TWO of the biggest names on the Yorkshire high street have dealt a hammer blow to the local economy with the announcement of hundreds of redundancies.
Just days after Thomas Cook – Britain’s oldest travel agency – collapsed into insolvency, Yorkshire Bank has announced it is closing its Leeds headquarters, putting as many as 500 jobs at risk.
The importance of employees securing a good settlement agreement from their employers when facing redundancy has again come to the fore with this brace of announcements.
Looking out across Leeds centre from our offices, we can see both Thomas Cook outlets (it operated seven across the city) and the Yorkshire Bank base on Merrion Way, where it employs 700 staff.
According to the Yorkshire Post, 200 of those will be relocated to the bank’s flagship branch on Briggate, Leeds.
The remaining 500 will either be redeployed to its hubs in Glasgow and Gosforth – or made redundant.
For employees who face negotiating a redundancy package, those who turn to expert employment lawyers to secure a robust settlement agreement will do best.
Employment law can be a complex legal minefield and to safeguard their position and protect their financial interests, it is vital that employees facing compulsory redundancy seek prompt legal advice.
For those Yorkshire Bank staff in Leeds at risk from redundancy, employment lawyers can offer robust support by acting on their behalf in securing the most beneficial settlement agreements.
Settlement agreements are legally-binding documents between employer and employee, formerly known as compromise agreements.
Central to the settlement agreement is usually a payment by the employer to the employee, in return for an undertaking not to pursue any employment law claims in an employment tribunal or in court.
Under current employment law, either the employee can request a settlement agreement, or employer can offer one to bring a contract to an end on mutual terms.
They are sometimes offered in redundancy situations like that of Yorkshire Bank.
It’s also important to point out that an employer will pay an element of legal costs in order for the employee to get the required legal advice on the settlement agreement to make it a binding legal offer.
This is normally sufficient to meet our costs subject to whether it is agreed or not or amendments are required.
Should you have any questions or concerns regarding settlement agreements (formerly known as compromise agreements), redundancy, or any other employment law-related issues, please do not hesitate to contact this article’s author, Solicitor Lazuna Ullah, or other members of our Employment Law team here at Milners on 0113 245 0852 or email us at email@example.com .