
Our expert employment law solicitors will advise 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 general rule of thumb, a payment equivalent to six months would be considered a good settlement.
A settlement agreement (previously called a compromise agreement in the UK) is prepared or offered by an employer to an employee who has been offered a redundancy. The settlement agreement sets out your rights and obligations against your employer once you sign 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 the future.
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