EARLIER this month, ExxonMobil announced that it had launched a voluntary redundancy programme for its Australian employees as a means of helping the company to manage through the current “unprecedented” market conditions. Financial Information Service. Genuine redundancy and early retirement scheme payments are tax free up to a limit based on the employee's years of service. ExxonMobil Australia has commenced a voluntary redundancy program. (Bloomberg) -- Retail sites were overwhelmed with demand for silver bars and … If you have questions about redundancy regulations in Australia, then you’ve come to the right place. Redundancy and early retirement. Voluntary redundancy – should you take the money and run? It's reported as a lump sum in the employee's income statement or PAYG payment summary – individual non-business. Whether you want to know more about redundancy, non-genuine redundancy or voluntary redundancy, we’ve got you covered! In today’s economic scenario where unemployment is on the rise, redundancy is a dread word enough to send shivers down the spine of employees. Redundancy: What Is It? Voluntary redundancy (VR) is a financial incentive offered by an organisation to encourage employees to voluntarily resign, typically in downsizing or restructuring situations. Voluntary redundancy and compulsory redundancy are terms we hear when a company is undergoing a transition and decides to downsize the workforce. Payment for a non-genuine redundancy is taxed as part of the employee's ETP. Redundancy occurs when an employee’s work, for one reason or another, is no longer required. The purpose is to avoid compulsory redundancies or layoffs. A non-genuine redundancy occurs when the employee: The tax-free amount is not part of the employee's ETP. Voluntary vs Compulsory Redundancy . This year has seen the collapse of oil and gas prices due to reduced demand, stemming from the ongoing coronavirus crisis. 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Watch our videos about: how the type of redundancy payment you get affects your tax, child support and other government payments The website advises - A genuine redundancy payment is a payment made to you as an employee if you're dismissed because the job you were doing has been abolished.This means your employer has made a decision that your job no longer exists, and … Magnitude Group Pty Ltd ABN 54 086 266 202 operates under Australian Financial Services Licence No. This Calculator is based on the publicly available guidelines and publications about redundancy payment that can be found in the Notice of Termination & Redundancy Pay guide based on … There is a difference between Genuine and Non Genuine Redundancy. https://www.moneymag.com.au › voluntary-redundancy-need-to-know Redundancy Calculator. ... are authorised representatives of Magnitude Group Pty Ltd. 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