voluntary redundancy


Voluntary Redundancy

Early retirement from a position when one's employer has offered sufficiently attractive retirement benefits. Employers typically offer voluntary redundancy when they are considering layoffs. A voluntary redundancy package is less expensive than keeping an employee on staff. It is also less traumatic to the employee because he/she comes to an agreement with the employer for the terms of the redundancy. The term is more common in Britain than in the United States.

voluntary redundancy

see REDUNDANCY.