Redundancy And Early Retirement Payments

Redundancy And Early Retirement Payments

Redundancy And Early Retirement Payments is used as part of a Cessation (Termination) Pay Run, where an employee is being ‘paid out’ as part of a Genuine redundancy or early retirement scheme. Any payments made using this type will NOT be taxed as will be classified as Lump Sum D Generally speaking, Superannuation (OTE) and Accruals (Annual, Personal, Long Service, RDO’s and TIL) do not accumulate on Cessation (Termination) Leave Pay Types.

All payments made using this type will be calculated using the base rate, from the following sections, in the following priority;

1. The Employees Advanced Pay Set Up unless Calculate Base Rate on Advanced Pay Settings is selected,
2. The Employees Special Award Rate,
3. The Employees Hours paid at $ in their Award & Agreement.
4. Alternatively, the Pay Type can be edited to set the rate or simply changed by entering the rate during a Pay Run.