We are receiving a number of enquiries where employers are only offering employees Payment in Leiu of Notice (PILON) as their compensation for loss of employment.
Typically employers are paying Severance Compensation as follows:
The employer will on its own behalf, and on behalf of all its associated companies, without any admission of liability whatsoever pay the employee £[anything [...]
Tags: Employment Lawyers Compromise Agreements - Severance Compensation - PILON
We are still being asked about taxation of Settlement Payment or some people refer to it as Termination Payment.
The correct advice is that the first £30,000 of an employee’s Termination Payment will be paid without deduction of income tax in accordance with section 403 of the Income Tax (Earnings and Pensions) Act 2003. If an employee’s Settlement or [...]
Tags: Compromise Agreement Solicitors - Taxation of Termination Pay