This week, the UK’s Office for National Statistics (ONS) reported that redundancies rose to 370,000 in the three months to October, the most since records began in 1992.
The strain on the domestic economy caused by the worsening pandemic is forcing swathes of businesses in all sectors to cut staff.
It has been a banner year for markets and for investment banking, but as bosses at domestic and international banks sign off on budgets for 2021 – which also brings the reality of Brexit – some will be thinking of redundancies.
Staff should know their rights so they can move quickly and protect their position if put at risk.
Few Euromoney readers will be combing over details of the statutory redundancy pay to which those who have at least two years’ service are entitled. This is capped at £538 or £807 per year of service depending on age, so barely enough for one bottle of the ’96 Château Latour.
Rolleen McDonnell, senior associate at BDBF, a London-based specialist employment law firm that represents individuals in regulated sectors, including financial services, tells Euromoney: “Even if an employee’s contractual entitlements on termination are relatively modest, they may also have statutory claims in connection with their dismissal.