Despite this Governments best effort to assist employers, during this horrendous crisis, to protect jobs, the sad truth is that many people will lose those jobs because of the economic consequences of this virus.
Therefore many people will find that they are facing the option of accepting a settlement agreement, quite suddenly.
You have been offered a settlement agreement, your employer has given you a limited time to accept, what should you do?
Find expert specialist legal advice as quickly as possible.
At Lewis Nedas Law, we have been advising employees about these types of agreement (both contentious and non-contentious settlement agreements)for over a decade.
Our clients work in a complete range of sectors, in particular finance, technology, retail, professional services and manufacturing.
They range from City finance professionals, Company Directors, Senior Managers, lawyers, accountants and employees of local authorities and major PLCs
A leading firm, highly ranked and rated by The Legal 500, The Times Best Law Firms ( amongst others), we have specialist solicitors who can advise you quickly( often on the day ) and remotely.
What is a Settlement agreement?
It is a legally binding agreement between you and your employer, that stipulates terms /conditions /payments in return for your waiving rights which may arise a result of terminating your employment.
Most employers offer these agreements when they do not want to risk the prospect of a hearing before the Employment Tribunal.
Essentially you are waiving your rights in lieu of a tax-free payment.
These agreements can be quite complex and draconian, you will be negotiating about your rights to claim Unfair Dismissal and other future claims, as well as issues concerning confidentiality, restrictive covenants, references, tax consequences, shares /options /pension payments, bonuses /commissions, to name but a few.
One of the legal requirements of such an agreement is that you, as the employee, receive independent advice, so that you fully understand the terms and conditions.
There are usually three essential agreements of a settlement agreement
1.what are you entitled to do contractually?
2.compensation for loss of employment
3. Redundancy payments
What would a lawyer look for?
Is the agreement fair and accurately reflects what you are entitled to?
Could they negotiate more for you?
Should you be pursuing redress in the Employment Tribunal instead?
Any Tax consequences of a badly drafted settlement agreement?
Who pays for the lawyers legal fees?
Generally, the employers either pay a set fee for independent advice or a contribution towards the fee.