Our expert employment law solicitors will advice you about your rights with respect to the settlement agreement.
The reasonable amount stated in your settlement agreement is based on the following:
a) Service of Employment
b) Have you secure another job
c) Your position in the company
However, as a a general rule of thumb, a payment equivalent to six months would be considered as a good settlement.
Settlement agreement (previously called as a compromise agreement in the UK) is prepared or offered by an employer to an employee who has been offered a redundancy. Settlement agreement set out your right and obligation against your employer once you sing this agreement, therefore you must be careful before signing this agreement as you surrender all your rights and cannot ever claim against your employer in future.