Voluntary Redundancy or Severance and Voluntary Exit Schemes
What are the Differences Between Voluntary Redundancy or Voluntary Severance and Voluntary Exit Scheme?
From the outset, there seems to be few notable differences between Voluntary Redundancy or Voluntary Severance and Voluntary Exit. As far as your conditions for leaving are concerned (i.e. severance, pension etc…); they will vary from company to company as they do from Voluntary Redundancy/Severance to Voluntary Exit. However there is a difference in funding approval as well.
The ReAct II Scheme was set up to assist individuals affected by the economic downturn to return to employment as soon as possible. The grant can be used to help a candidate get access to training that would otherwise be too expensive for that individual.
Voluntary Redundancy (VR), or Voluntary Severance (VS) and Voluntary Exit Schemes (VES) are not the same and are not necessarily considered the same for funding and grant purposes. If you have taken Voluntary Redundancy then you will be eligible for ReAct ll funded training. However, if you have taken a Voluntary Exit Scheme then the answer is not so clean cut.
ReAct ll grant is for individuals who are facing redundancy because of the economic downturn and the position that they were working, has been closed. That is, your previous position will not be filled by another person after you leave. A Voluntary Exit Scheme does not necessarily constitute this. It may be that your employer is closing down the position because of the economic downturn but calling it a Voluntary Exit Scheme for contractual and legal purposes. However, each individual case will need to be taken up directly with the ReAct team or a Career Wales advisor.
The conditions for the ReAct Scheme are as follows;
- You have been made redundant within the last 6 months
- You live and/or worked in Wales when your position was made redundant
- You have a letter of redundancy from your employer
If you do not directly qualify for these conditions then you will need to contact ReAct directly explaining your circumstances and making a case for yourself and your requirements.
Before you consider accepting a Voluntary Exit Scheme you will need to consider if you require any training before you accept. These schemes are similar but one put you £1500 worth of training costs worse off.
Please note that the information provided above is only for your information and ‘without prejudice’ to your action/s. We will not be liable for the information provided as the awarding criteria changes from time to time.
Click Here for more information about support for people who have been made redundant.