When you are deciding whether or not to negotiate a settlement agreement with your employer, there are a few things you should keep in mind. Understanding the limits of what you can expect from your settlement is essential. For example, an employment tribunal case will not cost millions of pounds, and your solicitor will know what you will likely be awarded.
How Much is the Average Settlement Agreement?
In addition to the financial value of the settlement, other factors should be considered. Your salary and the notice period you are likely to be given will affect the amount of compensation you are awarded. Also, your age is a factor. If you are close to retirement, you may have difficulty finding a new job, so that you will be awarded less. You can also get a non-financial award, such as the right to keep company equipment.
You should also ensure that the settlement agreement is reasonable. If the terms are unreasonable, you should not sign them. Alternatively, if you feel that the settlement agreements birmingham is not reasonable, you should negotiate and seek a different settlement. You can get advice from a solicitor or lawyer specializing in employment law.
The amount of compensation in a settlement agreement will depend on the specific circumstances of each case. A rough rule of thumb is two to three months’ gross salary and any holiday pay or notice pay. However, this figure can vary significantly. In some cases, compensation for termination of employment is worth much more than two to three months’ salary.