runs through some of the important considerations this involves.
Business Legal Services Team
Our Business Legal Services team pride themselves on being able to offer high quality ‘city style’ advice in a user friendly, cost effective manner to local, national and international businesses.
Business First Magazine Spring 23
In this issue we cover lots of topical business issues and challenges from Mergers, Layoffs, Going Global, Commercial Property and more
Settlement Agreement Advice
Katie Ash explains and answers some questions about settlement agreements.
How to avoid an Employment Tribunal
The cost of defending Employment Tribunal cases can vary significantly and could cost your business anything from £10,000 to £50,000. Then if the claimant is successful, there will be the cost of compensation on top of this. The average award for an unfair dismissal case in the UK is a little under £7,000, with claims resulting from discrimination costing significantly more. Businesses also need to consider the hidden cost of employment law claims caused by the damage it can do to their reputation as an employer and as a business that clients and customers want to work with. Often this cost can be more damaging than the award itself.
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Gender Pay Gap Reporting: Your Questions Answered
Over time, the gap between women’s and men’s median hourly earnings has been narrowing. In fact, according to the Office for National Statistics (ONS) it has fallen by over a quarter among full-time employees in the last decade.
Gender Pay Gap Reporting- Is Your Business Ready?
In April 2017 employers with over 250 staff became obliged to report on gender pay gaps. Here are some tips that your business may wish to consider.
Online Privacy in the Office
Companies are within their rights to monitor the private online activities of their employees when they are in the office.